Experts and Companies Discuss Building a New Reality and Opportunity in the Metaverse

“New” Internet

Metaverse Forum 2022 speakers emphasized that interoperability of devices on a single metaverse platform, as well as ubiquity of a self in many different dimensions of the world, is a primary goal that all metaverse-related businesses should pursue.

The collaboration of different companies on a metaverse value chain is important here, as no company is able to create a complete metaverse on its own.

“(VR, AR, and XR) are the routes we take on this journey to the Metaverse,” said Steve Park, public policy director for Meta Korea and Japan, in his presentation at Metaverse Forum 2022.

The head of Meta defined the metaverse as the successor to the mobile internet and emphasized that users should feel that they are present with other people in the virtual world.

“If you’re stuck on one platform or service, it won’t be the metaverse,” he said, referring to the importance of interoperability in the metaverse.

SK Telecom, a telecommunications company that operates its own ifland metaverse platform for 80 countries, also plans to launch a PC version of ifland in the second half of this year, as well as an Oculus Quest version later this year.

“We expect it will take another five years to provide users with a fully immersive environment when it comes to the metaverse experience. We hope more content providers will partner with service platforms,” said Lee Mi-yeon, Head of the Metaverse CO Partnership Team at SK Telecom.

Moreover, the emergence of “Web 3.0”, a new decentralized internet backed by blockchain technology responsible for cryptocurrencies, non-replaceable tokens and the metaverse, highlights the need for the hyper-connective ecosystem.

“The shift to Web 3.0 will lay the foundation for the new digital economy based on cryptocurrency and NFTs – and the digital lives represented by the metaverse,” said Patrick Yoon, Korea Managing Director at Crypto.com.

Embody your hidden self

The metaverse could be a way to express the multiple side of yourself, according to a panel discussion at the event.

Steve Park of Meta said that people already have multiple characters and the Metaverse is a platform to express those multiple characters. As for side effects, such as online crimes that use anonymity, Park said platform providers and relevant authorities should be able to regulate it.

Lee of SK Telecom echoed this view, saying that the multiple avatars a person has in the virtual world provide opportunities to unleash the full potential of a single person.

“I don’t define a person’s identity as one identity, because individuals have different positions at home or in the office. Many say that a person’s identity is something that doesn’t change,” Lee said.

But is it really? People find it freer on the metavers because the relationships aren’t defined there. People can create more than one identity, and a recent buzzword ‘secondary character’ has also gone viral.

But there can be potential side effects if a single person has multiple avatars and hides their true identity.

This leads to a discussion about the current lack of regulation to prevent any crime that could take place in the metavers. Lee of SK Telecom said she anticipates discussions between lawmakers to build a new legal framework, but there are still restrictions on what they can do until real problems arise in the metaverse.

“We are preparing a system internally to prevent anomalous action on the metaverse because the law cannot be based on predictions of what might happen on the metaverse,” Lee said.

She added that another legal issue the metaverse raises would be the definition of a citizen, which is becoming obscure in the digital world.

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