It is widely accepted that the “metaverse” is the future of our interactions on the web. Due to significant rationalization occurring in the decentralized finance and blockchain space; We can now speak of an ecosystem with economic potential, driven by creators and occupied by all of us.
We’ve seen metaverses before, from Sony Playstation home to SecondLife. But now, something is different. We have a decentralization happening – a way to change the typical Web2-centric approach to ownership on the web. A change in the ownership structure means that what people see It means more power over what they do and what they buy online.
Understanding this power and its potential is political; It has become a hotbed of philosophical and technical jargon, lending itself to frequent eyebrow-raising.
What we need to do is to understand what is needed to enhance the project “metaverse” to reach its highest potential. So to that end, let’s break down a term for the metaverse. It is a collection of content; e-commerce A complete ‘Web3’ platform that allows interactive gaming and social-fi. We envision doing this by selling virtual land with specific tools to build content or e-commerce. All this shopping; All of this is connected through a giant interactive space where you can interact with other avatars while gaming or hanging out.
So how does this all come together? ok We provide the hardware, software, and hardware to enable these ‘Web3’ works. Not only will developers and blockchain be needed, but also artificial intelligence (AI).
Imagine going from a game to an interactive store without having to make your own selections to the NFT market. It’s like navigating many iconic cities without a map. Each ‘Content Creator’ provides Services; offering payment solutions; Whether driving e-commerce or needing to engage with broader social audiences, AI needs to be involved at various levels.
AI ensures smooth operation of all decentralized services to work properly with their respective nodes. This multi-service feature will use transparent AI designed as financial services, and complex decisions will be based on its output. The tokenization of these services is impossible to manage without AI running in the background to balance supply and demand.
We don’t need to look ahead to see how these technologies fit together. Basically, As the metaverse becomes a cross-border phenomenon, there needs to be a fundamental awareness of compliance. AI is essential for these technologies to be interoperable and secure. The correct use of AI and its adoption is key to maintaining best practice and moving into the metaverse.
Dr Eva-Marie Muller-Stuler is a Data and AI Partner at Ernst & Young, and Andrew Schumer is a Technology Advisory Director at Grant Thornton.
Read: How the Dubai Metaverse Assembly gives us a glimpse of the future?