Explore the six critical challenges — from legal grey areas and privacy concerns to energy costs and skills shortages — that stand in the way of the metaverse and Web3
The bottom line, as more people spend time in realistic virtual worlds, we need our legal systems to catch up fast.The metaverse also brings new privacy challenges because all this immersive technology will be even better at tracking our actions and intentions.
There is hope on the horizon. Transitioning to proof-of-stake blockchain systems will dramatically reduce energy consumption . The problem is we also know that all this tech needs to scale up significantly in the future. Especially blockchain. The number of transactions that can currently be done on a platform like Ethereum is much smaller than the number of transactions that can be processed by providers like Visa or Mastercard . So, if blockchain is going to power more of our online transactions, the technology will have to scale up drastically. It’s vital this scaling up is matched by investment in green energy.
In other words, the hardware and network demands will be huge compared to today, and this presents both challenges and opportunities for telecom companies, cloud providers and hardware manufacturers like Apple and Samsung.There’s a massive skills shortage around metaverse and web3 technologies. Most universities and schools aren’t even thinking about teaching this stuff yet, which leaves organizations struggling to recruit the talent they desperately need.
It’s clear there are some enormous challenges and risks surrounding the future internet. But there’s no doubt in my mind that the metaverse and web3 have the potential to reimagine the internet and make it a better, more engaging place.
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