Unlocking the Potential of the Metaverse

The metaverse is a concept that has been around for some time and has been the subject of much speculation and hype. The idea behind it is that it is a virtual world that is a digital twin of the real world, or as some would describe it, a world where you can "climb into the internet." But despite the growing popularity of VR technology and the hype surrounding the metaverse, many people are still unsure about how it works. In this article, we will explore the metaverse in greater detail and take a closer look at what makes it so special.

To help us understand the technology behind the metaverse, we spoke with Jeremy Bailenson, a researcher at Stanford University who has been studying the metaverse and virtual reality for decades. Bailenson is the founder of Stanford's Virtual Human Interaction Lab and co-founder of the VR-focused tech company Strivr. In his work, Bailenson paints a vivid picture of a virtual world where you can be anyone you want to be, interact with 3D projections of real people and objects, experience haptic sensations, and have "intense experiences that solve hard problems."

One of the key advantages of the metaverse, according to Bailenson, is that it offers a unique platform for training and development. For example, in management training, the metaverse can be used to simulate different scenarios and help individuals understand the experiences of others. Bailenson has worked with governments, companies, and schools all around the world to build VR simulations that increase empathy and promote diversity training.

However, Bailenson is also quick to acknowledge the limitations of the metaverse and recognizes that it is still a work in progress. He notes that despite the hype, the metaverse is not going to change our lives overnight. "There was a moment when we thought all of us were going to be in the metaverse - and the media was promoting it as an everyday thing. But we're not going to have that for some years," says Bailenson.

To address these challenges, the World Economic Forum has launched an initiative called "Defining and Building the Metaverse." This initiative aims to create a safe, inclusive, and economically viable metaverse by bringing together a diverse group of stakeholders, including governments, business leaders, academics, and civil society. The initiative is divided into two tracks: the governance track, which focuses on defining recommended governance frameworks to prevent harm, mitigate risks, and ensure equity and interoperability, and the value creation track, which focuses on how economic and social value can be created in the metaverse.

The metaverse represents a new reality that has the potential to transform the way we live, work, and interact with each other. However, there are still many challenges that need to be overcome in order to make the metaverse a safe, accessible, and economically viable platform for everyone. The World Economic Forum's initiative, Defining and Building the Metaverse, represents a step in the right direction and a commitment to finding solutions to these challenges. By bringing together governments, business leaders, academics, and civil society, the initiative aims to create a metaverse that is open, inclusive, and equitable for all.