Privacy to Challenge Metaverse

Privacy To Challenge Metaverse

What Is The Metaverse

The Metaverse isn’t going away, even if many consumers aren’t entirely sure what it is. In the simplest terms the metaverse is the intersection where our real-world and digital lives intersect, giving both individuals and communities the ability to more deeply connect with one another.

However, this connection isn’t altruistic. In fact, many experts believe the metaverse brings with in intrinsic risks to both brands and individuals.

Experts ID Security as Metaverse Issue

From data privacy/security to hate speech, many experts say the metaverse comes with its own risks and drawbacks. Data out from Agora finds that one-third (33%) of developers believe data security and privacy are two of the biggest risks in the metaverse; disinformation and accessibility also rank high on the list of drawbacks.

“Since data privacy seems to be at the top of everyone’s mind today, it’s not surprising that developers believe that security issues stand to be a major headache in the evolution of the metaverse,” said Tony Zhao, founder and CEO of Agora. “It’ll be interesting to see the rate at which these issues are addressed and if it’s ultimately enough to make people feel safe.”

Benefits to Metaverse

As to the benefits, that connectivity ranks high. The metaverse could offer brands more connectedness to their fans, which could be a boon to developers. Gaming and Entertainment top the sectors set up for success in the metaverse, according to experts, but telecom and retail could also see big impacts.

“The metaverse presents a great opportunity,” said Zhao. “Their skills and expertise are more relevant and urgent than ever before. Our study’s results are a snapshot of how developers feel about the metaverse, why it has become arguably the biggest trend today and what they think the future looks like. Since they will be positioned on the front lines of practically every development that takes place in the metaverse, their thoughts and opinions ultimately carry a great deal of weight.”

More data from Agora’s report can be accessed here.

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ABOUT THE AUTHOR

Erik-Pham
Huy
CEO
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Huy is a CEO and investment advisor based in Columbia, South Carolina. He writes personal finance and investment advice for The Ascent and its parent company The Motley Fool,... See More