What are the Top Challenges in the Metaverse Industry?
written by Nitin Garg | Apr 12, 2022
It has not been so long since we heard this term – Metaverse. Yet it has become the most popular word globally in recent times. Whenever something gets immensely popular overnight, there are challenges, glitches, & issues associated with it because things are yet to be explored, sorted, & completed. And so, Metaverse is no exception.
But before we talk about the challenges in Metaverse, let’s quickly but deeply understand what Metaverse is.
The Metaverse is a digital world that exists on the internet and can be visited using VR (Virtual Reality) headsets. Like our world, Metaverse allows people to build an alternate reality where everything is true but digitally created, like land, people, offices, etc.
Metaverse has opened up doors for other technologies as well. Non-Fungible Tokens (NFTs) or blockchain technology are now more popular than ever, and the credit goes to Metaverse. Metaverse uses multiple technologies, including cryptocurrency & Augmented Reality (AR). Check below:
Metaverse in Blockchain
AR & VR in Metaverse
Cryptocurrency in Metaverse
NFT in Metaverse
The 3D atmosphere in Metaverse provides a realistic experience by making you explore the lands of Metaverse. You can do various activities like playing games and making money using investments or creating NFTs. You can also rent, buy, or sell digital properties and meet new real people in their virtual avatars.
This is also one of the core reasons Metaverse is so much in the talk that it involves real money. People can actually make money in the Metaverse like they do in the real world.
Table of Contents
Challenges in Metaverse
Identification – Proof of Identity
In the real world, things can be verified on a personal & documented level. But when it comes to a platform like Metaverse, it is impossible to have complete proof that a person’s avatar is authentic. As the avatars are self-made, anybody can put any fake attribute, quality, or feature about themselves. And as of now, there is nothing much that can be done about it.
Data Security Concerns in Metaverse
Metaverse is a developing technology, not a developed technology. And things take time to get set; as of now, data security is one of the primary concerns that Metaverse needs to address at the earliest. Data security concerns have always been there. Even Facebook’s user data was breached several times in the past. It still keeps facing allegations about the user data being compromised. All in all, Metaverse has a crucial challenge of user data security to tackle in its journey.
Payment Integration in Metaverse
Metaverse is new – still, massive numbers get exchanged on it, in billions of dollars. But if you are a Metaverse user, you must be feeling that insecurity while performing those activities that require financial involvement. Metaverse’s payment integration is high-end, yet it needs more work to get safer.
Maintaining Law & Order
With its increasing trend – the government authorities now have their eyes on the Metaverse. Authorities are deeply looking into the Metaverse & its trading virtual asset culture. They will soon establish new laws to conduct righteousness in the digital environment.
Real Estate in Metaverse
One of the top challenges in Metaverse is property handling. Since a lot of buying & selling is being done on the Metaverse at present. It’s really tough to get such transactions right. Virtual land formation & handling is also very challenging. There is time to overpower these challenges.
Metaverse’s Digital Public Behaviour & Security
The Metaverse community is getting bigger with each passing day. And whenever there are real humans, there is chaos. A few days ago, news popped out stating that a woman (woman’s avatar) got harassed by four men (male avatars). What a shameful and eye-opening act that was. It definitely did ring a bell over the ears of Metaverse developers & users about how important virtual security is. True that wherever there are male human beings, there are ugly things.
Women’s security is a mandatory feature & prominent challenge Metaverse is yet to work upon & think about.
Overuse of Technology via Metaverse
Metaverse has the potential to provide users with extremely addictive stuff. As a result, users might have health, especially mental impacts in the real world. If this challenge is not addressed at this stage, the world might face mental health & body-related consequences.
Blockchain Technology in Metaverse
Metaverse is dependent upon blockchain technology. It plays a crucial role in it. Blockchain is a decentralized virtual ledger that Metaverse uses to conduct the NFT & other digital asset-related transactions. However, blockchain technology is safe, but Metaverse is now increasing its usage at a record speed. If in the future, blockchain collapses, the entire crypto market will end. But the probability is less.
Imagine you are in virtual reality. It means that you are physically sitting on your couch; however, mentally, you are in an entirely different atmosphere & world. What impact does this gap have on your body, mind, & senses?
The answer is it will have a massive impact. Check the points below:
You will lose track of time.
You might experience two different feelings due to being present in two different atmospheres. The solution can be set up of virtual clocks in the virtual world that keeps reminding the time.
Space is infinite in the Metaverse, meaning there is no end to the land of Metaverse. Users can get a weird feeling while being present in such a vast atmosphere.
It will take some time to get comfortable with Metaverse and its space & time.
Above are the challenges that a user might experience in the Metaverse. They might take some time to get resolved. Moreover, Metaverse is a new virtual universe, and it will keep expanding with time. Being new, naturally, the challenges are endless.
If Metaverse has challenges, it also has opened up an ocean of opportunities to investors, engineers, entrepreneurs, and even general people. If this is the future of social technology, it is the future for the generations to come.
As per the Wunderman Thompson Intelligence report, around 93% of global consumers believe technology is the future – and so, 76% think they are tech-dependent.
I am Nitin Garg Founder of BR Softech PVT LTD - an Award-winning, app, web & game development company. We are armed with 180+ geeks & 2753 clients worldwide, I have driven by the spirit of entrepreneurship and dream to build a billion-dollar-company.
BR Softech Pvt. Ltd. excels in providing cost-effective IT Solutions. Established in August 2012 with over 10+ years of rich experience. An Apex rated IT serving company around the world. Our team of innovative and creative designers deals in web designing, and mobile game/software development intending to deliver outstanding digital outcomes.