WEF_Special_Edition_European business magazine spring 2022_web

Page 66

Is the metaverse as disruptive as it should be

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irtual real estate is booming. In December 2021, one buyer spent US$450,000 (around £332,500) on a plot of land in rapper Snoop Dogg’s virtual world. Which begs the question of what will be built there. In the physical world, cities are shaped by innumerable forces. Some are desirable, designed in conversation with local communities. Others are not, subverting building regulations for financial gain. By contrast, space in the metaverse – the version of the internet comprising immersive games and other virtual reality environments – has so far been smooth, clean and very ordinary. This is despite its links to emerging, “disruptive” technologies such as cryptocurrencies. Our research shows that while designing virtual worlds gives people a creative voice, it can also reveal the infinitely more complex social, societal and historical ways by which physical places are formed.

66 europeanbusinessmagazine.com

We explore how architects can use virtual environments to enhance understanding about real-world cities. Metaverse designers need to be similarly mindful of the social effect their designs will have. People have always imagined cyberspace to look like a version of real urban space. In his 1992 novel, Snow Crash, American sci-fi writer Neal Stevenson was the first to imagine the metaverse, built along what he called the Street. In his world, this grand boulevard wrapped around the globe, but was nonetheless presented as a typical urban thoroughfare, lined with buildings and electric signs. Recent ads from Facebook’s parent company Meta suggest Mark Zuckerberg’s vision for the metaverse is not much different. As a visitor, you stand in front of an impossible landscape where snowy woodlands meet tropical islands, but the built structures are minimalist villas and wipe-clean space stations. It looks more like a spatial

mood board of random “cool-looking” imagery. Zuckerberg’s metaverse world acts more like a desktop background rather than as a considered, spatial environment. Meta’s Horizon Worlds is a social platform where users have a set of tools with which to create and share virtual worlds. Ads here feature users’ avatars walking through food halls or seated in train dining cars, all designed to look like their real-world counterparts, but rendered in a simplistic graphic style, like a children’s TV show. Practical (yet unneccessary) design elements including streetlights, plug sockets and window frames underline the urban nature of these sterile, virtual spaces. This chimes with the generic global minimalism that American tech journalist Kyle Chayka has termed “airspace”: that ubiquitous aesthetic (wooden benches, exposed brick, industrial light fittings) found in coffee shops, offices and AirBnB apartments the world over.


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Building Remote Partnerships

21min
pages 91-100

Schroders, Aviva and other UK asset managers seek to profit from demand for biodiversity-focused investment products

4min
pages 84-85

AI In Banking: Hype Or Revolution

5min
pages 88-90

Building a finance function from the ground up

3min
pages 86-87

Cryptocurrencies: Why they’ve crashed and what It may mean for the future

3min
pages 82-83

Venture Capitalists Pour Into NFTs

6min
pages 80-81

Not all Intent Data is created equal

5min
pages 78-79

What You Need to Know About Ad Fraud

8min
pages 68-70

Is the metaverse as disruptive as it should be

5min
pages 66-67

How shops and retailers use psychology tricks to influence your purchasing decisions

4min
pages 64-65

European Business Magazine talks to Esha Mansingh

25min
pages 54-61

Aciety Is Solving The Talent Shortage In The Blockchain Technology Sector

4min
pages 52-53

Ukraine war’s surprising links to the 2008 financial crisis – and the parallels with 1939

5min
pages 62-63

What the explosion in Uranium prices means for the nuclear industry

5min
pages 50-51

Things that economists know, but sound wrong to other people

5min
pages 48-49

The truth about the ‘great resignation’

4min
pages 46-47

Global AI-powered Order-to-Cash platform

7min
pages 41-43

Global Coordination Could Unlock more Efficient Trade, New TradeTech Report Reveals

5min
pages 38-39

Private equity firms can be catalysts to fighting climate change, here is how

4min
pages 34-35

News

49min
pages 8-26

Why Businesses which are being hit by tax hikes and higher energy costs will hurt the poor

2min
page 40

Between a rock and a hardpalce

6min
pages 28-29

Davos Agenda Closes with Calls for New Models of Public-Private Cooperation

6min
pages 44-45

Preparing for the wave of Covid Related Disputes to hit

3min
page 27
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