Is the Metaverse the Next Internet? ... It Needs '4 Things' to Become Reality [Reading Science]

Digital World 'Blue Ocean', 2022 Immersive Content Market Expected to Grow to 8.5 Trillion Won
Challenges Include Equipment and Communication Speed Improvement, Security Enhancement, and Social Infrastructure Development

[Asia Economy Reporter Kim Bong-su] "The metaverse (extended virtual world) is the next internet." This is the slogan recently adopted by Facebook, which changed its name to Meta.

The metaverse is rapidly emerging as the next-generation platform due to the actual COVID-19 pandemic (global outbreak) situation and the advancement of cutting-edge ICT. Factors such as the activation of non-face-to-face interactions for quarantine, the maturation of related technologies like virtual reality (VR) and augmented reality (AR), and the emergence of Generation Z who are familiar with virtual worlds have made the metaverse a new blue ocean in the digital world. However, the reality is that it is still limited to simple uses such as games, meetings, performances, lectures, and remote classes and education due to various constraints.

◆ Where is the Metaverse Bus Going?

It is still an unfamiliar concept to some generations. It is a compound word of meta, meaning virtual or transcendence, and universe, meaning cosmos or world. In short, it refers to a platform that builds a virtual world online where various real-world activities can be performed using avatars. VR and AR technologies, which were previously simple technologies or single services, have expanded and advanced thanks to faster communication speeds, breaking down the barriers between virtual worlds such as the web and internet and reality. The concept actually appeared first in science fiction novels about 30 years ago and has been implemented for a long time. In Korea, the cyber singer ‘Adam’ debuted in 1998, and in the early 2000s, customizing ‘Mini Homepages’ on Cyworld was popular, marking the early stages of the metaverse experience. With the spread of 5G technology, the development of virtual reality technology that enhances realism and immersion, and improvements in devices and content due to massive investments by global big tech companies like Google and Facebook, it has risen as the ‘mainstream’ of the digital world. Especially with the rapid arrival of the non-face-to-face era due to the pandemic, market demand for the metaverse, which enables interactive experiences beyond simple one-way broadcasting, has surged. The emergence of Generation Z, who are accustomed to online games and social network services (SNS) from childhood and easily accept virtual worlds, is also cited as a growth factor.

Domestic credit card companies have already achieved great success by using virtual female models in commercials, actively utilizing the metaverse for marketing targeting Generation Z in industries such as gaming, distribution, and advertising. Representative metaverse platforms include Naver’s 3D-based avatar app ‘Zepeto,’ the American game Roblox, Microsoft’s mixed reality platform Mesh, and Nvidia’s ‘Nvidia Omniverse.’ Global companies are also actively investing; Facebook recently changed its name to ‘Meta’ and predicted that the metaverse will become the ‘next internet.’ Recently, domestic utilization has increased as well, with SK Telecom holding Korea’s first metaverse entrance ceremony together with Soonchunhyang University. KAIST also held a promising technology briefing through the metaverse. In September last year, Incheon City created a virtual Incheon Airport in the metaverse-based online game Minecraft, achieving notable promotional effects.

The core virtual reality technologies of the metaverse, such as VR, AR, and MR (mixed reality), collectively called XR, are gradually entering a mature phase, and market prospects are brightening. According to the National IT Industry Promotion Agency, the global XR market size is expected to grow rapidly at an average annual rate of 76.9% over five years, from $7.89 billion (about 8.56 trillion KRW) in 2019 to $136.8 billion (about 150.34 trillion KRW) in 2024. The immersive content market is also expected to expand from about $17 billion (about 19 trillion KRW) in 2019 to $62.4 billion (about 70 trillion KRW) in 2022.

◆ Challenges to Overcome

However, there are also criticisms that there is still a long way to go. Communication speed, equipment performance, security enhancement, and the establishment of social and institutional foundations are emerging as challenges for ‘boarding’ the metaverse. First, although 5G has started to be introduced worldwide, the actual network speed remains mostly at the 3G to 4G level. Even in urban areas with ICT infrastructure, relatively stable metaverse use is possible at speeds above 100 Mbps, but once you move to rural areas, speeds drop below that, making the service unstable. Kim Il-jung, head of the AI Big Data Center for Manufacturing at the Korea Advanced Institute of Science and Technology (KAIST), said, “There must be a network that serves as the data pipeline. At least 5G is needed for smooth use, but currently, less than half of the promised speed is delivered. The situation is even worse overseas,” adding, “Network development must be synchronized, such as with the arrival of the 6G era.”

Although equipment has improved significantly, users still have to wear thick and heavy glasses and controllers, most of which are wired, limiting mobility and presenting many constraints. Immersion and realism are still lacking because the brain is not fully deceived yet. Integration with related technologies such as brain-computer interface technology (BCI) is essential. Park Sung-hoon, CEO of DigiFore, said, “If immersive metaverse is realized, it will be possible to experience things as if on-site,” adding, “The performance of equipment and devices must be supported, and eventually, it should be connected directly to the brain to deceive the senses.”

Enhancing security and securing social foundations are also major tasks. Since the metaverse will truly become a ‘virtual reality’ where all activities are possible, strong protection of personal and corporate information is essential. The development of technologies such as blockchain and digital twins must accompany this. How to accept daily life, economic, and social activities that occur in the virtual world in actual reality is also a challenge. Kim said, “If security collapses, the metaverse will fail,” explaining, “Security beyond financial transactions is necessary, and research using technologies like blockchain is continuously advancing.”