All eyes used to be on the Metaverse. Yet, years went by without significant progress in that futuristic virtual space. Ultimately, several news outlets labeled the Metaverse a failed idea, writing off its very concept. But is the Metaverse really a thing of the past? Or else, was it cast off too hastily to the tech graveyard? Let’s find out.
A once-buzzing technology obscured by the rise of generative AI
In October 2021, the Metaverse was nothing short of a global phenomenon after Facebook made headlines for rebranding into Meta. The hype was real for this immersive virtual universe pushed by Mark Zuckerberg. . Microsoft put an industrial Metaverse in motion. But the next big thing in tech seemingly never happened.
The 100 members of Microsoft’s Metaverse unit were laid off in 2023, while Zuckerberg’s virtual reality dream faded to oblivion. In a March note, the social media tycoon revealed that AI would henceforward be the company’s “single largest investment,” prompting many journalists to claim his Metaverse vision was over.
However, the reality is more nuanced. Zuckerberg himself set things straight by calling out the inaccurate narrative that Meta was “moving away” from the Metaverse. Promising to focus on both technologies, he remained firmly committed to one bold ambition: building a globe-spanning virtual reality.
The Metaverse: a long-term project
The Metaverse aims to be a universal network of virtual worlds in which users can interact in a uniquely immersive fashion. As such, it was unreasonable to expect such a complex technology to happen in a matter of years. For one, the mere concept of a Metaverse has yet to be understood by the general public. Few people could accurately define what the word means – let alone what a decentralized virtual universe would entail.
Technical constraints also come in the way of a full-on Metaverse à la Ready Player One. Blockchain-style experiences are still in their infancy, with too many glitches blocking their widespread adoption. Although the advent of a decentralized web could be a game changer, the web3 vision is just as divisive, undermined by the lack of a cohesive narrative and curbed by technical challenges. Early adopters of these nascent technologies are every bit as enthusiastic as they have always been, nonetheless.
Companies like NVIDIA and Unity are investing good money to lay the foundational infrastructure of the Metaverse. Meanwhile, many administrations trust that technology can become a key driver of economic growth. South Korea devoted $48.3M to the development of a Metaverse ecosystem. Other countries like El Salvador and the UAE doubled down on the next iteration of the internet. From digital twins to virtual embassies, .
A technology that is already happening
In the words of Nick Clegg, Meta’s president of global affairs, the defining quality of the Metaverse will soon be “a feeling of presence.” Arguably, the technology has a long way to go to make users feel like they’ve been catapulted into a digital yet realistic place. But early versions of that virtual world are already gaining momentum.
In the gaming sphere, platforms like Fortnite and Roblox push immersion to new heights through augmented reality (AR) and virtual reality (VR). The 3D worlds of The Sandbox and Decentraland have also been welcoming users for quite some time. In fact, Decentraland’s art galleries, concert venues, and gambling halls are thriving online.
Granted, over their Metaverse counterparts. Licensed online casinos are a safer option for newcomers and seasoned players alike. Plus, most offer handsome bonuses that cater to every playing style, such as free spins and cashback deals. Hence, there’s no need to trade in cryptocurrencies to enjoy high-quality real-money tabletop games and slots on desktop or mobile devices.
That said, the rise of crypto casinos shows that blockchain technology is redrawing the lines of the iGaming industry. And the Metaverse has the same potential for mainstream adoption – if given time.
Final Words
There is no denying that the Metaverse has fallen short of its promises. However, the concept isn’t as dormant as it seems. Research commissioned by Meta suggests that the economic potential of the Metaverse could reach up to US$3.6 trillion yearly by 2035. Fields like commerce, education, and wellness could soon benefit from the technology. Long story short, we haven’t heard the last of the Metaverse.