If you are wondering what is Metaverse, then I would like to welcome you to the 21st century, here we create the digital world from the comfort of couches and sell assets that feel real but are not.
You all must have seen a piece of news stating “Meta Platforms CEO Mark Zuckerberg has seen his wealth cut by $71 billion this year, according to Bloomberg, which adds, “even in a rough year for just about every US tech titan, the wealth erased from [Zuckerberg] stands out.” The billionaire, whose wealth exploded to $142 billion in September 2021 when the company’s shares hit $382, has since dropped 14 spots in Bloomberg’s Billionaire Index. While the entire tech industry was hit hard by the economic downturn, Facebook, which rebranded as Meta in 2021, is down approximately 57% this year, compared to peers such as Apple or Alphabet (down 14% and 29%, respectively).” — from LinkedIn. The problem is people are calling it a failure of Metaverse and trying to write it off. But is it possible to write Metaverse off?
I believe this is just a trough of the curve I will tell you for 4 reasons below -
- The testing phase of Metaverse — Metaverse is fairly new and with the addition of new VR features, landscapes, and artists joining the platform. Metaverse is expanding and is generating a plethora of Data. Learning from Data takes time and with some more investment of time, metaverse will improve and will set a new benchmark for Web3.0, VR/AR capabilities.
- Attention Span Problem — Millenniums and GenZ are invested in platform like Instagram and WhatsApp. With the addition of Reels on Instagram, the attention span of people under 30 years of age has gone down severely low. That means the metaverse needs a much more impactful strategy to meet the attention span problem.
- VR Technology Cost — As of now 160 companies are working on VR tech (source — https://headphonesaddict.com/metaverse-statistics/), and that will with time should eventually bring down the cost of wearable technology. And make it accessible for most people.
- Captive Audience — Meta has the highest number of active users combined on all of their three platforms that means for them it is not tough to convert this trough to a crest in no time.
The future of Metaverse is worth investing in as with the new generation coming up and diseases like COVID-19 rising, I believe Metaverse will make sense to the people for all sorts of entertainment, business meetings, and even virtual meet-ups before actually seeing someone in person.
I hope Metaverse shines through time and we see another technical wave changing the aspects of traditional settings of society.