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 across many different dimensions of the world is a primary goal that all metaverse-related businesses must to pursue.

In this regard, the collaboration of different companies on a metaverse value chain is important, since no single company is capable of creating a complete metaverse alone.

“(VR, AR, and XR) are the roads we take on this journey to the Metaverse,” said Steve Park, Director of Public Policy for Meta Korea and Japan, in his presentation at Metaverse Forum 2022.

Defining the metaverse as the successor to the mobile internet, the head of Meta stressed that users should feel as if 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 a fully immersive environment for users regarding the metaverse experience. We hope to see more content providers collaborating with service platforms,” said Lee Mi-yeon, Head of Metaverse CO Partnership Team at SK Telecom.

Additionally, the rise of “Web 3.0”, a new decentralized internet backed by blockchain technology that is responsible for cryptocurrencies, non-fungible tokens and the metaverse, highlights the need for the hyper-connective ecosystem.

“The shift to Web 3.0 will create 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 oneself, a panel discussion at the event showed.

Steve Park from 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 using anonymity, Park said platform providers and relevant authorities should be able to regulate this.

SK Telecom’s Lee echoed this view, saying that the multiple avatars a person holds in the virtual world open up chances to unleash a single person’s full potential.

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

“But is it really? People find it freer on the metaverse 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 could be possible side effects to allowing a single person to have multiple avatars and hiding their true identity.

This leads to a discussion of the current lack of regulations in place to prevent any crime that might take place in the metaverse. SK Telecom’s Lee said she anticipates discussions among lawmakers to build a new legal framework, but there are still constraints on what they can do until real issues in the metaverse arise.

“We are preparing a system internally to prevent abnormal 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 difficulty the metaverse raises would be the definition of a citizen, which is becoming obscure in the digital world.

Asia News Network: The Nation (Thailand), The Korea Herald, The Straits Times (Singapore), China Daily, Jakarta Post, The Star and Sin Chew Daily (Malaysia), The Statesman (India), Philippine Daily Inquirer, Yomiuri Shimbun and The Japan News, Gogo Mongolia, Dawn (Pakistan), The Island (Sri Lanka), Kuensel (Bhutan), Kathmandu Post (Nepal), Daily Star (Bangladesh), Eleven Media (Myanmar), the Phnom Penh Post and Rasmei Kampuchea ( Cambodia), The Borneo Bulletin (Brunei), Vietnam News and Vientiane Times (Laos).

Jennifer C. Burleigh