WEF Shows why we Need and Want a Mature Metaverse

Switzerland is known for its annual meeting in Davos,  which brings together business leaders, politicians, academics, and other experts worldwide to discuss pressing global issues.

The WEF was founded in 1971 by Klaus Schwab, a German economist. The organization’s mission is to improve the state of the world by engaging leaders in partnerships to shape global, regional, and industry agendas.

Of particular focus this year was the metaverse and its enabling technologies, a testing ground for what might be if the metaverse is fully realized and a stark reminder of the factors hindering metaverse adoption:

1. Lack of technical infrastructure: Building the metaverse requires a significant investment in infrastructure, including high-speed networks and powerful computing resources.
2. Complexity: The metaverse is a complex and dynamic environment, making it difficult for users to navigate and understand.
3. Interoperability: The metaverse comprises many different platforms and technologies, making it difficult for users to move between other parts of the metaverse.
4. Regulation: There are currently few regulations governing the metaverse, which can make it difficult for companies to operate in this space.
5. Privacy and security: As the metaverse becomes more prevalent, there are concerns about the privacy and security of user data, which could deter users from participating.
6. Cost: As the metaverse is a new and rapidly developing technology, it may be costly to build and maintain for companies and individuals.

Currently, decision-makers are discussing the future of metaverse adoption at the WEF and figuring out how to solve the abovementioned challenges. But it’s looking positive; with the launch of the WEF’s official Global collaboration village in the metaverse and various metaverse, reports focused on topics like interoperability, decision-makers are taking the industry seriously.

Thus, finally, it seems the industry is moving away from the hype train of blockchain-enabled tech and toward maturity, something we all want and need as we enter 2023.