Welcoming the Metaverse: Innovation Opportunity and Following Concern

Simply, metaverse defined as a completely virtual new world. Various things that exist in the real world will have virtual versions, including physical items such as buildings, artwork, televisions, etc.; as well as system ones, such as payments, telecommunications, insurance, and possibly regulation. The representation may also be better than the digital content we have enjoyed so far, because it relies on Virtual Reality (VR) technology.

Realization could be faster than we imagine. Tech companies like Facebook, Microsoft, and others have invested heavily in hopes of becoming the provider of the platform that underlies the metaverse – not to call it the ruler of the virtual world in the future. Many are already getting ready to take part in this new world, but not a few who don't understand, don't even know anything about this metaverse.

Overview of activity in the metaverse

Just like in the life we ​​live now, in the metaverse all virtual assets in it can be owned by someone. If in the real world people buy land to live in as houses, in the metaverse people will also be able to buy virtual land to be used as shelters. Likewise the paintings that are displayed in our homes, in the metaverse we can buy virtual paintings that we can display in the assets we have.

The economic process infrastructure is based on technology blockchain, with one of the systems that has started to become popular recently, namely Non-Fungible Tokens (NFT). NFTs allow a virtual asset to be tied to ownership by someone – which is actually the same concept as a land certificate. The land may be occupied by anyone, but the owner is the person on the certificate. There are also virtual images that many people can save and use. The owner is recorded in the NFT contract system.

Other activities can also occur, such as business, entertainment, and so on. It is predicted that the metaverse will offer millions of new activity opportunities [including economic] that may not have previously existed. A simple example, when someone builds a house in the metaverse, of course someone needs the services of other people to beautify the house - maybe later there will be interior designer specifically designing virtual homes in the metaverse.

It is believed that many people will join the metaverse, like people who are now flocking to "life on social media". A large population will create new ways of life. Similar to what the digital ecosystem presents today, for example the education system has changed to e-learning, buying and selling becomes E-commerce, health so e-health, etc. Later there will be a metaverse version for activities like that.

In essence, the metaverse will offer new ways for people to live their lives. It is not impossible that we will experience the things in the film "Ready Player One" when people spend more time in their virtual world. What exists now is still just a concept, because the metaverse doesn't really exist yet. However, some of the supporting infrastructure is starting to be accessible to developers and everyone.

First come, first serve

What technological innovators are currently trying to do is compete to be the first to present this "new planet". With the hope that the place will be inhabited by people, along with metaverse asset ecosystem which exists. Of course, by providing a platform, the company will benefit the most. For this reason, it is not surprising that tens of trillions of Rupiah in funds have been poured into conducting R&D on the metaverse.

We, as consumers, may also be motivated to be early adopting NFTs. They invested to set up their new life in the metaverse, where they believed the assets would be more valuable there. They learned from the price of Bitcoin, which was very low in the initial phase of its emergence for many years, but has soared very high in recent years as its function as a transaction tool began to be recognized. But unfortunately, not everyone has the understanding, access, and ability to take part in this initial phase of the metaverse.

Unfortunately, not a single country has regulations regarding the metaverse. This has actually been happening since the beginning of social media. At that time, everything there was free, there were no specific regulations governing it. As time goes by, there are new regulations that regulate, for example regarding limits when expressing opinions. What's even scarier is that this new world will have no boundaries, because basically the metaverse has many Universe.

Biggest worry

Maybe someone will say, "under these conditions, the metaverse is not for everyone". This statement may also be relevant in the early 2010s, when smartphone and internet penetration was not as big as it is now, social media was said to be not for everyone. Different from today, from children, teenagers, adults, parents all mingle on social media to interact, share and communicate.

If the barrier to metaverse penetration is VR devices, it is possible that there will be product innovations that allow these devices to become very affordable and become a more pressing need, such as smartphones.

If the metaverse arrives sooner, it will arrive in the midst of an incomplete digital literacy education process, in the midst of incomplete financial literacy. It's not impossible if gap The current one is actually wider, providing opportunities for people who are already well off, but giving rise to new challenges for those who would otherwise need help. After all, success in the world of technology is always based on alertness in adoption.

I personally feel worried. On the other hand, it is not yet finished with the real life matters currently being undertaken. So, do I have to force myself into the metaverse adoption frenzy, even when I myself don't understand the benefits? An uncertainty about welcoming the future. Indeed, investments always have risks, even investments to enter the metaverse early. The feeling of fear of being left behind [meaning not being able to adapt quickly] in this new world is now a worry for people who are thinking about how to live in the metaverse.

Innovation opportunities

Technology always brings disruption, from a very small scale to something that affects society at large. Disruption itself is closely related to innovation, namely the process of giving birth to new methods that are much more efficient than previously existing mechanisms. Of course we remember the why of the product payment gateway born; because there is a need for access to a concise payment system to facilitate transactions in the system E-commerce.

Offers a new world, new ways, it is believed that the metaverse will give birth to new opportunities for innovation. Developers will be challenged, how to create a good business experience in a 3D virtual world, how to build a comfortable teaching and education system with limited physical activity, how to reconceptualize trading systems with new customer experiences, and so on. The trendy term “digital startup” today may become “metaverse startup” in the future.

Epilogue

As someone who follows technological developments, I personally am always interested in seeing the next innovation surprises. Every year I tune in to conferences held by tech giants, such as Google, Apple, or Microsoft; admiring technological products that will be loved by the public. Because I myself really feel the benefits of these technological tools.

I don't know why this metaverse gives a different impression. A feeling that implies unpreparedness to welcome this new era of technology. It could be that I am too prejudiced by the complexity posed by the virtual world; or I'm just trying to find out something that actually doesn't have a definite form yet "overthinking". However, like technological innovation that can change the lives of many people for the better, I have high hopes that the metaverse will not make the worries - perhaps felt by many people out there - happen.