The Metaverse still has a place in 2022, but the virtual space is far from perfect

It's hard to say no to the vision that Meta (formerly Facebook) and other virtual world platforms have given us. A digital utopia that could change our lives in so many ways—whether it’s socializing, working, or even staying healthy—is hard to say no to.

This is especially true given that these platforms have been described as the greatest technological disruption to human life and a trillion-dollar opportunity for businesses. Some, however, suspect it's all too good to be true—at least for now.

The technical architecture that would bring this immersive experience to life is currently lacking. The live performances used in Facebook's Metaverse video last October, for example, were less than impressive. The feeling of experiencing the real world through headphones seems out of reach. Even more unbelievable is that a virtual reality headset is going to become a household must-have.

We will likely need advanced virtual reality devices to immerse ourselves in these virtual worlds. However, consumers have previously shown resistance to expensive and bulky VR headsets and other hardware. The first Oculus glasses were released more than five years ago. It's neither compact nor convenient, and it's nowhere near reaching wider adoption like a phone or laptop.

Expensive equipment is not a necessity for the foundation of the metaverse. Accessibility is the key to letting users know about any technological innovation.

Pokémon GO is a perfect case study. The augmented reality game lets users collect fictional creatures in the real world. It succeeds not only because of the engaging gameplay, but also because of its ease of use--anyone with a mobile phone can participate.

Use Cases and the Metaverse

Accessible metaverse platforms have been around for a while. Second Life, launched in 2003, was one of the first such platforms. But in its 19-year history, it has yet to reach the number of users Meta envisions.

Decentraland is a newer platform that has been developing since the release of Meta. It captures the imagination of businesses by combining economic and blockchain elements such as NFT and MANA tokens.

With consumers stuck at home due to COVID-19 and the decline of brick-and-mortar stores around the world, Decentraland presents an opportunity for brands to reinvigorate audience engagement.

Enterprises are no longer just filling a virtual basket, but using creativity to leverage these existing metaverse platforms. JPMorgan Chase bought virtual real estate and opened its own ultra-luxe lounge. Suddenly, creating a real bank account in a virtual world doesn't seem so out of reach.

There are even more ingenious strategies for getting a brand to spread word of mouth among users. Take pharmaceutical giant Pfizer, which offers a blue badge to avatars of vaccinated players.

It's not just marketing teams that can flex their muscles in these virtual worlds. There are also plenty of opportunities for salespeople to monetize content and profit from the Metaverse.

Blockchain technology is ready for this. NFTs provide real-world value to digital goods and lend themselves perfectly to the Metaverse. Artists can trade virtual paintings, architects can sell digital real estate, and engineers can auction metaverse-based cars.

Currently, fashion is the industry that receives the most attention. If the metaverse becomes an important part of modern life, users will want to look good in the metaverse. High-end fashion brands such as Gucci and Louis Vuitton have sold NFTs, and most of them have sold at high prices.

E-commerce giants have also followed this trend, creating a healthy, competitive environment. Nike acquired virtual footwear company RTFKT in an attempt to build a metaverse-driven brand.

Acquisitions may be key for large companies to survive in this rapidly changing virtual environment. Having a young, capable, trend-setting team can be the difference between sinking or advancing your fortunes.

not without problems

Even if the rules of the metaverse haven't been proposed, let alone agreed upon, some of the same issues that once plagued the internet are beginning to plague our shiny new reality. The newly released Horizon Worlds is Meta's first Metaverse project for the Oculus VR headset. Currently, Currency.com has reported incidents of sexual harassment in this metaverse, as well as the dangers lurking in the corners of other platforms.

The toxicity of social platforms is nothing new, but addressing it in the Metaverse will be crucial if it is to become a digital utopia. Companies, and more importantly, users, will have a hard time accepting a future dominated by hostile virtual reality.

Meta has implemented a solution in the form of a "safe zone" - a protective bubble within the game where no one can touch or talk to the user. It also makes blocking others as easy as possible.

While Meta has developed these general plans for community norms, it has yet to come up with detailed proposals for governing a full-scale Metaverse. Regulating hate, harassment and free speech may be the biggest stumbling block.

Horizon Worlds gives the impression that it's just an experiment to test the metaverse's current capabilities. There is no public timeline for the release of Meta's full Metaverse, or any other similar platform. So, in theory, it could be years or even decades before the metaverse becomes part of everyday life.

That hasn't stopped companies from announcing big plans or building businesses on existing platforms, whether it's JPMorgan, Disney, Adidas, Coca-Cola or Gucci. But this vague delivery timeline is reminiscent of the dot-com bubble and its equally long-promised sales pitch. Without deliveries, there is a good chance that this too will turn into a bubble, with the risk of eventual bursting.

With the dust yet to settle on Facebook's rebranding, it's too soon to make an announcement. There is indeed a place for the metaverse in this world, but it’s a long way from the immersive, idyllic visions that are being sold to us by those hoping to profit from it.