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15 views4 pages

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imaarun8
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Hult International Business School

Augmented Reality & Virtual Reality NNO - 307- LON1

Word Count

500

Group Presentation
Executive Summary: Metaverse and Virtual Worlds

Professor

Nikhil Soi

Submitted By:

​ Aralisha Harris, Arunima Selvan, Natalia Touse or Tushe, Pietra Rojas, Sindy Huta
Executive Summary
Opportunities

1. The market value of the Metaverse is projected to soar to $824.53 billion by


2030, indicating significant economic potential. This growth is propelled by increasing
investments in AR/VR technologies, with Meta’s Reality Labs alone investing $10 billion.
The financial stakes involved are driving innovation and attracting a wide array of
industries from gaming to education and beyond.

2. The Metaverse hosts over 600 million active users, presenting a thriving digital
ecosystem where businesses can engage with a diverse and global audience. Beyond
its roots in gaming, the Metaverse serves as a multifunctional platform where users can
engage in activities ranging from socializing and shopping to attending work meetings.
This versatility opens up myriad business opportunities across sectors, enabling
companies to pioneer new ways of customer interaction and service delivery within
these virtual spaces.

3. Significant capital injections are advancing the underlying technologies of the


Metaverse, enhancing VR and AR experiences. These developments are not only
improving user immersion but are also making the virtual spaces more accessible and
enjoyable, thereby broadening the potential user base.

4. One of the most critical technological advancements in the Metaverse is


interoperability, which refers to the ability of different virtual environments and systems
to operate together seamlessly. This connectivity fosters a more cohesive digital world
where transactions, social interactions, and movements are fluid, mirroring the
interconnectedness of the global internet but with deeper integration and interaction.

5. The Metaverse is cultivating a robust digital economy, characterized by virtual


goods, services, and real estate, all tradable within and across platform boundaries.
This economy is not only about entertainment and social interactions but also involves
real economic transactions, creating new opportunities for revenue and innovation.

Challenges

1. The Metaverse operates globally, yet lacks a unified regulatory framework,


leading to complex legal challenges in areas such as intellectual property rights, digital
transactions, and user rights across different jurisdictions.
2. The Metaverse raises substantial concerns regarding the tracking and misuse of
personal data, with addiction also highlighted as a potential danger. Ensuring robust
privacy protections and addressing the ethical use of user data are major challenges.

3. Despite its growing popularity, almost one-third of the US population has never
heard of the Metaverse. Increasing awareness and understanding of what the
Metaverse offers is crucial for wider adoption.

4. ethical considerations such as managing biases in AI, regulating the use of deep
fakes, and ensuring fair and inclusive virtual interactions require careful attention and
governance. The use of AI and machine learning in creating realistic and responsive
environments also demands clear ethical guidelines to prevent misuse and
discrimination.

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