Group Members: Nadine Tesalonika, Natalie Suryadi, Ravy Hendropriyono, Bipasha Chakraborty, Whitney Wheeler
How should it be governed?
According to (Osimo, 2008) in terms of how web 2.0 applications are implemented, the most favourable context is characterised by a high-trust, collaborative and knowledge-intensive environment. Therefore, user participation is considered to be free as people can do participate the way they like to. As a result, content creator should regulate its users through governance mechanism in order to regulate, moderate all forms of communication within the platform. In conclusion, the creation of Web 2.0 poses risks as well as opportunities for social empowerment. Thus, parties affected from the media should take actions on how they regulate online activities.
The metaverse has allowed us to create digital representatives of ourselves in the digital world. They are able to represent us as we shop, socialise, learn and work in the metaverse. They are becoming widely adopted in different industries; companies use digital avatars to carry out customer service; the medical industry uses digital avatars to teach social and interaction skills to children with autism. Digital avatars can help us get things done, allowing us to spend more time with friends and loved ones and eliminate any geographical barriers. In fact, Game of THrones star Maisie Williams appeared as an avatar to promote her role as a global ambassador for sustainability for H&M. However, as virtual reality and augmented reality technologies offer us a wide range of opportunities, the ethical and philosophical implications of this development are already under discussion and it challenges these utopian beliefs of digital avatars in the metaverse.
Facebooks founder and CEO, Mark Zuckerberg has big plans for the metaverse. He says that in the next 5 years or so he wants to transition people from seeing Facebook as a social media company to a metaverse company. Zuckerberg claims that, “A realized metaverse could be the next best thing to a working teleportation device”. He describes the metaverse as an “embodied internet” where people can take their avatars and goods to different places in the metaverse and be present with other people in a way that 2D platforms can’t offer.
With the existence of virtual reality, it is anticipated that there would be virtual transactions and economy. The NFT is a token that can be a certificate of ownership that exists on the blockchain. This means that a certificate of originality is generated via cryptocurrency. This helps society to slowly migrate to having virtual lives. The NFT is not as simple as buying an art work. People are now selling lands where you can build your own buildings and buy furnitures. NFTs have uncertain value because their worth is based on the assumption that they will be used in the future for something. NFTs are, in a sense, speculative investments. But unlike other speculative investments, tokens are generally not backed by commodities. Because there worth is derived from the amount of utility they will provide in the future, NFTs are extremely volatile and difficult to value.
Marr, B. (2022, May 30). How To Create Your Digital Avatar For The Metaverse. Forbes. https://www.forbes.com/sites/bernardmarr/2022/05/27/how-to-create-your-digital-avatar-for-the-metaverse/?sh=3a7517ed2f1d
Oleg Fonarov. (2022, April 14). Council Post: What Is The Role Of NFTs In The Metaverse? Forbes. https://www.forbes.com/sites/forbestechcouncil/2022/03/11/what-is-the-role-of-nfts-in-the-metaverse/?sh=7a10a7ca6bb8
Osimo, D. (2008). Web 2.0 in Government: Why and How? ResearchGate; unknown. https://www.researchgate.net/publication/268045126_Web_20_in_Government_Why_and_How
Newton, C. (2021, July 22). Mark Zuckerberg is betting Facebook’s future on the metaverse. The Verge; The Verge. https://www.theverge.com/22588022/mark-zuckerberg-facebook-ceo-metaverse-interview