In a recent interview with Crypto.news, David Shrier, the author of the book ‘Basic Metaverse,’ shared insights on the future of the virtual world. Projections suggest that the global metaverse market could potentially reach a revenue of $1,237 billion by 2030. However, concerns over security and privacy may impede the market’s growth.
During the discussion at the Web Summit in Lisbon, Shrier, a futurist, author, and entrepreneur, explored the challenges and potential impact of the metaverse technology on our daily lives as outlined in his book. The conversation touched on the possibility of a future where interacting with the virtual world through contact lenses or brain implants could become a reality sooner than expected.
Shrier debunked the notion that the metaverse is dead, citing the $66 billion revenue generated by the industry in 2022. He emphasized that the metaverse goes beyond Meta, formerly known as Facebook, and includes companies like Roblox and Minecraft which are thriving in the augmented reality and three-dimensional browser-based metaverse space.
Addressing the recent downturn in the NFT market, Shrier explained that it was a natural correction following the hype cycle. He highlighted the success of companies like Kaleidoco, which sold out an NFT mint in under two hours for their upcoming game, Particle Ink, showcasing a practical use case for NFTs.
Shrier also discussed the limitations of current virtual reality technology, such as motion sickness caused by prolonged use of headsets. He emphasized the need for more user-friendly and accessible devices to drive adoption in the metaverse.
The conversation delved into the potential future scenarios where the metaverse could revolutionize various aspects of life, from dating to medicine. Shrier acknowledged the privacy and deepfake concerns associated with the metaverse but expressed confidence in AI’s ability to detect and counter such threats.
Highlighting the metaverse’s appeal in developing countries, Shrier noted their technological optimism and willingness to embrace innovative solutions to societal challenges. He also raised concerns about the potential misuse of the metaverse by authoritarian regimes for disinformation campaigns.
In terms of regulation, Shrier advocated for principles-based approaches that support innovation while safeguarding consumer interests. He stressed the importance of global cooperation and interoperability in setting standards for metaverse technologies.
Looking ahead, Shrier envisioned a three-stage evolution of access to the metaverse, involving lighter, cheaper, and faster devices, invisible technologies like contact lenses, and eventually implantable solutions. While he acknowledged the potential benefits of brain implants for medical purposes, he emphasized the need for caution given the current immaturity of the technology.
Overall, Shrier remains optimistic about the future of the metaverse and believes that cryptocurrencies will play a significant role in enabling portable identities and financial transactions within virtual worlds. As mainstream financial institutions increasingly embrace cryptocurrencies, the integration of digital assets into the metaverse seems inevitable.