What’s going on in the Metaverse?
4 min read
4 min read
by Milica Stankić
Over 20 years ago there was Second Life, a virtual world enabling users to interact in a 3D computer-generated environment. Users, or residents – to be precise, could customize avatars, explore, socialize, trade virtual goods, and create content. Back in the day, it was a new way of socializing and gaming, but also had its educational, business, and artistic side, as it was a unique online experience within a virtual community.
Fast forward to now – we have Metaverse. In October 2021, when Mark Zuckerberg announced the name change of his company from Facebook to Meta, the primary concept was to transition from a niche and futuristic idea to the integration of the “Metaverse” into a mainstream business strategy. But, surprisingly Meta has stopped actively pitching advertisers on the Metaverse. So the real question is: how is the Metaverse going so far, almost 3 years later? And is it just the Second Life all over again?
The term “Metaverse” doesn’t narrow down to a specific type of technology; rather, it signifies a broad and often speculative shift in our interaction with technology. The main idea is to create a new standard for a collective virtual shared space that merges aspects of social media, online gaming, augmented and virtual reality, and more. The Metaverse claims to transform how you interact with the world around you. Importantly, the concept doesn’t mandate exclusive access through VR or AR. Virtual worlds, like those found in many games, are now considered part of the Metaverse and can be accessed on various platforms such as PCs, game consoles, and smartphones.
In 2023, there’s been a big move toward AI in the tech and investment scenes, and Meta has picked up on it too. The company’s executives have clarified that AI would be given top priority, which may have influenced the muted conversation about the Metaverse. One thing is certain: the Metaverse is still in its early stages, and its infrastructure is still being developed. Despite this, some businesses and brands are jumping at the chance to become part of this new world.
While AI is getting a lot of attention lately, Zuckerberg’s shift to AI still doesn’t make the Metaverse any less important.
The two main industries driving Metaverses VR and AR applications—are E-commerce and gaming, with significant growth anticipated in these domains. Metaverse E-commerce sales are expected to rise significantly, possibly reaching over $200 billion by 2030, while gaming revenue is predicted to skyrocket to over $163 billion. Beyond that, there are chances to increase income in the fields of education, entertainment, fitness, and health as well as remote work.
Since the introduction of this Meta-endorsed digital world two and a half years ago, there has been relatively little discussion about it. Initially, we were all excited about this concept of a digital marketplace, as businesses had great opportunities for trading digital goods. However, the complexity of implementation may be the underlying reason for the lost hype.
According to the general opinion, the Metaverse lacks a clear and distinct vision. Nevertheless, there are basic limitations that can be challenging to overcome. When imagining the future Metaverse, big tech companies like Microsoft or Meta often show idealized videos that conveniently ignore the practical aspects of user interaction. Currently, VR headsets remain cumbersome, causing discomfort and motion sickness for many individuals during prolonged use.
AR glasses encounter a similar obstacle, compounded by the substantial challenge of making them socially acceptable for public wear. Additionally, the accessibility hurdles associated with VR are often dismissed by many companies.
Should VR and AR headsets reach a point of affordability and comfort for daily use—assuming a significant breakthrough—engaging in a virtual poker game with friends, where participants appear as robots and holograms, and float in a space-like environment, might become a more tangible reality.
Has the initial optimism been misguided, or is the Metaverse simply taking more time to develop fully? The next steps in the Metaverse remain unknown. But here’s the thing: science fiction? It’s old news now. It’s like it’s already here, but Meta’s got some sprucing up to do to keep it exciting!
What is the metaverse? An explanation and in-depth guide – TechTarget.com
