The concept powered by Web3 was marketed as an internet-based three-dimensional realm that merges various virtual environments, permitting users to connect, transact, collaborate, socialize, game and engage with each other.
Although the idea was initially presented in Neal Stephenson’s novel “Snow Crash” published in 1992, Zuckerberg popularized it by making it available to over two billion people on Facebook, Instagram, and WhatsApp.
A multitude of prominent multinational companies, including Microsoft, NVidia, Google, Disney, Unity Technology, Roblox Corporation, Amazon, Animoca Brands, Epic Games, Decentraland, and Binance, all quickly showed interest in acquiring a share of this innovative technology.
The technology is not achieving universality due to its exorbitant cost, particularly for users in emerging economies. There is a contention among tech enthusiasts that the idea has not been sufficiently simplified for widespread acceptance.
The excitement surrounding the metaverse has subsided. The primary difficulty lies in the expense of creating and sustaining the metaverse. According to Egline Samoei, a rising technology specialist from Nairobi, the software and devices are excessively costly, which results in a lack of accessibility. The definition of the metaverse is still being searched for by individuals through the use of Google. It exclusively caters to interests in gaming, art, and fashion. According to the founder of Brand Moran, it fails to cater to the requirements of numerous individuals.
As generative artificial intelligence gains global momentum, the metaverse’s influence is rapidly waning and businesses that had previously invested heavily in it are abandoning their plans.
Meta has changed its attention.
Despite his partners’ reservations, Zuckerberg has invested $36 billion in the metaverse, but is now stepping away from the technology. He indicated that his enterprise will prioritize reducing expenses and simplifying undertakings with a view to enhancing efficiency throughout the upcoming period.
Meta’s investment in the company has been plummeting in value consistently, causing a stack of ongoing financial losses. Despite laying off a minimum of 11,000 employees in an effort to maintain viability for its metaverse initiative, the company has yet to see any improvement. Its latest strategy involves reducing the workforce by an additional 10,000 positions.
Despite the metaverse project’s sluggish rise in popularity, a number of technological experts who were instrumental in Meta’s apparent triumph have also turned their backs on it. Upon leaving Meta, John Carmack, who oversaw the creation of VR headsets, expressed that the venture was functioning at only 50% of the required proficiency.
If Zuckerberg opts to relinquish his position, it could result in significant consequences due to his waning engagement.
Disney has lost faith in the concept of the metaverse.
The metaverse division of Disney will be discontinued, according to a statement released by the company. In order to boost profitability, the organization intends to terminate the employment of as many as 7,000 workers within the following 60 days.
Disney aimed to leverage the potential of the metaverse by integrating interactive storytelling with technology and augmented reality in its theme parks. However, the signals suggest that such an occurrence is unlikely to take place.
Following its ambitious investment, Microsoft has decided to abandon its metaverse endeavor and shift its attention to leveraging generative AI technology, specifically by integrating GPT into its Bing platform.
An essential support system for the metaverse.
Despite the circumstances, some individuals still hold on to hope. Despite the current bumps in the road, experts maintain that the technology is here to stay for a substantial period of time.
Benjamin Arunda, the founder of ChainAdvise and an expert in blockchain, believes that the world needs to view the concept without any embellishments.
VR and AR have significant practical applications in areas such as education, medicine, space exploration, and research. Arunda explained that leading students on a voyage through space or underwater, for instance, can be both challenging and costly if carried out in person.
He added that certain parts of the metaverse need to be altered in order for it to be embraced widely.
It still has a considerable distance ahead to cover. The devices are excessively large in size. The ideal situation would be if they were as lightweight and accessible as glasses, while also being as economical and widespread as mobile phones. It is necessary to include precautions for the protection of the eyes and ears.
