Metaverse — A Key to Broader Social Inclusion
It seems like hardly a week goes by without some news story reminding us of the potential for revolutionary change brought about by technological advancements. The quick development of vaccination programs that saved many lives during the epidemic is only one example of how technology can revolutionize individuals’ and communities’ outlooks as well as life>
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A research published by Bloomberg in 2021 found that the NFT selling price dropped when the digitized portraits of Cryptopunks depicted people with darker complexions or feminine characteristics. The report states that people tend to put money on avatars that resemble themselves. Bloomberg had reported months before that the vast majority (77%) of NFT art sales money was heading to male artists. Despite the fact that the Metaverse is still in its infancy, even a cursory examination shows a striking dearth of variety.
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Saving the Metaverse
On the surface, modern Metaverses don’t seem like they’d be great places to make friends. Among their present demographics, gamers make up a sizable proportion (1 in 4), with 61% of them being male and 39% being between the 10–20 age range. Nevertheless, an increasing number of businesses as well as international banks are exploring VR to determine its potential benefits. In India, banks are beginning to investigate the growing Metaverse market with the hope of providing services like the Metaverse Virtual Lounge and an AR perspective on banking. As a result, widespread adoption is rapidly approaching. By 2026, Gartner estimates that 25% of the population will spend a minimum of an hour per day in a Metaverse, and also that 30% of businesses would provide such services. It can only be accomplished, and is within the realm of possibility, if the Metaverse’s influence is broadened to include people from all walks of life. At the very least, We could imagine 3 stages in which creators, proprietors, as well as producers of Metaverses might and should promote diversity and inclusion.
Stages of Social Inclusion
In order to make the best decision, you should consider the following three stages:
1. Increase the Price and Availability of the Metaverse
Even though digital environments like Decentraland may be accessed via a web browser, the majority of VR experiences still need the use of a cumbersome and expensive gear. It additionally restricts the user’s freedom of movement, but also limits access to a select group of people whose numbers will dwindle more so long as inflationary forces remain. The things that are considered elite now may be considered standard or perhaps even necessary someday. Similarly, smartphones were originally only available to the well-to-do; yet, in today’s inclusive society, they are a need for several activities. Deloitte predicts that by 2026, one billion people in India will use smartphones, with demand growing fastest in the country’s rural regions. Rapid democratization is required for the virtual world to soon enter the mainstream.
2. Put your Old Prejudices and Divisions Behind You
Today’s Metaverse is dominated by people who grew up with computers, therefore it stands to reason that its early evolution would be influenced by the demographic traits, preferences, and habits of young gamers and creators. Maybe they are less inclined to do so than the generation that created AI 25 years ago. Moreover, there is now a heightened understanding of prejudice and how effective safeguards may eliminate bigotry and abuse in cyberspace. Yet, given that each new generation brings its own collection of preconceptions as well as misconceptions to the table, it is imperative that future AI models be created to be less susceptible to such biases. Moreover, if attempts to expand diversity are fruitful, successful Metaverses are expected to grow less biased, as designs rapidly adapt from, as well as adapt to, an ever-widening demography of people as well as activities.
3. Maintain Technological Progress and Eco-Friendliness
According to Intel, the computational power needed to power the Metaverse will be one thousand times more than what is available now, which might have a severe effect on highly stressed natural surroundings. In developing countries and more rural or underdeveloped populations, low internet capacity is another barrier to entry. Meanwhile, a recent poll by IAMAI as well as KANTAR found that the number of people using the internet will increase to 351 million in 2021 from its previous total of 107 million. So, I think we may look forward with hope. In addition, there are grounds for optimism in regards to mitigating the Metaverse’s negative environmental effect and, eventually, using the struggle for the digital realm to spur constructive ecological consequences.
The Bottomline
The limited number of people who are able and willing to participate in virtual worlds is a major limiting factor in the expansion of the Metaverse. The eventual commoditization of technology, increased popularity as well as accessibility, and less environmental impact may render virtual reality the preferred method of traveling to places like the bank, the jungle, and social gatherings.
Disclaimer: The author’s thoughts and comments are solely for educational reasons and informative purposes only. They do not represent financial, investment, or other advice.
