There are a lot of reasons to be bullish on the future of metaverse, but there are also some serious risks that could cause it to fail.
While some think this is exciting, others have a different opinion. The world is still far away from Metaverse actually showing up and seeing it if it will become successful.
In this post, we’ll take a look at some of the key risks facing metaverse and why they could lead to its downfall.
Keep in mind that this is by no means an exhaustive list, so make sure to do your own research before investing in metaverse!
Why Metaverse Will Fail?
There are many reasons why Metaverse may not live up to the hype. Here are some key reasons:
Reason 1: Lack Of A Legitimate Problem
Let’s admit it, we are fine without the Metaverse now. It isn’t solving any world-problem at all, so its adoption is always going to suffer.
Especially in the developing and Low Income and Middle Income countries, who believe in technology that disrupts positively, than something that is just fancy.
Reason 2: Disconnect From Reality
Already, there’s so much talk about how the Internet is connecting us with many people yet is taking us far from reality.
Metaverse on the other hand, is far more immersive and engaging, therefore, we are potentially risking the health of players who would not even mind being logged in 24 hours+ on the Metaverse.
Reason 3: New But Tractionless Technology
The fundamentals are built on blockchain, enabling cryptocurrency, dao and other features for a ‘more efficient’ and goal-driven world. However, these technologies are struggling to be adopted in countries with stringent laws coming into play.
Also, the adoption is still very scattered and is not viewed as a legitimate need by masses. The belief in the conventional money system is still here to stay, because it is just so convenient and is applicable everywhere.
Reason 4: Limited Use Cases For The Average Person
At the moment, there are not many use cases for Metaverse that would be of interest to the average person.
The platform is mostly used by developers and early adopters who are interested in its potential. For the average person, there is not much they can do with Metaverse right now.
This could change in the future, but it is a challenge that the team will need to overcome.
Reason 4: Lack Of A Clear Business Model And Revenue Streams
Metaverse does not have a clear business model or revenue streams yet. The team is relying on donations and investments to fund their development so far.
It is not clear how they will generate revenue in the future. This could be a problem if they are not able to generate enough income to sustain their development efforts.
Reason 5: Concerns Over Privacy And Security In A Virtual World
There are concerns about privacy and security in Metaverse. In a virtual world where users are represented by avatars, it is not clear how private information will be protected.
There is also the potential for cyberbullying and other forms of abuse in a virtual world. These issues need to be addressed.
Reason 6: Challenges In Developing An Engaging And Immersive User Experience
Developing an engaging and immersive user experience is a challenge for any virtual world. Metaverse will need to find a way to stand out from the competition in this area. Otherwise, users may not see the value in spending their time in the platform.
Exciting Experiences In The Metaverse
However, one cannot just stick to the topics; consider the following examples:
This is a topic that draws the greatest attention since, unlike in the real world, where we may attend meetings from the comfort of our own homes, in the metaverse, all a person can do is sit and talk to others while staring at their avatars.
On the other hand,While discussing a 2D meeting app, you can do anything.
Because you can’t sense the identical sentiments of appearance, scent, or touch in a virtual reality, picking your life partner is something you’ll have to accomplish in person.
Virtual Beach Jog?
There are some limitations to what a virtual world can do; for example, you can’t undertake physical exercise in VR and expect to have the desired body.
Metaverse will not be a huge success, Unless we can significantly improve graphic rendering or truly allow us to sense the objects.
Privacy Issue With Metaverse
The metaverse, like any other new technology, has its share of setbacks in metaverse security and privacy concerns. The metaverse will enable the processing of new sorts of personal data.This might include facial expression , gestures, and other behaviors expressed by an avatar during metaverse encounters.
The technology utilized to power Metaverse platforms pose some significant concerns of their own. AR and VR, which serve as the metaverse’s interface, are the two most prominent technologies driving the metaverse. On the other side, the security and privacy problems connected with these technologies can reverberate across the metaverse.
Security Issue With AR
One of the most serious anticipated risks of augmented reality is the loss of privacy. The privacy of a user is jeopardized since AR technology may observe what the user is doing.
AR captures a lot of information on who the user is and what they are doing — to a far larger level than traditional technologies.
Security Issue With VR
Because VR is restricted to closed spaces and does not entail interactions with the real physical world, security concerns in VR differ somewhat from those in AR.
In any case, VR headsets encompass the user’s complete field of view, which might be harmful if hackers gain control of the gadget.
They may, for example, modify material in ways that create dizziness or nausea in the user.
Metaverse indeed sounds exciting, but it has a lot of loopholes which cast doubt on its eventual performance in the world. It is an exciting time to wait and see.