Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

New virtual economy: what does the rise of The Metaverse mean?

New virtual economy: what does the rise of The Metaverse mean?

Huge amounts of money are being poured into the metaverse, an alternative world where you can work, play and meet people without ever leaving your home. But, will the rise of this vast virtual space blur the lines of reality and redefine the way we consume and communicate forever?
What is the metaverse?


The Metaverse - right now, it’s all anyone can talk about, whether it’s online or offline. It may seem like a recent buzzword, but the idea has actually been around since 1992, first appearing in a sci-fi novel. It’s hard to define exactly what the metaverse means, as the technology behind it is evolving to include many aspects of virtual reality. Put simply, it’s an all-encompassing digital world that exists in parallel to the real world.

The company Somnium Space was one of the earliest open source metaverse platforms on the market. The Exchange spoke to its founder and CEO Artur Sychov to find out more about what it's like to live, work and play in this alternate environment.

"When you are in virtual reality like I am right now, I'm fully connected to the environment. I am here mentally and let's say physical mentally, right? Because my brain, my eyes, everything I see, I believe that I'm inside the space," said Sychov.

Somnium Space CEO Artur Sychov speaks to Euronews while in virtual reality.


Growing metaverse economy

Somnium Space may have been one of the pioneer metaverse platforms, but it’s seen many rivals joining the race in recent times.

Facebook recently rebranded itself into Meta, showing its commitment to making the metaverse a big part of its business strategy. But the likes of Microsoft, Alphabet, Roblox and NVIDIA have also invested heavily into VR.

The metaverse economy offers the potential of a wide range of revenue streams, with some estimates predicting it could become an $800 billion-dollar market in just two years and that it could contribute $3 trillion dollars to the global economy in the next decade.


How might business benefit?


It’s not all fun and games in the metaverse. The vast world of virtual reality can also offer companies opportunities to find solutions online to apply to the real world. And these solutions are what consulting firm PwC is hoping to create through its newest tech lab in the Middle East in Doha.

"The idea of the metaverse with PwC is to understand that we look at it as an evolution and not a revolution. So, kind of with the metaverse that’s the approach we’re taking. We’re very agile with it. We’re understanding that things are changing, that the needs of our clients could differ," says Rahaf Abutarbush, Lab Technologist, PwC Middle East.

PwC's Emtech Labs are equipped with VR tools that can transcend the physical world without losing the human connection.


By harnessing robotics, artificial intelligence, virtual reality, and more, PwCs tech experts are increasingly finding innovative ways to transcend the physical world without losing the human connection. It means little can't be done today in the metaverse, for example business meetings, large-scale collaborations, key presentations, and media interviews.

“Our clients have moved way beyond looking at just coming in and providing advice or providing Powerpoint decks, and all of those sorts of things. They want to see things put into action, and emerging tech is really important around that," says Stephen Anderson, Strategy and Markets Leader, PwC Middle East.


What about security?


As the popularity of virtual reality grows, so do the concerns over its impact on human interaction, social isolation and mental health. Children are spending more time online. And while they can have a lot of fun in the metaverse, the lack of clear rules could also make it a dangerous place. So how can VR platforms address these issues?

Tami Bhaumik is the Vice President of Civility and Partnerships at Roblox, a global platform with more than 40 million daily users. She says Roblox is committed to regulating its VR platforms and providing young users and their caregivers with the skills they need to play in a safe way.

"We're a technology platform that allows people to create experiences and publish it out on our platform. You need to have a civil environment in order to really express your imagination fully. So many times there were parents who would ask about, you know, What is this Roblox? How do I keep my kids safe? How do I know that it's safe? And so I realised there was not only a responsibility but an opportunity, given how large our community is to educate."

AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
Severe Heatwave Claims 2,300 Lives Across Europe
Declining Beer Consumption Signals Cultural Shift in Germany
Emails Leaked: How Passenger Luggage Became a Side Income for Airport Workers
Polish MEP: “Dear Leftists - China is laughing at you, Russia is laughing, India is laughing”
Western Europe Records Hottest June on Record
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
China’s Central Bank Consults European Peers on Low-Rate Strategies
France Requests Airlines to Cut Flights at Paris Airports Amid Planned Air Traffic Controller Strike
Poland Implements Border Checks Amid Growing Migration Tensions
Emirates Airline Expands Market Share with New $20 Million Campaign
Amazon Reaches Milestone with Deployment of One Millionth Robot
Yulia Putintseva Calls for Spectator Ejection at Wimbledon Over Safety Concerns
House Oversight Committee Subpoenas Former Jill Biden Aide Amid Investigation into Alleged Concealment of President Biden's Cognitive Health
Amazon Reaches Major Automation Milestone with Over One Million Robots
Extreme Heat Wave Sweeps Across Europe, Hitting Record Temperatures
Meta Announces Formation of Ambitious AI Unit, Meta Superintelligence Labs
Robots Compete in Football Tournament in China Amid Injuries
China Unveils Miniature Insect-Like Surveillance Drone
Marc Marquez Claims Victory at Dutch Grand Prix Amidst Family Misfortune
Germany Votes to Suspend Family Reunification for Asylum Seekers
Budapest Pride Parade Draws 200,000 Participants Amid Government Ban
Southern Europe Experiences Extreme Heat
Xiaomi's YU7 SUV Launch Garners Record Pre-Orders Amid Market Challenges
Jeff Bezos and Lauren Sanchez's Lavish Wedding in Venice
Russia Launches Largest Air Assault on Ukraine Since Invasion
Massive Anti-Government Protests Erupt in Belgrade
Iran Executes Alleged Israeli Spies and Arrests Hundreds Amid Post-War Crackdown
Hungary's Prime Minister Criticizes NATO's Role in Ukraine
EU TO HUNGARY: LET THEM PRIDE OR PREP FOR SHADE. ORBÁN TO EU: STAY IN YOUR LANE AND FIX YOUR OWN MESS.
Hungarian Scientist to Conduct 30 Research Experiments on the International Space Station
NATO Members Agree to 5% Defense Spending Target by 2035
NATO Leaders Endorse Plan for Increased Defence Spending
U.S. Crude Oil Prices Drop Below $65 Amid Market Volatility
International Astronaut Team Launched to Space Station
Macron and Merz: Europe must arm itself in an unstable world
Germany and Italy Under Pressure to Repatriate $245bn of Gold from US Vaults
Iran Intensifies Crackdown on Alleged Mossad Operatives After Sabotage Claims
Trump Praises Iran’s ‘Very Weak’ Response After U.S. Strikes and Presses Israel to Pursue Peace
Oil Prices Set to Surge After US Strikes Iran
BA and Singapore Airlines Cancel Dubai Flights Amid Middle East Tensions
Trump Faces Backlash from MAGA Base Over Iran Strikes
Meta Bets $14 B on Alexandr Wang to Drive AI Ambitions
FedEx Founder Fred Smith, ‘Heart and Soul’ of the Company, Dies at 80
Chinese Factories Shift Away from U.S. Amid Trump‑Era Tariffs
Pimco Seizes Opportunity in Japan’s Dislocated Bond Market
Labubu Doll Drives Pop Mart to Status as China’s Most Valuable Toy Maker
Global Coal Demand Defies Paris Accord Goals
United States Conducts Precision Strikes on Iran’s Nuclear Sites
US strikes Iran nuclear sites, Trump says
×