The Dream of Metaverse: Where Do We Stand?
Exploring the Challenges and Potential of Virtual Reality’s Ambitious Landscape
One of the highlights of the technological advancements of this century has been the concept of Metaverse, a virtual reality realm. It has garnered widespread attention and sparked significant hype in the past couple of years. Envisioned as a device-independent digital landscape not owned by a single company or individual, the metaverse promises an immersive and interconnected virtual experience. It aims to transform how we interact with digital content and each other. However, despite the immense potential it holds, various challenges have kept the metaverse from becoming a ‘tangible’ reality. In this article, we explore the reasons why the metaverse remains a distant dream ahead of its time.
Some of the Big Names in the Tech Industry Stalled
These challenges have been quite rough for some of the big names in the corporate sector. Microsoft, the biggest name there is, closed its virtual-workspace platform, AltSpaceVR, thus resulting in layoffs and downsizing of its HoloLens team. Similarly, Disney, a behemoth in the entertainment and film industry, had to shut down its Metaverse department. Walmart was quite confident when it started its Roblox-based Metaverse projects but now has thrown the towel. Even Meta has discontinued its Metaverse projects and has instead started focusing on their AI plans.
The Shiny Side
There have been some positives when it comes to the statistical data and projections for the future of the Metaverse. Metaverse trend boomed in 2022 with $120 billion invested; predicted to be worth $5 trillion by 2030 (McKinsey). Citi analysts were even more optimistic, projecting a value of $8 trillion to $13 trillion by 2030. Gartner forecasted that 25% of the global population will spend at least one hour daily in the metaverse by 2026, and 30% of organizations will develop products for the digital realm.
What’s Stopping it to Go Mainstream?
One of the primary obstacles to the metaverse’s widespread adoption is the economic challenges faced by many households in the real world. Investing in expensive VR headsets, properties, items, and non-fungible tokens (NFTs) needed to participate in the metaverse can be out of reach for a significant portion of the population. The perfect example would be that of the Apple Vision Pro headset, which has been hyped quite enough but still, would be out of reach of most people on this planet. It is expected to be priced at over $3,499.
Lack of Unified Platform and Content
The lack of a unified platform in the metaverse further impedes its progress. Various companies and developers have been experimenting with their virtual realms, resulting in a fragmented digital landscape. This fragmentation restricts interoperability and makes it challenging for users to seamlessly transition between different metaverse experiences.
Moreover, the metaverse currently suffers from a dearth of compelling content. While the gaming and entertainment industries thrive within this virtual realm, targeting specific audiences, other businesses have yet to fully comprehend the practical applications of the metaverse. This lack of content diversity limits its appeal and potential to attract a broader user base.
The computing power required for Metaverse’ smooth operation may still be several decades away, despite having the underlying technology to build it. The metaverse demands sophisticated hardware capabilities to create realistic and interactive virtual environments. The current state of computing power is insufficient to fully realize the potential of this ambitious concept.
Cloud Infrastructure and Digital Transformation
To fully embrace the metaverse, companies must prioritize digital transformation and invest in cloud infrastructures to host these virtual worlds. While cloud adoption among enterprises is increasing, many are still grappling with the challenges that this transformation presents. Using cloud services to build the necessary infrastructure and platform capacity is critical for the innovation and improvement of emerging technologies such as augmented reality (AR) and virtual reality (VR), which are critical components of the metaverse.
The feasibility and timing of the metaverse have been questioned due to the challenges mentioned above. The initial hype and promises surrounding the metaverse may indeed have been ahead of their time. While some industries, such as gaming and entertainment, have demonstrated potential for a cohesive metaverse, other businesses are yet to comprehend its practical applications fully. As the world continues to evolve technologically, the metaverse may need more time to mature and become a viable and accessible reality for the masses.
For businesses, the metaverse represents an opportunity to create customer-centric experiences for their products and services. Companies are still experimenting with approaches such as Web3, AR cloud, and digital twins to tailor virtual experiences to meet customer requirements. However, due to the various challenges and uncertainties surrounding the metaverse, businesses must be cautious in their investments and strategic planning to ensure a smooth transition and maximize its potential benefits.
Check out how a new Web3 game taking a shot at creating a functional metaverse:
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