Metaverse, heavy hitters and the new reality

Metaverse, heavy hitters and the new reality

Metaverse, heavy hitters and the new reality

Written by Amani Nilar

22 Jan, 2022 | 10:30 am

COLOMBO (News 1st); Cryptocurrency, NFTs and the Metaverse emerged as concepts with so much potential, which caused for Facebook to change its name to ‘Meta’; meaning the Greek word ‘Beyond’, within the last year. 

The metaverse is an immersive virtual reality version of the internet where people can work, socialize and play. Anyone can get there just by putting on a VR (virtual reality) headset. Although Meta might be a new player to this second life virtual reality world, it is not new. Nvidia and Roblox have been in the business for long, however, has not publicized it as heavily as Meta did.

Microsoft too has stepped onto the Metaverse court by introducing Microsoft Teams ‘Mesh’ – a more interactive way to do work while being productive using the tools of the metaverse.

Facebook on the other hand is going all out on this concept, dishing out a sizeable $10 Billion Dollars into the Metaverse as Mark Zuckerberg’s company looks to be at the forefront of this revolutionary technology. Companies such as Tokens.com are even due to host a Fashion week in a virtual area called ‘Decentraland’ in March 2022.

The potential the Metaverse has to offer simply goes beyond this world. Using its functionality, it can be used for education among other things, with a more immersive experience where students can get a hands on experience with learning material. It can also provide a platform for virtual industries and economies, providing jobs to a new set of workforces.

Although this may be exciting and helpful in times where human contact is recommended to be minimal, the Metaverse poses significant problems. Experts have recommended that it is not safe for kids due to the unknown risks it poses. Furthermore, questions such as who operates the Metaverse, whether the funds invested in the Metaverse be safe, and what the laws that will govern the Metaverse remain unresolved.

These questions and more are in the process of being answered. As with any of the latest technology, the Metaverse has also been met with reluctance, yet has room to become a significant innovation with many investing in it already.

Perhaps, it is interesting to take note that the word Meta, meaning ‘Beyond’ in Greek, also means ‘Death’ in Hebrew, a probable sign that people should be excited but wary about this upcoming mock-up reality world.

This report was compiled with the contribution of Kavinka Fernando

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