Unless you’ve been living under a rock, off the grid, and lost without a phone or internet connection for the past three months, you’ve probably heard about the Metaverse and all the cool things that will allegedly transform virtual social spaces. And with so many celebrities joining in on the hype, investing in virtual plots of land, and Meta’s constant up-in-your-face marketing tactics, there has to be something there./
Despite all the hype build-up and the constant coverage online, the actual outlook of the Metaverse as of now, or at least the one Mark Zuckerberg is trying to build, feels very hollow. This is despite all the ads and information surrounding it. Retail investors and analysts cling to what hope these new virtual investment instruments can provide. And due to the extreme volatility amid the options market, you might want to look elsewhere for a store of value.
It Doesn’t Add Much to the Table
To put things into context, the dream for the Metaverse is to revolutionize the way we experience the digital landscape by fully immersing ourselves in a virtual environment with augmented reality features. But once you break it down to its most basic elements, many of the so-called innovations it’s claiming to create are already here. These innovations come in much more productive forms, so it doesn’t add anything or solve any problems at all.
You Can’t Replace Real-Life Experiences
Firstly, suppose you’re looking at the aspect of connecting with people and simulating shared virtual spaces with friends and colleagues. In that case, nothing still beats meeting these people face to face. While you can make the case that people from hundreds of miles away don’t have the same luxury, don’t video sharing apps and instant messaging cater to this need? Considering you don’t have to put on a VR headset or exclude yourself from doing anything else.
Immersive VR Spaces Already Exist
Second, considering its novelty and future applications, immersive VR spaces have long existed with applications like VRchat. These apps can do everything Meta promises but with a track record to support it and more. And by the feedback on their latest advertisement on the Super Bowl, people aren’t holding back with their comments and don’t find it particularly enjoyable.
A Niche That Will Struggle to Find Utility
Apart from a so-so intrinsic value, the Metaverse is an in-the-process innovation held together by niche technologies supported by an even smaller amount of people fully invested in the idea of pushing things through. And while most like to believe that progress and development speed will skyrocket in the months ahead, the concept itself might very well run into struggles. The platform might even struggle with actual utility in industries and markets.
Extra Effort for the Same Thing
Most people in support of the Metaverse believe that it will pave the way for a new online shopping platform. Much like a way of immersing yourself in actual shops and buying products as if you were there in person. But unless Meta somehow pulls out a unique technology to attach sensations and create realistic renders of said items, won’t visiting the website be a lot faster? Sure, the idea of a free-form digital economy is enticing, but that’s a different idea that can stand on its own two feet.
Even Games Will Struggle To Latch On
Games, entertainment, and recreation, in general, are some of the most significant expected revenue streams from the completion of the Metaverse. However, looking at how current VR games are doing now, they’re not competing with the numbers triple-A titles can provide or the accessibility of mobile applications. And since the technology is relatively on the same level, we can expect for sure that nothing jawdropping will come from Meta’s lineup of entertainment options anytime soon.
But Are There Circumstances That Say Otherwise?
Nevertheless, we can’t deny that some things are holding the future of the Metaverse together. Since it’s a word that naturally sticks out, as long as celebrities and significant figures follow through, something might click later in its development. Plus, it’s not like we haven’t seen things survive on hype alone. Because there is certainly potential, companies will keep selling the hope of something beautiful created.
Furthermore, with cryptocurrencies and NFTs still driving the market wild despite being in a supposed winter, any bullish momentum and positive outlook might just reflect on the future of the Metaverse too.
Don’t Get Your Hopes Up!
The way experts see it—anything can happen given the circumstances. Suppose you’re a company tight on cash. Investing in more practical projects like expanding your warehouse capacity or training employees for executive leadership will suit you better. Of course, this is not to say to forget about it. But don’t get your hopes up and place all your eggs in this virtual basket.
All in all, there is some potential for the Metaverse. But with the current platforms and apps available now, you’ll be better off if you spend that money elsewhere. For now, keep an eye on the trends and keep your eyes peeled for any developments.