As one of the most hyped and long-standing concepts within the technology industry and beyond, the metaverse’s continued development is set to welcome consumers into the next era of the Internet, which promises to bring a new level of immersive digital experiences. Building upon a foundation of Web3 technologies, the metaverse will enable elements such as blockchain, cryptocurrencies and non-fungible tokens (NFTs).
Adding new levels of virtual reality (VR), augmented reality and mixed reality, the metaverse allows users the capability of interacting using a digital facsimile, or designed avatar, which can engage other users, participate in various contexts such as corporate meetings, online communities and gaming, and explore new digital worlds within the metaverse.
Where in the past, we have seen online interactions being solely defined by what is shown and shared on social media by the users, the metaverse is a unique blend of online and offline experiences where users can entirely separate or align their reality with their virtual lives.
With heightened levels of engagement and connectivity, we will see businesses across a multitude of industries stand to benefit from the advent of the metaverse, and business practices, policies, and management are all expected to alter to accommodate the new digital medium.
Yet, there is also speculation about how the metaverse will bring a new level of change to basic cybersecurity practices, particularly regarding consumer data processing and protection. At the forefront of those concerns is the potential privacy implications.
Already, the metaverse market is estimated to grow astronomically to $800bn by 2024, which means huge levels of users, on multiple platforms, and creating significant levels of interactions.
With an immense expectation for highly personalised experiences, huge amounts of user data will be required to me ..
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