The meta world is where internet 3.0, blockchain and virtual reality intersect and, accelerated by the pandemic and remote working, the prospect of a meta world has been met with controversy.
Some have hailed meta as the next big step for humanity. It is a technological advancement we scarcely thought believable just a decade ago, but now it is here. Paired with the recent NFT craze, the boundaries of reality are being pushed by meta.
Assistant Professor of digital business at Dublin City University, Baidyanath Biswas, shed some light on the metaverse. He reckons there are some business-specific use cases such as virtual board meetings and a more immersive remote working environment which arise from meta.
Real money will be spent on digital products. As money is poured into the digital world, real-world companies may suffer as they lose paying customers to meta.
Companies were buckled by the pandemic, but meta arrived as a potential remedy to the restrictions imposed on businesses, capitalising on the global standstill. As real-life businesses suffered, meta grew, and this may continue.
The more money that is spent in the meta world, the less money invested in real-world businesses. This will be exacerbated by the implementation of the metaverse.
“Economies need a big investment to come back to pre-pandemic times,” says Biadyanath. “Real investment in the real market is required.” This has slowed due to money being spent in the meta world.
“That is a problem. That is a big-time problem,” he adds. Baidyanath posits that the latest tech marvel may contribute to the divide between rich and poor: “Digital divide is going to create more of a social divide between the two classes of people as well. That is a big fear.”