The real metaverse is still a long way off. What we have now are metaverse look-alikes. Though these creatives impart a feel of this utility, they have also triggered endless speculations on its forms and features. According to Microsoft CEO Satya Nadella, the metaverse may not be a single, centralized utility. Multiple platforms will be supported, and it will be a collection of communities accessible on several devices.
What is metaverse?
Augmented reality, mixed reality, and virtual reality technologies (AR, MR, and VR) have potential for innovation in many sectors such as entertainment, healthcare, engineering, real estate, retail, military, and education. These technologies, give backing to users to interact, work, socialize, transact, and access services in an immersive virtual world, known as the metaverse.
Technologies which are supporting metaverse
Technologies like extended reality, augmented reality, mixed reality, virtual reality, brain computer interface, 5G, 6G, blockchain, non-fungible tokens support a captivating user experience, give user a perception of physical reality and facilitate commercial transactions through crypto currencies.
Companies that are developing metaverse technologies and services
Many big tech companies have invested heavily in the metaverse, and are developing, acquiring technologies to get first mover advantage.
Facebook Inc. changed its name to Meta Platforms Inc. and shifted focus to AR/VR-related consumer hardware, software, and content to build social technologies and computing platforms.
Alphabet Inc. developed AR technologies to use in Google’s internet-based navigation, online collaboration, and video content services (Zhu, 2022).
Bharti Airtel unveiled India’s first multiplex on Partynite Metaverse platform, which has samples of top original shows and movies such as OTT original or initial minutes of movie in select languages (Airtel Launches India’s First Multiplex in the Metaverse, 2022).
Associated privacy and security risks
Metaverse shares an expanded set of data sources to track and mine, including body movements, facial expressions, and biometric data with operators and service providers.
Considering the magnitude of data gathered by metaverse technologies, it’s important to prepare data privacy protection measures while designing and developing these technologies. Additionally, these technologies should behave and protect children’s privacy (Zhu, 2022).
Opportunities and challenges for entrepreneurs
Metaverse presents opportunity for sales of software and services, online live entertainment events, XR hardware, digital advertising, sales of AR/MR/VR headsets.
Metaverse is a transformative event for the world economy and shows capacity in education and healthcare. For example, John Hopkins University School of Medicine, performed surgeries on patients using augmented reality displays (The Promise and Peril of the Metaverse, 2022).
Metaverse could transform education by giving new ways to engage in the classroom. Metaverse could generate jobs in allied sectors like engineering, AI, AR/VR handset production, software development, 5G, chip making.
However, unavailability of toolkits and open technical standards to develop metaverse applications could restrict its research and development.
A big concern would be lack of laws in the metaverse and penalties bigger than suspension of accounts are required in the metaverse (Qureshi, 2022).
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How do you view metaverse? Opportunity for job or business? Why?
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- Airtel launches India’s first multiplex in the Metaverse. (2022, June 14). Airtel. Retrieved October 3, 2022, from
- The promise and peril of the metaverse. (2022, August 9). McKinsey & Company. Retrieved October 3, 2022, from
- Qureshi, O. (2022, September 25). Metaverse: a new world of opportunities and challenges. Brecorder. Retrieved October 3, 2022, from
- Zhu. (2022, August 26). The metaverse: Concepts and issues for congress. Congressional Research Service. Retrieved October 3, 2022, from