The internet is on the brink of a revolutionary transformation, marked by the emergence of the metaverse and web3 technologies. In this blog post, we delve into the exciting prospects and the significant hurdles that come with what we call the “future internet.” Futurist, Bernard Marr, recently discussed some of the challenges preventing the metaverse and the web3 from becoming the next technology disruptor for business.
1. Legal and Regulatory Uncertainty
The legal landscape for virtual environments is a gray area. Questions about jurisdiction and accountability arise when a person interacts in a metaverse hosted by providers from different countries. The regulatory environment will need to keep up with developments in this area.
2. Privacy in the Metaverse
The metaverse’s immersive technology allows for detailed tracking of user actions and preferences, raising privacy concerns. To protect user privacy, regulations must establish clear boundaries for data use in metaverse environments.
3. Energy Consumption
The metaverse and web3 technologies demand massive computing power, particularly from blockchain and crypto. Energy consumption is a looming issue, with Bitcoin consuming more electricity than entire countries. Transitioning to more energy-efficient blockchain systems is crucial, but as technology scales up, investments in green energy become imperative.
4. Interoperability Challenges
Currently, metaverse and web3 platforms operate as isolated ecosystems, hindering the seamless transfer of assets and experiences between them.
5. Infrastructure Upgrades
The metaverse’s success relies on robust network infrastructure. To maintain constant connectivity to the metaverse, we need advanced 5G or 6G networks. Determining who bears the cost of these extensive upgrades remains unclear.
6. Skills Shortage The metaverse and web3 technologies suffer from a significant skills shortage. Educational institutions are lagging behind in teaching these emerging fields, making it challenging for organizations to find the talent they require.
Despite these challenges, the metaverse and web3 hold the potential to reinvent the internet and how we do business.
For more about the metaverse and other emerging technologies, please check out my upcoming book Emerging Technologies for Business Professionals, coming out on September 26th.
I Teach Accounting Information Systems 