When Facebook — now known as Meta — declared its plans to embrace the technology and desire to alter the way we related again in 2021, the metaverse re-entered the conversation. Although the technology is still a few years away, it’s becoming evident that the framework for a new metaverse-based Internet is being laid. However, as with today’s Internet, inherent hazards and security concerns exist, including privacy, financial, and mental health issues. We need to address these issues as we move toward a world of digital connectivity. While the entire potential of virtual reality environments is still being conceived and appraised, one thing is sure; the users should understand certain risk factors. This article will explore risk factors for the users while using metaverse.
What is metaverse?
Metaverse is a new digital platform that uses Blockchain and digital identity technologies to link users through a shared metaverse or online 3D reality. Metaverse harnesses the potential of Blockchain to bring people together in a digital world to build, engage, and transact in a more efficient, secure, and cost-effective way.
“Beyond” is implied by the term “meta,” whereas “verse” refers to the “universe.” Furthermore, some people use the term metaverse to refer to virtual worlds in which players can travel and interact; for example, a world in which developers can create buildings, parks, signs, and other items that do not exist in reality. Massive hovering overhead light exhibitions and well-known districts are among the attractions (where the rules of three-dimensional spacetime are ignored, and free-combat zones where people can go hunting and kill each other).
Why are Companies making investments in the metaverse?
The primary patterns suggest that the events, games, and certain forms of social interactions will adopt the metaverse first. With the spread of remote work beginning in 2020, it is conceivable to imagine several work situations that will profit from this notion. This is the case with virtual meetings, product presentations, and games. Suppose employees are unable to participate in remote working. In that case, their virtual avatars may be a good idea to “meet in person.” The conference will be more immersive, and employees will be more engaged.
At the same time, if people gather at an event, meeting, or playing video games in their avatars, it is an excellent opportunity for the companies to promote their brands and earn more revenue than traditional advertising. Many companies like Stell Artois, Nike, Vans, Renner, Gucci, etc., have already started their investment in the metaverse. This initiative will, in turn, lead to the popularization of virtual reality.
Risks factors in Metaverse for Users
1. Identity: Many experts fear that if rigorous security measures are not adopted, identity theft in the metaverse may become even more accessible. In the real world, identity theft is now a multibillion-dollar industry; recent research estimated that identity theft damages were $24 billion. According to cybersecurity studies, cases have increased by more than 50% since 2020.
2. Unauthorized data Collection: Legitimate businesses will also acquire users’ data. On the other hand, virtual reality has the potential to push data collection to a level that may not be accessible to some people. Virtual reality headsets, for example, might hypothetically allow third parties to collect increasingly sensitive personal data, including voiceprint data, biometric data, and even facial geometry.
3. Cyberbullying in Virtual Games: The metaverse’s mental health and well-being have already made headlines. Cyberbullying is still a severe menace to teenagers and young adults. The impacts of cyberbullying are well-documented, ranging from low self-esteem to suicidal tendencies, particularly among teenagers. In February 2022, a woman claimed that three to four male avatars harassed her (her avatar) in a virtual game. According to experts, because our experience in the metaverse is as genuine as our experience in the physical world, pain and suffering are likewise real and profound.
4. Impact on Mental Health: Other dangers are more challenging to avoid in a virtual environment. Many free-to-play games, for example, rely on advertisements to fund their development. Malicious persons may substitute visuals that cause motion sickness or even epileptic convulsions for the adverts. Images like these might be sent to a virtual reality headset.
5. Ransomware Attacks: Ransomware is malicious software that encrypts your files and prevents you or anyone else from accessing them. It will then display a message demanding you to pay a particular amount of money to regain access to your data, thus the term ‘ransomware.’ In a metaverse environment, you can probably see how this might be problematic. Your metaverse profile will have more information than a regular social media profile and sensitive information. Imagine being unable to access your financial accounts or personal information. In a metaverse environment, this can be not easy.
6. Risk to National security with Deepfakes: In a world where information is king, experts are concerned that fraudulent information campaigns delivered via deepfaked audio and video snippets endanger our country’s security. Deepfakes are modified video or audio clips appearing and sounding like someone else. Deepfaking is similar to face swapping, but it uses sophisticated artificial intelligence algorithms to collect data about humans from several perspectives so that it may be superimposed on the existing video.
7. Risks at Shared Spaces: Shared spaces come with their dangers.The metaverse is built on the idea of bringing people together. While this can be beneficial in certain respects, it can raise issues. You can find groups of like-minded people and form great communities on the Internet nowadays. However, you will have to deal with people who hold contrary viewpoints in the metaverse. According to studies, people behave differently in a virtual world than in the actual world. This experience is particularly evident in multiplayer online role-playing games (MMORPGs), where veteran players criticize newcomers and even abuse females.
Final Thoughts: As we develop our actual virtual existence, where all activities will take place in the digital realm, the list will undoubtedly grow and evolve. For those interested in the concept, it’s worth keeping an eye on how the metaverse’s new onslaught will affect the virtual and, crucially, the real world. May it be fruitful and hopeful for us humans.
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