APJ ABDUL KALAM TECHNOLOGICAL

UNIVERSITY KERALA 2022-23

SEMINAR REPORT

ON

“METAVERSE”

Submitted in partial fulfillment of the

requirements for the award of the Degree of

Bachelor of Technology in Computer Science &

Technology

AJIN JOSEPH(LSGT19CS006)

Department of Computer Science and Technology

SADGURU SWAMI NITHYANANDA INSTITUTE

OF TECHNOLOGYKANHANGAD,KASARGOD
 DECLARATION

We undersigned hereby declare that the seminar report “Metaverse”, submitted for partial
fufillment of the requirements for the award of degree of Bachelor of Technology of the APJ
Abdul Kalam Technological University, Kerala is a bonafide work done by us under
supervision of Mrs. Kavya (Assistant Professor, SSNIT). We also declare that we have
adhered to ethics of academic honesty and integrity and have not misrepresented or
fabricated any data or idea or fact or source in our submission. We understand that any
violation of the above will be a cause for disciplinary action by the institute and/or the
University and can also evoke penal action from the sources which have thus not been
properly cited or from whom proper permission has not been obtained.

Place: AJIN JOSEPH (LSGT19CS006)

Date:
 DEPARTMENT OF COMPUTER SCIENCE &
TECHNOLOGY

SADGURU SWAMI NITHYANANDA INSTITUTE

OFTECHNOLOGY

KANHANGAD

CERTIFICATE

This is to certify that the seminar report entitled “METAVERSE” submitted by, AJIN
JOSEPH(LSGT19CS006) to the APJ Abdul Kalam Technological University in
partial fulfilment of the requirements for the award of the Degree of Bachelor of
Technology in Computer Science and Technology is a bonafide record of the seminar
presented bythem under my guidance and supervision.

Guided by, Head of the department,

Mrs. Kavya Mrs. Nisha C
Asst. Professor Asst. Professor
Computer Science&Technology Computer Science&Technology
SSNIT, Kanhangad
SSNIT, Kanhangad
 ACKNOWLEDGEMENT

Several people have been instrumental in allowing this seminar to be completed. First, we
would like to express my sincere thanks DR B N Shanthapriya, principal our college for
theexcellent oppurtunities and facilities provided. We also express our sincere gratitude to
Mrs. Nisha, Head of the Department of CSE for managing our batch and helping us in our
difficulties times by taking quick and efficient decisions and for enabling us to work with
freedom. We would like to express our sincere gratitude and indebtedness to our seminar
guide Mrs Kavya, Assistant professor, Computer science & technology for her valuable
guidance and timely suggestions for the successful completion of the term paper. We are
happy to thank other faculty members and technical staff of the Department of Computer
Science & Technology for their valuable support and whole hearted cooperation throughout
my course duration. We wish to express our love and gratitude to all our dear friends for their
fondness and Whole-hearted cooperation throughout the duration of our studies. Above
all,we thank God almighty, without whose blessings this seminar would not havebeen
completed.
 ABSTRACT

The metaverse is defined as a digital universe that mixes elements of online gaming, social
networking, augmented reality (AR), and virtual reality (VR) to allow users to engage
digitally. To improve the user experience, augmented reality layers visual noises, effects, and
other sensory input onto the real world. Virtual reality, on the other hand, is totally virtual
and enhances both fictitious and virtual realities. As the metaverse expands, it will develop
online places that allow for more multidimensional user interactions than current technology
allows. Users in the metaverse will be able to immerse themselves in an environment where
the digital and physical worlds collide, rather than only watching digital material. This paper
also introduces the nature of Metaverse's social and hyper spatiotemporality, and discusses
the first application areas of Metaverse and some of the problems and challenges it may face.
 TABLE OF CONTENTS

CHAPTER TITLE PAGE NO

1 INTRODUCTION 1

1.1 Metaverse Architecture 2

2 LITERATURE SURVEY 4

2.1 Method
2.2 Data Sources
2.3 Quality Assessment

3 METHODOLOGY

3.1 Research Methodology 7

3.2 Findings &Discussions 8
3.3 Discussion of results 11
3.4 Conclusion 12
4 USAGE & PROBLEMS

4.1 Selected Policy issues 13

4.2 Issues 14

5 RESULT ANALYSIS 16

6 PROS,CONS 19

7 CONCLUSION 23

8 REFERNCES 24
 METAVERSE SEMINAR REPORT 2022-23

CHAPTER I
INTRODUCTION

Computer Science innovations play a major role in everyday life as they change and enrich human
interaction, communication and social transactions. From the standpoint of end users, three major
technological innovation waves have been recorded centered around the introduction of personal
computers, the Internet and mobile devices, respectively. Currently, the fourth wave of computing
innovation is unfolding around spatial, immersive technologies such as Virtual Reality (VR) and
Augmented Reality (AR) . This wave is expected to form the next ubiquitous computing paradigm
that has the potential to transform(online) education, business, remote work and entertainment.
This new paradigm is the Metaverse. The word Metaverse is a closed compound word with two
components: Meta (Greek prefix meaning post, after or beyond) and universe. In other words, the
Metaverse is a post-reality universe, a perpetual and persistent multiuser environment merging
physical reality with digital virtuality. Regarding online distance education, Metaverse has the
potential to remedy the fundamental limitations of web-based 2D e-learning tools. Education is
one crucial field for society and economy where core implementation methods remain unchanged
and orbiting around content transmission, classrooms and textbooks despite numerous
technological innovations . Currently, there is an intense race to construct the infrastructure,
protocols and standards that will govern the Metaverse. Large corporations are striving to
construct their closed, proprietary hardware and software ecosystems so as to attract users and
become the de facto Metaverse destination. Different systemic approaches and diverging
strategies collide around concepts such as openness and privacy.

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1.1METAVERSE ARCHITECTURE

Metaverse is a self-sustaining, hyper spatiotemporal, and 3D immersive virtual shared space,

created by the convergence of physically persistent virtual space and virtually enhanced
physical reality. In other words, the metaverse is a synthesized world which is composed of
user-controlled avatars, digital things, virtual environments, and other computer-generated
elements, where humans (represented by avatars) can use their virtual identity through any
smart device to communicate, collaborate, and socialize with each other. The construction of
metaverse blends the ternary physical, human, and digital worlds. Fig. 5 shows the general
architecture of the metaverse with consideration of its intrinsic ternicity.

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1) Human Society: The metaverse is regarded as humancentric [25]. Human users along with their
inner psychologies and social interactions constitute the human world. Equipped with smart wearable
devices (e.g., VR/AR helmets), humans can interact and control their digital avatars to play, work,
socialize, and interact with other avatars or virtual entities in the metaverse via human- computer
interaction (HCI) and extended reality (XR) technologies [26] (as depicted in the film Ready Player
One).

2) Physical Infrastructures: The physical world offers supporting infrastructures (including

sensing/control, communication, computation, and storage infrastructures) to the metaverse
to support multi-sensory data perception, transmission, processing, and caching, as well as
physical control, thereby enabling efficient interactions with both the digital and human
worlds.

3) Interconnected Virtual Worlds: According to ISO/IEC 23005 and IEEE 2888 standards [23],
[24], the digital world can be composed of a series of interconnected distributed virtual worlds (i.e.,
sub-metaverses), and each sub-metaverse can offer certain kinds of virtual goods/services (e.g.,
gaming, social dating, online museum, and online concert) and virtual environments (e.g., game
scenes and virtual cities) to users represented as digital avatars.

Digital avatars. Avatars refer to the digital representation of human users in the metaverse. A user
can create various avatars in different metaverse applications, and the produced avatars can be like a
human shape, animals, imaginary creatures, etc.
• Virtual environments. Virtual environments refer to the simulated real or imaginary environments
(consisting of 3D digital things and their attributes) in the metaverse. Besides, the virtual environments
in the metaverse can have distinct spatiotemporal dimensions (e.g., in ancient times or future worlds)
for users to experience an alternate life.
Virtual goods/services. Virtual goods refer to the tradeable commodities (e.g., skins, digital arts, and
land parcels) produced by virtual service providers (VSPs) or the users in the metaverse. Virtual
services in the metaverse have a broad of scopes including digital market, digital currency, digital
regulation, social service, etc

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CHAPTER II
LITERATURE SURVEY

Introduction

Computer and Internet technologies have an important role in daily life because they affect
interpersonal interaction, communication and social behavior (Duman, 2008). Considering
the fact that the developments in computer technology take place in our lives in stages, the
first stage is the development of personal computers, second stage is introduction of the
Internet, and the third stage is the development of mobile devices (Kamenov, 2021). Today,
we are in the fourth stage where immersive environments created by digital reality
technologies take place in our lives. It can be clearly observed that the digital reality
technologies have a potential to transform the field of education, remote working, marketing
and economy fields and the entertainment industry, and have started to create a new
information communication paradigm. It can be said that the new paradigm has emerged,
which is shaped around the concept of Metaverse (Mystakidis, 2022).

Method

This study is a systematic literature review investigating the use of Metaverse in the field of
education. Systematic literature review can be defined as a systematic, open and reproducible
method for defining, evaluating and synthesizing the structure of the studies conducted (Fink,
2014). The research process was applied in accordance with the PRISMA 2020 checklist
(Page et al., 2021). The PRISMA checklist is a guide sheet to prepare an organized reporting
of systematic compilation, review and analysis studies in the international literature (Hür,
2021). Data Sources Databases were examined in the field of education for Metaverse.

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Data Sources

Databases were examined in the field of education for Metaverse. The existing literature
was also taken into consideration in order to set up a basis for determining the keywords.

The keyword "Metaverse" and the combination of the keywords such as "education" or
"teaching" or "learning" were used to conduct this study.

Quality and Conformity Assessment

Inclusion and exclusion criteria were established to assess the quality and relevance of
studies in the literature (see Table 1).

Inclusion Criteria Exclusion criteria

 Academic articles, Book chapters and  Whitepapers, online presentations,

books
 Studies with the keyword “Metaverse”
 Studies with the word “education” or
“teaching” or “learning”
 Full text studies
 Public works
 Studies published in English
abstracts, and news
 Studies not published in English
 Non-full text works
 Studies whose subject scope is not
relevant enough to be examined

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Although some studies (e.g., articles, books, conference papers) were found to have a
keyword Metaverse, there was no relevant work within the scope of the notion of
Metaverse. Hence, those studies not specifically addressing the Metaverse concept were not
included in the review.

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CHAPTER III
METHODOLOGY

Research methodology: A conceptual framework for determining

metaverse adoption in higher institutions of gulf area: An empirical study
using hybrid SEM-ANN approach

Data collection
Data collection process was between October 10, 2021 and December 20, 2021.
Participating students from the universities in the UAE, KSA, and Oman were provided
with online surveys. Concerned universities granted ethical clearance to the research team.
The aim of the research and survey link, which the research team shared on social media
platforms including the universities’ respective Facebook pages and Whatsapp groups as
well, were shared with participants through an e-mail. Participation in the study was on
voluntary basis. 1000 questionnaires were randomly distributed to students and the research
team recorded a response rate of 86% (862/1000 were completed).Completed questionnaires
were authorised to be included in the evaluation process and incomplete ones (138/1000)
were excluded. Primary reasons for the inclusion of student population in the study are their
relevance to study topic and due to them being the main end-users of technology. Students
can request their teachers and institutional heads a replacement of a technology that isn’t
beneficial to their learning. At times, students are unfamiliar with the practical use of
technology, as they only possess theoretical knowledge from different social media
platforms.

Moreover, students can seek the help and support of teachers when they face difficulty to
use technology, as teachers are proficient in technology use compared to students. Since 306
is assessed to be the appropriate sample size for a given population of 1500 students, 862
filled questionnaires were approved by Krejcie and Morgan (1970) as the suitable sample
size for this study despite being quite higher than the required sample size. Hence, SEM can

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Penyelidikan, 2006). Although recognised theories were used as a basis for the proposed
hypotheses, the hypotheses could be modified to become relevant to the domain of Internet
of Things (IoT) when required. This research used SEM, SmartPLS Version (3.2.7), and the
final path model to assess the measurement model.

Study instrument

A survey consisting of 23+ items was used as an instrument for hypothesis validation.. The
questions used in previous studies were modified and tailored to the needs of this study to
enhance result applicability.

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Survey structure

The questionnaire survey, which was handed out to the participating students, is based on
the following 3 sections (Al-Emran & Salloum,2017):

• The first contained questions regarding participants’ personal data.

• The second contained two items to inquire Users’ Intention to Use
MS.
• The third was based on 21 items related to “Perceived Trialability,Perceived Observability,
Perceived Compatibility, Personal Innovativeness, Perceived Ease of Use, Perceived
Usefulness, and Users’ Satisfaction”. After filling the questionnaires, they (23 items) were
assessed using a five-point Likert Scale, which evaluated the questionnaires on the basis of
5 points of strongly disagree (1), disagree (2), neutral (3), agree (4), and strongly agreed (5).

5. Findings and discussion

Data analysis

This research is superior to previous empirical research, as it applies 2 stages of analysis

instead of single-stage SEM analysis. The 2-step deep-learning-based technique of hybrid
SEM-ANN is applied to test the relationships among theoretical model factors and validation
of research hypotheses. In the first stage, partial least squares structural equation modelling
(PLS-SEM) is applied with the help of SmartPLS to test the proposed research model
(MOUZAEK et al., 2021; Ringle et al., 2015). PLS-SEM is appropriate for the exploratory
theoretical model of this research, which lacks relevant literature (Makki et al., 2020). The
use of PLS-SEM in this study is guided by general guidelines specified for applying PLS-
SEM to research studies relevant to information systems (Al-Emran et al., 2018). Hence, the
research model for this study was analysed in a couple of steps (involving the analysis of
measurement model and structural model) as emphasised in the recommendations of the

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Convergent validity

As suggested by Hair et al. (2017), construct reliability (including composite reliability (CR),
Dijkstra-Henseler’s rho (pA), and Cronbach’s alpha (CA)) and validity (including convergent
and discriminant validity) are good tools to evaluate the measurement model.

Like CA and CR, reliability coefficient ρA need to have values greater than or equal to 0.70
in exploratory investigations, and values greater than 0.8 or 0.9 for advanced stages of studies
(Hair et al., 2011; Henseler et al., 2009; Nunnally & Bernstein, 1994). The table clearly
indicates a reliability coefficient ρA with values higher than 0.70 for all individual
measurement constructs. These findings substantiate construct reliability. In the final
assessment, the constructs were assumed to be error-free in an acceptable way. For measuring
convergent validity, tests for average variance extracted (AVE) and factor loading are
conducted (Hair et al., 2017).

Discriminant validity

For measuring discriminant validity, Fornell-Larker criterion and Heterotrait-Monotrait ratio

(HTMT) were measured (Hair et al., 2017).Based on the findings, discriminant validity is
established. No problems linked to validity and reliability surfaced in the analysis findings
of assessment of the measurement model. Hence, the collected data can be used to assess and
analyse the structural model.

Model fit

The use of SmartPLS in this study involves various fit measures including exact fit criteria,
standard root mean square residual (SRMR), NFI, RMS_theta, d_G, d_ULS, and Chi2, which
show the PLS-SEM model fit (Trial, n.d.). SRMR is the fit measure that shows the disparity
between observed correlations and correlation matrix concluded from the model (Hair et al.,
2016). While a good model fit measure requires SRMR values lower than 0.08 (Hu & Bentler,
1998), it requires NFI values higher than 0.90 (Bentler & Bonett, 1980). Value of NFI is
obtained from the ratio between Chi2 values of the proposed and null model

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(or benchmark model) (Lohm¨oller, 1989). However, NFI fails to efficiently determine the
fitness of the model in every instance, as it changes with dimensions of parameters (Hair et
al., 2016). The significance of squared Eucledian distance, d_ULS, and geodesic distance,
d_G, cannot be denied, as these fit measures indicate the difference between two covariance
matrices (empirical covariance matrix and a matrix inferred from composite factor model)
(Dijkstra & Henseler, 2015; Hair et al., 2016).

The fit measure of RMS_theta is used to evaluate the degree of outer model residuals
correlation, and can be applied only for reflective models (Lohm¨oller, 1989). The PLS- SEM
model is considered more competent as the value of RMS_theta approaches zero; specifically,
values below 0.12 indicate a good fit of the model (Henseler et al., 2014). Hair et al. (2016)
emphasised that unlike the estimated model, which focuses on model structure and overall
factor effects, the saturated model focuses on how each construct correlates to other constructs
in the model.

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Hypotheses testing using PLS-SEM

To assess interdependence of the different theoretical constructs of the structural model, the
structural equation model was used with Smart PLS (Al-Maroof, Alhumaid, et al., 2021), with
maximum likelihood estimation (Al-Emran et al., 2020; Salloum et al., 2019). The proposed
hypotheses were evaluated through these tools. The model was reported to have a high
predictive power (Chin, 1998), the percentage of variance within being 48% for Users’
Satisfaction, 49% for Perceived Ease of Use, 52% for Perceived Usefulness, and 57% for
Users’ Intention to Use MS.

ANN results

The research involves the use of SPSS to conduct ANN analysis (Alhashmi et al., 2019), using
only the predictors obtained from PLS-SEM (Alshurideh et al., 2020), i.e., the analysis only
accounts for factors of PTR, POB, PCO, PCM, PI, PEOU, PU, and US. The structure the ANN
model is given in Figs. 3–6; a single output neuron (users’ intention to use MS), along with
multiple input neurons (PTR, POB, PCO, PCM, PI, PEOU, PU, and US) constitute the ANN
model. To facilitate deep-learning in every node of output neuron, adeep ANN structure with
two-hidden layers was used in this study

Sensitivity analysis

Normalised importance is evaluated for each predictor by obtaining the ratio between its
average importance value and maximum mean value of importance, and is represented in
percentage form (Alhumaid et al., 2021; Almarzouqi et al., 2022; Elnagar et al., 2021). Each

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predictor involved in ANN modelling was evaluated for mean importance value and
normalised importance value. The resultant values were recorded in Table 10. Further, the
sensitivity analysis outcomes stated in Table 10 suggest the order of significance of the three
factors from among PTR, POB, PCO, PCM, PI, PEOU, PU, and US that predict users’
intention to use MS. Accordingly, PU leads other factors. Another fit measure named
goodness-of-fit is used to evaluate the ANN application and reinforce its accuracy and
performance, which is already validated by other fit measures. Goodness-of-fit measure
renders the same function in ANN application as R2 in PLS-SEM analysis (Leong et al.,
2019). However, ANN analysis offers better explanation of endogenous constructs, as its
attributed with greater predictive power (R2 = 89%) compared to PLS-SEM (R2 = 57.2%).
Additionally, since deep-learning ANN technique better explains the non-linear relationships
between model constructs, there is some disparity in the values of variances.

Importance-performance map analysis

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PLS-SEM offers the novel IPMA technique. In this research, behavioural intention served as
the target variable during IPMA execution. According to Ringle and Sarstedt (2016), IPMA
accounts the performance of each construct, providing a better understanding of the results
obtained from PLS-SEM. IPMA not only helps estimate path coefficients or importance
measures, but also helps analyse the average of latent constructs and associated performance
measures or indicators (Ringle & Sarstedt, 2016). IPMA technique is based on the concept
that a particular factor’s framing impact on the target factor (behavioural intention in this case)
and its significance is represented by the total effects, where factor performance is evaluated
using the average of latent constructs. Fig. 7 shows the results from applying IPMA. PTR,
POB, PCO, PCM, PI, PEOU, PU, and US are the 8 factors tested for importance and
performance, and the performance of PU was found to be most superior. The performance of
US was least impressive amongst PU and POB; but it was third with respect to importance.
Similarly, PTR scored the least importance measure.

6. Discussion of results

The study adopted a hybrid model that attempts to produce results by applying two different
methodologies namely, PLSM and ANN analyses. The significant results of the analyses
revealed that the variable, ‘users’ intention to use metaverse system,’ is strongly supported
based on the PLSM methodology. The current results have been assisted by ANN analysis.
It provides a better explanation for the predictive power indicating R2 = 0.89% compared to
PLSM, whose value is R2 = 0.57%. The detailed results revealed an active and positive
correlation between perceived usefulness (R2 = 0.52%) and perceived ease of use (R2 =
0.49%). This means that students were profoundly affected by personal-based characteristics
and technology-based features. The result suggests that students with a higher acceptance of
uncertain situations and innovational technology have a higher level of metaverse system
adoption.

Theoretical and practical implications

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With regard to the methodology employed in current study, evidently, this study is a step
ahead of other empirical studies, as the former employs the novel approach of hybrid analysis,
involving deep-learning analysis rather than the simple use of SEM analysis seen in other
empirical studies. Therefore, this study contributes to the literature pertaining to m- learning.
Moreover, ANN model is attributed with greater predictive power in comparison to PLS-SEM
model mainly due to the additional advantages offered by deep ANN architecture in
identifying of non-linear association of theoretical model factors.

Managerial implications

The findings of the current study provide up-to-date implications for teaching and learning.

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Based on the findings, the students’ perceptions to use metaverse systems are significantly
affected by personal innovation, which is a personal-based characteristic. Likewise, their
perception is affected by perceived ease of use and perceived usefulness, which are
technology-based features. Accordingly, teachers and technology supporters should provide
students with opportunities that attract the metaverse system, focusing on personal-based
characteristics and technology-based features. In this way, students’ positive evaluation and
their willingness to use the metaverse system will increase with time, leading to further
improvement in the educational settings. Future research must consider individual differences
and gender distinction with regard to preference towards teaching beliefs and values, and
academic influence, which in turn may affect the academics’ usage of technology and their
needs.

Limitations of the study and future studies

The current study has several limitations. First, the conceptual model faces a significant
limitation, as its limited to two crucial variables, personal innovativeness and users’
satisfaction. Second, it was necessary to limit TAM construct to two constructs of PEOU and
PU for measurement and to focus on two relevant attributes that affect personal
innovativeness. Third, the survey was distributed on the Internet and social media; it is quite
possible that the student’s access will be easier and number of respondents will increase.
Fourth, the metaverse can be used in different settings. This study restricts its scope to
educational settings where the teaching and learning environments will be highly affected
by the metaverse system .

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7. Conclusion

The metaverse system is a kind of technology that will change the world from different
perspectives including economical, engineering, and educational. It is assisted by innovative
technologies, which form a crucial part of educational practices. With the recent
announcement of the Facebook founder who renamed Facebook as Metaverse or Meta World,
all are expecting new technologies that will change the world. It is a new world of virtual
reality that will replace the internet and pave the way for innovational teaching and learning
practices. Considering the advantages the metaverse system can bring to teaching and
learning, this study investigated university students’ perceptions of a metaverse in the Gulf
area, exploring the factors influencing their intentions to use this world. The results suggested
that students’ perceptions to use metaverse were significantly associated with their
innovativeness, which is, in turn, influenced by perceived ease of use and perceived
usefulness. The study results contribute to the existing studies on technology adoption
theories, proposing a significant effect of the adoption properties trialability, observability,
compatibility, and complexity. The findings are consistent with previous studies

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CHAPTER IV
USAGE,RISKS & PROBLEMS

Virtual worlds are becoming increasingly popular. Technological research and consulting
firm Gartner predicts that, by 2026, 25 % of people will spend at least an hour daily in the
metaverse for work, shopping, education, social activities and/or entertainment . Commercial
companies have begun to develop their own platforms in the metaverse. In March 2022, the
Metaverse Fashion Weekevent occurred in Decentraland, one of the most popular existing
virtual worlds. The metaverse can be used also for entertainment purposes. For instance, a
livestreamed online concert held on gaming platform Fortnite gathered an audience of 12
million. Furthermore, the metaverse is already used to advertise local tourism and banks.
Metaverse 3 In addition to commercial uses, organisations are exploring the use of virtual
worlds for other purposes.

Economics

Economic studies have predicted that the global metaverse market will reach €597.3 billion
by 2030. Many companies have invested in the creation of the metaverse. Meta (formerly
known as Facebook) has announced annual investment of €8.8 billion in the metaverse.
Microsoft has bought Activision Blizzard (a company owning online games such as Call of
Duty and World of Warcraft) for nearly €61.6 billion, with the perspective that gaming will
be a big part of the development of themetaverse. Qualcomm has established a €88 million
metaverse fund to further develop VR and AR technologies. The metaverse is a big trend in
China too. More than 1 500 Chinese companies have already applied for trademarksrelated
to the metaverse and many Chinese companies have invested in this business area.

Selected policy issues

Competition

Building the metaverse environment requires the interconnection and interoperability of

manydevices and platforms across the digital ecosystem. Major tech companies are rapidly
scaling up including through mergers and acquisitions to shape the metaverse environment

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building blocks. For instance, Meta has been making large acquisitions in the area of video
games and social media sectors. This new landscape, which might be dominated by a few big
companies, raises many competition concerns.

Issues

Standardisation and interoperability.

Big tech companies will likely drive the metaverse architecture in defining technical
standards and protocols. The risk is that some tech companies will attempt to shape the
emerging metaverse standards so as to foster (or at least not adversely affect) their business
practices. Some stress the importance of the technical solutions, protocols and Figure 1 –
Metaverse elements Source: Gartner, 2022. EPRS | European Parliamentary Research Service
4 services that enable interoperability to build the metaverse ecosystem, but warn that this
may lock in developers and limit consumer choice and the creation of competing innovations.

Killer acquisitions and merger control.

The case of 'killer acquisitions' – acquisitions by large companies of innovative, nascent competitors
solely (or primarily) to halt their innovation and preempt future competition – has become a concern
in the metaverse environment. More generally, the ability of the EU regulators to use current merger
and acquisitions tools to tackle monopolisation in the high-tech sector has come under increasing
scrutiny. In this regard, the European Commission's clearance of Google's takeover of wearable fitness
device company Fitbit (authorised with remedies) met with some criticism.

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CHAPTER V
RESULT ANALYSIS

The Metaverse will eventually build a world with a fully functioning economy, spanning both physical
and digital. The current digital assets, virtual content, IP, and digital currencies can all pass within the
Metaverse, and this world will also have the ability to be fully self-driven and iterative. Technology is
evolving rapidly, just as the internet has already connected 63% of humanity in just half a century,
with the iterations of 5G, AR, VR, MR, and other technologies and terminal devices, the Metaverse
may change far beyond people's expectations in terms of building a new internet form with multi-
interface, fullsensory immersive human-computer interaction, which will hopefully become a reality.

Regulation

It is not only the technical and content challenges that are still to be overcome but also the regulatory
aspects that need to be addressed. The Metaverse is a virtual world separate from the real world, but
what happens in this virtual world can have an impact on the real world, and at the same time it has its
independent economic system to support the rules of the virtual world, but here the question arises as
to who will make the rules, who will design the code, whether the transmission ofinformation will be
regulated enough, whether there will be money laundering and fraud, and so on.

Investment Diversification

The growth of the Metaverse will lead to a surge in investment in more sectors. Firstly, it will lead to
a further boom in the virtual goods market. The current size of virtual goods is around US$50 billion
and is expected to grow to US$190 billion by 2025. Secondly, it can drive the rapid development of
AR/VR. the global AR/VR market will have an associated expenditure of US$12 billion in 2020 and
is expected to grow at a CAGR of 54% over the five years of 2020-2024; the total number of AR/VR
devices shipped reached 5.12 million units in 2020 and is expected to reach
million units in 2025. Thirdly, it will further promote the rapid development of cloud computing,
as the realization of the Metaverse will require more massive data storage and computing needs.
Fourthly, for the content or platform builders themselves, they can build an immersive virtual world
that integrates social, entertainment, advertising, e-commerce, and other functions, and their

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business value speaks of a geometric increase with the extension of the user value chain.

Industry Integration

2021 is known as the first year of the Metaverse. At this time, in the new spacious navigation era,
human beings are striving to walk into the digital world. Metaverse is composed of numerous
technologies, and it is now in the early stage of Metaverse, but Metaverse is still far from human
beings, and Metaverse's implementation requires multiple techniques such as 5G, VR / AR, cloud
computing, etc., and core technology AR / VR has not yet formed a clear business model.
Thesetechnologies are also just entered the door and channel of Metaverse, and the real
Metaverse requires more things. If the current Internet can complete the office online,
complete the shopping, complete the teaching, then the Advances in Economics, Business and
Management Research, volume 648 1902 development of the Metaverse era should be
complete penetration and integration, real all the Internet interconnection, technology
interoperability, and even realize true in the 3D world. In the immersion experience, connect
the real and the virtually connected to the Internet. Recently, China's leading mobile
development service provider. Aurora Mobile successfully implemented the push function in
the self-developed game demo on the Roblox platform. With this feature, the virtual
information in the game can break the secondary wall, transfer it to the real world, not only
let the virtual world and the real-world dialogue be possible, more "Metaverse" development
provides a new practice.

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CHAPTER VI
PROS,CONS & APPLICATIONS

PROS

 Innovations in Communication for Workplaces and Educational Institutions

A raging pandemic grasped the whole world in its clutches in 2020 and taught the importance
of remote working. Businesses all over the world started adopting digital technologies or
online instruments for communication. Therefore, remote working or work- from-home
routines have become quite common for continuing the operations of businesses and the
employed individuals.
 Doubling Up the Power of Blockchain
Another promising answer for “What are the advantages of the metaverse?” draws
attention to the possibilities for using it to support blockchain applications. Blockchain is the
foundation behind cryptocurrencies such as Bitcoin, Dogecoin, Ether, and many other crypto
assets. However, it is important to note that blockchain can serve many other purposes than
just creating crypto tokens or coins. As a distributed or decentralized database for storing
transaction records, it can facilitate development and distribution of NFTs.
 New Opportunities for Branding
The influence of social networking sites and platforms on the media industry is clearly evident.
Brands use social media as the primary platform for promoting their offerings and engaging
with their target audience. The new platforms for branding and marketing empower the target
audience with capabilities for creating content related to the brand.
 Developing and Promoting a Virtual Economy
The notion of virtual economies in the existing digital realm is quite a promising one. As the
virtual worlds continue to expand in the metaverse, one of the notable metaverse advantages
would focus on creation of a virtual economy. The metaverse economy can serve as the ideal
platform for immersive exchanges of digital assets with real economic value. In addition, the
metaverse also has the desired capabilities for driving the introduction of new trade activities
and jobs in the shared virtual spaces as well as the real world.

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CHALLENGES & CONS

1. Privacy Issues

The metaverse is the next version of the internet, and we use technology like augmented and
virtual reality to immerse ourselves in the digital world. With all this digitization comes
privacy challenges.

2. Protecting Our Kids

As parents, it’s already difficult to track what our kids are doing online, and that challenge
will continue with the metaverse. Understanding what our kids are doing in the metaverse will
be even more challenging, because we can’t see the world they’re looking at in their VR
headset, and there is no process in place for monitoring their screens using tablets or phones.
3. Health Concerns
VR “hangovers” are a known phenomenon, and people can also experience post-VR sadness.
When we have experienced an amazingly immersive world and have to come back into the
real world, it can make us depressed and sad – and the more incredible our immersive
experiences become, the more people will struggle with this.

4. Metaverse Laws

Can a virtual act be a crime? The metaverse will bring regulatory challenges and will introduce
new gray areas in many laws. For example, if you are in virtual reality and you are wearing a
haptic suit, and someone in the virtual world touches you without your permission, how is
this different from an assault in the real world? We will need to face these regulatory
challenges as technology advances and thorny legal issues emerge.

5. Desensitization

Many people will be playing violent games in VR, where you can touch and feel what you’re
doing. These immersive experiences will feel very real and could lead to people becoming
desensitized to their behaviors. In a game, if you are shooting a gun at someone or strangling
that person, I believe there is a real risk that people will become more likely to replicate that
behavior in the real world due to VR desensitization.

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APPLICATIONS

1. Remote Working

The pandemic has only intensified this tendency, which has seen a significant change in the
workplace in recent years. Many businesses now permit or even encourage remote work
among their staff members.

2. Tourism
The pandemic undoubtedly resulted in losses and setbacks for the travel industry, but the
potential of virtual travel could lead to the emergence of a brand-new tourist niche. Visitors
may begin their trip planning with trip research using 5G and virtual, augmented, or mixed
reality metaverse platforms before booking an in-person encounter.

3. Entertainment
The metaverse is where online entertainment is headed. The entertainment includes anything
from online gaming and social networking platforms to sporting events, concerts, and
television shows. Fans generally have a more intimate experience at these events because they
are frequently more immersive and participatory than their real-world counterparts.

4. New Age Education

The metaverse is a media-rich setting that can serve as a hub for education. The metaverse
might be a constrained learning environment that extends learning hubs. The metaverse has
the potential to be one of the technologies used to increase the reach of remote learning, which
is already a more widely accepted technique. To create more interesting media experiences,
educational institutions can also leverage the metaverse reality.

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CONCLUSION

The Metaverse is not a new concept. Its main dimensions are illustrated in Figure 1. However,
in the context of MR, it can bridge the connectivity of social media with the unique
affordances of VR and AR immersive technologies. If the interplay among them is unleashed
creatively, it promises to transform many industry sectors, among them distance online
education. New models of Meta-education, Metaverse-powered online distance education,
can emerge to allow rich, hybrid formal and informal learning experiences in online 3D virtual
campuses. Online learning in the Metaverse will be able to break the final frontier of social
connection and informal learning. Physical presence in a classroom will cease to be a
privileged educational experience. Telepresence, avatar body language and facial expression
fidelity will enable virtual participation to be equally effective. Additionally, social mixed
reality in the Metaverse can enable blended active pedagogies that foster deeper and lasting
knowledge . More importantly, it can become a democratizing factor in education, enabling
world-wide participation on equal footing, unbound by geographical restrictions.

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REFERENCES

 https://www.topicsforseminar.com/2022/09/metaverse-seminar-report-pdf-and-
ppt.html?m=1#gsc.tab=0
 https://www.sciencedirect.com/science/article/pii/S2666920X22000078#:~:text=The
%20metaverse%20is%20a%20kind,users%20to%20share%20different%20experien
ces.
 https://ieeexplore.ieee.org/document/9802015/authors#authors

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