State of the Metaverse in 2024 – Reflection

Inspired by the presentations at the Open Metaverse Day, a major event supported by the Agora project during September 20, 2024.

They talked a lot about economic opportunities, business opportunities, and some fantastic insights from universities like the University of Boston, University of Nicosia, and the University of Newcastle. Now, let’s get into it.

Right now, the European Union has decided to fund Agora, a massive project that supports PhD candidates from around the world. These candidates will focus on different areas of the metaverse, and this initiative is broken into three key elements:

Academic Knowledge – People are learning what the key skills are to work in the metaverse.

Industry Understanding – How the metaverse industry really works, and how companies are interacting in this space.

Bridging the Gap – The focus is on how academic research can connect with industry needs, which is very valuable for developing real-world applications.

Agora’s funding and vision are super important for moving things forward. And you can already see how this is shaping up with universities like the University of Nicosia, Cyprus University of Technology, and University of Agder in Norway working with other companies to dive deeper into these topics.

Dr. Sunjung’s Take: The Metaverse as a World Without Boundaries

The first presentation by Dr. Sunjung really focused on the metaverse’s social impact. The idea here is that the metaverse represents a world with no boundaries, a place where you can connect, experiment, and build. That’s the core concept: a space where we can be different, where the rules of the physical world don’t apply in the same way.

Now, what’s the metaverse exactly? Some think it’s just a virtual world. Others say it’s a blend of virtual and physical realities. Then there’s augmented reality. But here’s my take: the metaverse is the next step in the evolution of the internet. It’s not just about VR goggles or augmented reality; it’s how we’re going to interact with the digital world using devices like our phones, glasses, and whatever new technology comes next. Just think about how far we’ve come—from basic computers with no graphics to full-on virtual reality experiences. This stuff takes time, but it’s coming.

The inclusive nature of the metaverse is what makes it exciting. It’s going to enable things like gaming, donations, experimentation—basically, endless opportunities. But the point is, we’re still figuring out what it’s going to be, step by step, and that’s the journey.

Dr. Christos MacRidez: Ownership and the Web3 Economy

Dr. Christos MacRidez’s presentation brought us into the economic side of the metaverse. His big point? Web3 is about ownership. The metaverse isn’t just about cool gadgets like VR headsets or AR glasses. It’s about connecting physical and virtual realities in a way that makes people feel like they own their digital experiences.

Let’s talk stats: VR headset sales are still low. Meta doesn’t even publish how many Oculus Quest units they’ve sold. It’s in the lower millions, and that’s nothing compared to smartphones. But remember when the iPhone first came out? People thought Steve Jobs was crazy, and look where we are now. The same thing is happening with the metaverse. We’re in the early stages, and it’s going to take time to evolve.

We also touched on digital real estate. I asked him about experiments like Decentraland and Sandbox, where people are buying virtual property. Most of these projects have failed so far, but he sees them as experiments, not final products. Maybe in the future, people will buy digital real estate, but it won’t be as speculative or expensive as it is now.

And then there’s the question of data. Every interaction we have generates data. Can we sell it? Well, we’re all on platforms like WhatsApp, Facebook, TikTok, and Google, and they own our data. Sure, the GDPR in the EU offers some protection, but with AI advancing, more data will be needed. Smart contracts in Web3 could help enforce intellectual property rights, like artists protecting their voice or likeness in the metaverse.

Professor Sabas Parianini: Retail in the Metaverse

Professor Sabas Parianini’s presentation focused on retail opportunities in the metaverse. He brought up Second Life, which was a precursor to today’s metaverse ideas. People in Second Life used to sell their physical homes to buy virtual casinos and make a living in digital currencies. That’s how the whole avatar economy started.

The challenge now is that big companies like Meta control much of the metaverse space, and they get to dictate what happens. You can upload a video on YouTube, but they can take it down whenever they want. These are the kind of research areas we need to explore further.

His point was also about learning from the past. We’ve seen experiments fail, like those with Google Glass or Snap Spectacles. But these failures are stepping stones for new tech to emerge, especially in retail. Imagine not just using your phone for AR shopping but interacting with products directly in virtual spaces. That’s where we’re heading.

Final Thoughts

Agora’s project is a significant move toward combining academic research with industry needs. Personally, as a doctoral candidate and Marie Curie Research Fellow in asset tokenization, I’m focused on how we can use the metaverse to create digital representations of physical assets. Stay tuned for more insights on this evolving space.