What are the Challenges Ahead For Metaverse Companies

It is expected that the metaverse will reach millions in the next five years. This makes it an unbeatable showcase to position yourself as a brand or launch new businesses. We are talking about companies from the metaverse, which are increasingly accelerating their adaptation to virtual or augmented reality technology. 

However, this fact does not dispel the doubts that arise in any company. Will it be a complementary space or the only place to operate? Should any vestige of the analogue business model be abandoned? What real possibilities will the metaverse offer to companies?

The challenges of metaverse companies

Although we have a vague idea of ​​what the real metaverse will look like at the moment, it seems clear that to become a fully operational virtual world, it will have to offer experiences and, at the same time, overcome many challenges. Among them, we highlight the following:

Reputation and identity

One of the main challenges will be to ask what elements make up the identity of people or companies in the metaverse. In an increasingly digitized world, something is in line with the problems already being corrected with legislation such as the GDPR. The authentication of personal or identifying information in the metaverse seems key to guaranteeing the security of those individuals or companies that wish to leap. For all these reasons, it is vital to be updated with the new verification methods and have technologies guaranteeing information’s decentralization.

Data Protection

If privacy and data security are already significant challenges in the real world, they will continue to be a constant concern in the metaverse. Therefore, the digital leap involves the development of security methods and protection information in the company. The objective is to prevent leaks of sensitive data due to cyberattacks and guarantee the security of corporate identity.

Currency and payment system

The metaverse bridges real and digital currencies to ensure everyone can access them. At least the main pro metaverses are already operational. But, beyond the problem that investing in currencies without any backing can pose, the digitization of the economy also implies a global challenge. For this reason, one of the great efforts is being made to develop a new unique transaction verification system. The challenge will be convincing users that they can trust and, more importantly, feel secure while engaging in any trade within the metaverse.

Legislation and jurisdiction

Other points that will influence the making of the future metaverse are legislation and jurisdiction. For example, one of the main consequences will be that states must redefine current virtual legal domains and even think about creating new ones.

Predictably, this projected metaverse will bring together a large number of users. This supposes a multiplication of opportunities to connect and exchange information. But, at the same time, it makes users more vulnerable in the absence of clear and concise legislation capable of regulating the limits. At the same time, it will be a real challenge to define the jurisdictional scope and create a set of laws to guarantee that the virtual space is safe for its users.

Properties

Companies in the metaverse can purchase and own various items and assets. NFTs (non-fungible tokens) have accelerated their growth rate in popularity and have already become the currency that most attracts investors and users. Similar to how NFTs currently represent real-world objects – granting and proving ownership rights to art, music, videos and much more – the challenge will be to create a unified system that can be used to verify holders of virtual assets. In the metaverse.

Communities and networks

All it takes for a metaverse to exist is social immersion in the broadest sense. This will allow people to interact, work together, mingle with friends and have fun virtually. An evolution of what platforms such as Discord, Twitter Spaces or Clubhouse offer today.

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In this sense, the metaverse will unite a diverse community, allowing people and companies from all over the world to connect in a unified virtual world. Thus, the metaverse could become the universal platform for interacting and forming meaningful relationships. To do this, it will have to take it to a whole new level, pairing visual fidelity with greater sensory immersion, as haptic technology is already beginning to do.

Time and space

But one of the biggest concerns regarding this fabulous virtual world has nothing to do with technology… but physics. Some are already warning that the perception of time in the metaverse could be different, as users tend to be less aware of their bodies while inside augmented reality. So the big question is: how can you keep users in touch with the natural world?

In parallel, the space of the metaverse is infinite. Therefore, at first, it can be quite a challenge for users to immerse themselves in such a vast digital universe, trying to assimilate so much and such a variety of information simultaneously.

The perception of time and space in the metaverse will require orientation during the first steps of the immersion to ensure that users are aware and comfortable while inside the virtual environment.

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