We're all dazzled by the shiny promise of the metaverse: interconnected digital realms where we can socialize, work, and play. With that dazzle comes the appeal of metaverse stocks. Before you jump in headfirst, chasing the next NVIDIA (which, by the way, analysts are already suggesting might not be the best buy in the space), let's talk about something far more critical than your potential ROI: the looming digital identity crisis.

Who Truly Owns Your Digital Self?

Think about it. In the physical world, you (or at least the government) have a firm hand on identity. You carry a passport, a driver’s license, you show up with a physical presence. In the metaverse, your identity is critically tied to the platforms you inhabit. Who controls that data? Who profits from it? What do we do when that data is purposefully corrupted?

We’re already getting a taste of this in online spaces that already exist. Freedom from data breaches, identity theft, and the very real sense that we are all being tracked and surveilled are urgent. The immersive, participatory nature of the metaverse makes this experience that much more powerful. In this world, every click, transaction, and feeling is captured and put under a microscope.

The companies developing these metaverse platforms – the Accentures, the Globants, the SK Telecoms – are racing to build the infrastructure. They’re thinking about scalability, functionality, and above all, profitability. Are they really considering the larger ethical implications of these digital identities they’re developing?

Whose Stories Are Being Told Here?

This is where my experience in the graphic novel world really helped. Making interesting characters goes beyond designing a neat looking character. It’s just getting to know what drives them, what’s their back story, where they fit in in the world. It's about representation.

Now, consider the metaverse. Who's building these worlds? Largely, it's Western, male-dominated tech companies. And while there's nothing inherently wrong with that, it does raise the question: whose stories are being prioritized?

Are we building digital environments that are genuinely equitable, that mirror the inclusivity of the physical world? Or are we just continuing the same inequalities that have always existed, but in a newer, more high-tech way? Will marginalized communities be given an opportunity to be heard in these new spaces, or will they just be talked over and drowned out even more? It’s more than dropping diverse avatars into your game. It’s not just because we want these digital universes to represent reality, it’s important to ensure these digital realms actually reflect a variety of lived experiences.

We need to be careful of the potential that the metaverse will become a second echo chamber. Otherwise, it risks entrenching current biases and power structures. The “metaverse stocks” we’re betting on today will help determine what that digital space looks like tomorrow. We need to insist that the businesses we help fund focus on inclusive, ethical AI development.

Forgotten Voices, Echoing Silences

Think through the impacts of a permanently on, always-connected metaverse. Digital spaces often offer a refuge for many. Secondly, they provide a space where users can express their identities and meet others freely, without the pressures or limits of the IRL world. What occurs when that place of safety turns into yet another website of surveillance and control?

What of those who do not have the resources or the access to fully engage in the metaverse? Are we, in school transportation, making our nation’s digital divide an order of magnitude greater than our current one? Yet the promise of that interconnectedness rings hollow if a large and growing segment of our population are unable to share in those benefits.

That’s made all the more complex with the emergence of AI and how it’s being merged into the metaverse. Algorithms trained on biased data can perpetuate and amplify existing inequalities, shaping our digital experiences in ways we may not even realize.

We’re looking for more than just lip service around decentralization and user empowerment. We must insist upon solid policies and practices that protect user data, promote diversity, and foster equitable access to the metaverse. We need to demand that these tech companies be responsible for the ethical implications of their technology. The potential for good is staggering, and with it the potential for harm.

So, don’t let the hype surrounding “metaverse stocks” distract you from the real issues at play. Demand better. Demand inclusivity. Fight for advancements in an equitable, open metaverse that reflects the world we live in. Otherwise, the future we’re creating could be a digital dystopia masquerading as a smart utopia.