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06 Dec 2022 Industry News

The Metaverse – more than a buzzword

Web3 & Metaverse
Futuristic
Source: Pixabay

Connecting crypto, property, content, virtual reality and digital services in a feasible way, the "metaverse" has quickly become an umbrella term for blockchain-based technologies. As a digital-first space for businesses and individuals to interact with each other, it's fostering new opportunities for innovation and collaboration.

“With today's knowledge, the metaverse can be seen as the next logical stage of the internet, a three-dimensional internet that is permanent and happens in real time. Its virtual rooms will be available 24/7. On the one hand, they will exist in completely virtual form (i. e., exist in virtual reality) and be immersive, but, at the same time, the virtual and analogue world will continue to fuse.”

(A guidebook to the metaverse, Bitkom e.V., 2022, p.9) 

The metaverse is not a (virtual) parallel world 

While the manufacturing industry uses virtual twins to increase sustainability and efficiency, tokenised contract management allows for more secure transactions of property, and workers are trained in a more secure environment. Consumers already feel the impact on value creation, entertainment, and marketing. In its most tangible form, the metaverse extends the virtual worlds of video games, team collaboration and digital marketplaces, while cryptocurrencies show their potential to disrupt entire financial systems.

The metaverse has also been the subject of controversy. By no means is it a closed-off virtual world, it co-exists with and has an impact on real-world events. Critics have raised concerns about the potential creation of a new space nefarious activities, such as cyberbullying, cyberstalking, and fraud. Others have questioned the value of social interactions in the metaverse.

With more and more use cases, achievements and controversies to come, it is becoming increasingly important to understand the metaverse’s underlying concepts, future outlooks and its place in society as a whole.

To help close this knowledge gap and shed light on this broad term, Bitkom has published “A guidebook to the metaverse”, which provides an overview of the topic: the concept, technologies, possibilities and business models as well as its relevance to society.