Like it or not, the Metaverse is here. We now have a new technology industry that will be huge in a few years. Social interactions and other forms of connecting with people are moving in new directions.
We are now buying new kinds of equipment to interact with various aspects of Metaverses. Video gaming, it seems, will be a critical Metaverse component.
Already, we are seeing real-life action games move from the virtual realm into the virtual reality realm. It has changed the paradigm to one where the Metaverse components all converge within the Virtual Reality realm.
Video Gaming Leads the Industry
Already, the video gaming industry leads the gaming industry. Statistics place the value of the video gaming industry in the United States this year at $65.49 billion. Hardware revenue in the United States for October 2021 is at $472 million.
Other statistics show the overall number of gamers in the world to rise from 2.81 Billion in 2021 and 3.07 billion in 2023. The above statistics show an uptick in demand when the world is considering the emergence of Metaverse ecosystems. Video gaming equipment sales shall rise in tandem with this demand as well.
As with all things technology, Metaverse ecosystems have their issues. These issues have similar solutions.
Security of Metaverse Ecosystems is a Big Problem
Metaverse ecosystems have similar, if not worse, security problems than those of average information technology ecosystems. The issue here has more to do with the connectivity of the different forms of hardware that create an experience for the Metaverse participant. Credentials control access to Metaverse ecosystems. And someone can hack even these credentials, even if firewalls exist.
The issue is data exchanged within Metaverse ecosystems may move across several locations before reaching the end-user. And with this exchange of data, information is bound to be susceptible to hacking at some point.
Another factor that may contribute to this will be the lack of information awareness by the designers of Metaverse ecosystems. Centralized technologies have always had issues. These issues will always exist one way or the other.
Easy Access to Metaverses by Everyone is a Problem
The creators of Metaverse ecosystems design them to be accessible to everyone. It means that minors and other vulnerable individuals can also interact with anyone they choose to. Just like with the internet of the 90s, Metaverse ecosystems are open for everyone to access without adequate protections and so on.
It presents an enormous problem for parents and guardians. It also limits the ability of parental figures to protect them from unsavory characters.
Financial and Commercial Transactions Are Also an Issue
The security of financial and commercial transactions within Metaverse systems is a concern. As the interaction between people rises, so will the financial component. This rise is another dimension to the difficulties end-users face regarding monetary values and the transfer of value in such systems.
Privacy between users presents a unique challenge. To date, the issue is the ability for users to control how they interact with others within Metaverse ecosystems.
These problems present a unique perspective on the possible solutions that exist for solving them. The great thing about this is Blockchain technology can solve these issues in ways no other solution can.
Enter Blockchain Technology
Blockchain technology can help secure Metaverses with storage of identification and access credentials on the blockchain itself. That form of security will prevent hackers from accessing user data without the various issues that centralized systems have.
When it comes to money and finance, blockchain technology and its associated cryptocurrencies can help solve the issues of financial interactions in Metaverses.
They take things to another level and allow for trustless transactions to occur securely on blockchains. They are perfect for Metaverses.
PhotoChromic uses a non-transferable Non-Fungible Token (NFT) to generate an art form based on the user's passport picture. This passport picture serves as a link for access to all sorts of services. The Metaverse can also be accessed using this form of generative art.
Other blockchain solutions include Norbloc, Peer Mountain and Civic.
The ability to limit interactions between users is also possible with blockchain technology and related applications. When it comes to blockchains, interactions happen by choice. It can extend to end-users and the choices they make. With blockchain solution PhotoChromic, for example, the user can choose the kinds of applications and the people with which they share the generated art.
The user can also choose to remain pseudonymous within the PhotoChromic ecosystem. Taking this into the Metaverse context, an individual can have choices over interactions.
Minors and Vulnerable People Have Protections with Blockchains
With the use of the right blockchain solutions, minors and vulnerable individuals get protected. In PhotoChromic, for instance, before a user onboards, government identification is required. This requirement provides a safe zone where everyone in the ecosystem undergoes some screening.
This circle of trust makes it easy for the perpetrators of any crime to be easy for the authorities to identify during investigations. It is possible to create a virtual fence around minors and vulnerable individuals. It enables them to interact safely with Metaverses.
Putting it All Together
From the big picture, several things are crystal clear. The first of these is that Metaverses are here to stay. There is no going back on this. The second obvious fact is that video gaming is a massive constituent module of the Metaverse. Different Metaverse ecosystems need one form of video gaming or interactions.
The third thing to note is that we need Virtual Reality headsets for interaction. We have seen from the above statistics that there is already an uptick in the sales of these devices.
The Metaverse will have problems like any other technology. However, other technologies, such as blockchain technology, will also provide solutions to these issues. As Metaverses continue to unfold, we shall see other technologies rise in tandem with them.
The uptick we see in VR headsets will not only increase. It shall be a core component of growth as we continue to discover what we are capable of within the confines of secure blockchains and distributed ledgers.
That is just the beginning, as we shall move Metaverses in further directions. Imagination is the key!