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The possibilities offered by the metaverse are so varied that they range from attending virtual concerts, traveling, shopping, making transactions, going to the movies, trying on clothes, changing the way we work, and so on. But with great success comes great responsibility and a high price. According to Digiconomist, the power needed for a single Ethereum transaction exceeds what an average US household uses in more than a week. The buzz surrounding the metaverse's technological possibilities is wearing off; now, all eyes are on how Web3 can be navigated responsibly. According to JingDaily, luxury brands have the power to drive a shift in the rapidly-developing field. But fashion's track record in sustainability paints an uncertain picture. "Greenwashing" is already prolific in the mainstream fashion industry, but similar tactics are already being adopted in the virtual space. Simon Waterhouse, CEO of sustainable strategy partner Eco-Age and founder of EBIT, describes the concept as "Metawashing": a process where a brand "spends more time and money on marketing its virtual products, metaverse ideas, and NFTs as sustainable rather than on actually minimizing its sustainability impact."
Environmentalist Jay Westerveld coined the term "greenwashing" in 1986, in a critical essay inspired by the irony of the "save the towel" movement in hotels that had little impact beyond saving hotels' money in laundry costs. The idea emerged in a period when most consumers received their news primarily from television, radio, and print media, so they couldn't fact-check the way they could today.
Companies that have engaged in greenwashing on a wide scale have made headlines over the years. In the mid-'80s, for example, oil company Chevron commissioned a series of expensive television and print ads to broadcast its environmental dedication. But while the now-infamous "People Do" campaign ran, Chevron was actively violating the Clean Air Act and Clean Water Act, as well as spilling oil into wildlife refuges.
Not just Metawashing or Greenwashing the talk of the town but also the role of Metaverse in the gaming industry is changing everything. The metaverse has attracted significant investments from gaming companies, tech giants, and VCs alike. Decentraland is among the first companies to explicitly try and build a metaverse for multiplayer gaming. Sandbox is a metaverse-native video game to play, create, own, and govern a virtual space. And Epics Games is best known for Fortnite, a VR game and event destination bundled into one.
The metaverse gaming sector does not only let you play games but also gives you a way to earn money. There are several games to play in Metaverse games that have been launched by different gaming giants that pay you in NFTs. Axis Infinity became the major source of income for the gamers, it is an RPG game that allows the players to trade the NFTs on its platform while others are Alien Worlds, Splinterlands, Farmers World, etc. Apart from following linear storytelling and rules, players can engage in profitable activities.
Online game platform and game creation system, Roblox allows people to create their worlds and games within its wider metaverse. Gaming in the metaverse could incorporate mixed reality, where users move from group text in augmented reality to mixed reality board games. Gaming is the most dynamic and exciting category in entertainment across all platforms today and will play a key role in the development of metaverse platforms. The entertainment industry in the metaverse is going to span from immersive experiences and fantasy worlds to bringing simple games into our everyday lives.
All these factors as well as a complete lack of frameworks, regulations, and common technology mean we need to slow down and let the technology mature and let the hype die down. The metaverse needs time to settle down out of the massive money and fear of missing out (FOMO) hype cycle it's in and gets to realistic use cases that add value.
Home users, whose financial commitment to indulge in metaverse at home, having a relatively smaller footprint, can move a bit faster. The experience offered today isn't the one that everyone is talking about, but the one that will come later. For enterprises, that time frame needs to be much longer, as their investment in these spaces is likely to be much greater both from a monetary standpoint and from a personnel standpoint. The metaverse will be amazing one day and change many lives. But it is going to take time and careful thought to get there.
