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The Future of the Metaverse
The Metaverse is a new form of communication whose building blocks were laid out back in the 1970s and 1980s. But despite a lot of speculation, few people really understood what it was and how it would work.
Eventually, the new form of communication evolved into what we call the internet. This is a network of billions of computers and devices that connect people worldwide to communicate, share information and buy goods and services.
Tech titans like Facebook, er, Meta, Microsoft, Apple and Google are betting big on the future of the metaverse, which is expected to grow into an $800 billion market by 2024. But while some of its key concepts are already concrete enough to grow existing lines of business and create new ones, others need a lot of work before they can be monetized.
One of the biggest challenges for the metaverse will be creating a safe and responsible immersive environment that enables users to communicate and interact without fear or discomfort. Digital privacy experts have a number of concerns about the technology, including that it could become a surveillance tool for governments and other agencies.
Another issue is that the new virtual worlds may exacerbate socioeconomic disparities. In addition, companies will need to be careful about how they interact with the new digital worlds, particularly when they are shared by millions of people and organizations. The best strategy is to get in early and start working on foundational measures, like establishing a security and identity system.