Creating a virtual world or curing our reality? The Metaverse as a lifechanging digital revolution

Pre-University Paper from the year 2022 in the subject Communications - Public Relations, Advertising, Marketing, Social Media, grade: 1,0, , language: English, abstract: This paper deals with the topic of Metaverse. The aim of this work was to identify and evaluate the possible opportunities and risks of a new digital world. For this purpose, all necessary technical terms are explained in the first part and then pros and cons are presented from different perspectives. For more than three decades, Internet gives distinction to society. Ever since, there can be observed a digital evolution as a result of technological progress. Initially, the users of the first period of Internet, the Web1, were limited to access the information provided via websites. The interactivity between users and data sets was rendered possible for the first time after the transition to Web2. Consequently, people were enabled to create and share their own content through social media platforms such as Facebook, Instagram or Twitter. Now, the sector is about to take a step forward and develop a Web3 which envisions a decentralizing structure. In other words, this network aims to shift the control and power from the mentioned platforms on to their users. The Metaverse is a concept that bases upon this current transformation of the Internet. It is a matter of the expansion of presently existing possibilities prevailing in the web 3. In an age in which the Earth has to cope with more dangers than ever, every investment that is made for future developments becomes more important and gains influence on the destiny of terrestrial life. While climate change poses a perilous threat to the planet, diseases and famines are only additional challenges the human race constantly faces all over the world. After the announcement on the part of Elon Musk in terms of a possible donation to the amount of 6 million dollars for countervailing worldwide hunger, the impact of this sort of contribution has come into consideration. Due to the fact that Elon Musk is only one of numerous entrepreneurs with a grand financial force, the question arising is whether investing in technological progress is more expedient than investing in climate protection which will be examined by means of this paper.