Facebook changing its corporate name to Meta was everywhere on the news back in 2021. At the time, it seemed like a risky yet insightful move ahead of a massive tech revolution in the making. Consequently, the interest in Metaverse initiatives spiked beyond mere tech-savvy circles.
Three years into this headline-worthy rebranding, however, the situation has drastically changed. Metaverse funding is going through a sharp decline.
Overall, this alternative virtual world has not picked up steam, failing to deliver on its futuristic promises, while AI-powered tools rapidly succeeded in reshaping the digital ecosystem. Incidentally, some view the technology as a failed concept.
Labeling this tech as an unmitigated fiasco might be premature, though. Through thick and thin, plans for ground-breaking and innovative Metaverse projects are still afoot. So, here are some reasons to believe the Metaverse could be the game changer it is meant to be.
An emerging technology with real-life applications
The rise of remote work could have been a sure key to success, but Metaverse initiatives have barely transformed the workplace.
The discrepancy between the prospect of a fully immersive virtual world and the current state of the technology is partly at fault, as business meetings in a soulless digital environment home to generic-looking avatars sound hardly appealing. Not all Metaverse projects have been so flashy, however, nor so controversial.
Various sectors have harnessed this burgeoning technology to enhance the customer experience. Nike, for instance, ventured into the Metaverse with a virtual store that attracted global users in the tens of millions.
The sports retail giant also collaborated with Epic Games to launch the “Airphoria” experience, allowing Fortnite players to sport exclusive outfits and engage with Nike’s iconic Air Max sneakers in brand-new ways.
This novel direct-to-avatar business model is gaining traction, as brands increasingly redirect their marketing efforts towards digital-only assets, gamifying their offerings to reach new demographics and rejuvenate their image.
Even luxury brands have jumped on the Metaverse bandwagon, with household names like Burberry and Gucci aiming to become Web3 pioneers. Meanwhile, paying customers are increasingly reluctant to leave their homes to get their entertainment fix.
Movie theatre attendance has shrunk by half in recent years, when the streaming services market size has all but skyrocketed. Given this growing appetite for convenient entertainment, the Metaverse could soon conquer the homes of millions of consumers.
The Metaverse is ushering in a new wave of entertainment
In South Korea, one of the world’s testing grounds for new forms of entertainment, the K-pop industry has already been rocked by the first company entirely dedicated to virtual idols, the aptly named Metaverse Entertainment.
Just as many video game publishers have explored the Metaverse. Fortnite set the stage for immersive virtual concerts, with the Canadian superstar The Weeknd headlining the launch season of the platform’s music festival as recently as last December. Metaverse pioneers like Roblox and Decentraland are thriving as well.
The latter struck a deal with major actors in the gaming field, such as Atari, effectively creating crypto casinos in its virtual Vegas City district. Evidently, such Metaverse gambling venues are only catering to crypto-traders.
Hence, regular players might prefer visiting traditional casinos to play real money slots online. Some websites publish extensive coverage on a variety of casinos, which detail everything from customer support to payout speed and bonuses.
From high-stakes slots to progressive jackpots, users can browse through thousands of innovative pokies. Newcomers might even check free guidelines to grasp the basics of different slot mechanics and manage their bankroll that much more wisely.
Beyond the iGaming industry, several developers are actively working to revitalize the Metaverse. Krafton, a South Korean studio renowned for popular games like PUBG: Battlegrounds, has partnered with augmented reality company Naver Z to unveil the Migaloo metaverse game platform.
This new frontier could reach new heights upon the release of the Apple Vision Pro, which aims to blur the lines ever further between digital content and the physical space.
Final Thoughts
At first glance, it is easy to think that the Metaverse has hit rock bottom. Compared to an overly hyped-up generative AI, the technology seems bland at best and frankly disappointing at worst. That said, pitting AI against the Metaverse is misguided, as both technologies can perfectly complement each other.
Now that the Metaverse frenzy has receded, investors and tech luminaries can also plan to make it a reality without rushing to please the crowds in the short term.
