metaverse is failing. stupid games. You have tried Decentraland
In the mid-2000s, I watched Caprica on SyFy. It was a precursor to the reimagined Battlestar Galactica, which took artificial intelligence and cyborgs to a whole other level. In Caprica, teens lived in virtual worlds, wearing these headphones that sounded like what Oculus headphones might look like 20 years from now. Only, their avatars looked more like themselves than a block character from Minecraft wearing a silly face mask. She looked attractive, if not scary and a little miserable. Metaversena does not look like it. Still early stages. There will be a lot of projects that will fail in the meantime. Right now, there’s nothing you can do in the metaverse that isn’t easier to do in the real world.
Nearly a year after billionaire Mark Zuckerberg renamed Facebook “Meta Platforms,” hoping the Covid shutdown would open us all to the dystopian sci-fi lifestyle filmed in Caprica, the WSJ reported on October 15 that by Meta-specific standards, the metaverse has yet to be discovered with its user base. No one knows what will get them there.
Zuckerberg warned investors early on that the transition to living in virtual worlds would take years, if not two generations. Even Gen Y, addicted to Instagram and TikTok since they were teenagers, would rather be in each other’s presence than in virtual worlds. The world of players and the entire player experience is still a friend playing each other over broadband on your PlayStation or Xbox console.
The Wall Street Journal mentioned The main product of this meta, known as Horizon Worlds, does not live up to expectations. But while most of the projects are fairly opaque and often only contain cool, exciting trailers that draw players in early on, there is still a belief that virtual worlds like the ones depicted in science fiction will become a reality.
Facebook describes the metaverse as the successor to the mobile internet. Where is she today? For investors nowadays, owning metaverse securities was a financial loss.
Metaverse: bull or bear?
If the future is sci-fi virtual reality, at least to some extent, the topic of metaverse investing is a long-term game. Companies will come and go, but the concept of the metaverse will remain a story for both traditional companies like Facebook and those in the cryptocurrency world.
Meta says they hope to have 1 billion people connected to different metaverse platforms, including their own, within the next 10 years.
Such predictions have helped metaverse projects attract more than $177 billion in investment since the beginning of 2021.
Popular brands like Gucci and Coca-Cola
“There is no doubt that the Metaverse is a rocket trend today, a decades-old dream for many,” says Alexey Kolevets, co-founder and CEO of Walken, a mobile fitness app built by Lisbon. Download from the app store by their name.
There are a number of reasons to believe the metaverse will take off, such as the rise of some virtual reality games, cheaper VR headsets to access immersive experiences, and traceable blockchain technology that allows for secure transactions. Younger generations are used to buying items within the video game world, and they are also used to collaborating with other people around the world in these universes already through headphones and game consoles.
The hype far exceeded reality. And now Bitcoin is collapsing, so the market is looking tough all around. Meta’s market cap, which topped $900 billion when the company changed its name from Facebook, is now around $344 Billion.
Despite investments of over $200 billion over the years, there is no metaverse product that anyone can buy. No Xbox Metaverse console takes you and your friends to a virtual nightclub.
“The mission here for metaverse companies is to get people immersed in a whole new world,” says Joel Dietz, CEO of MetaMetaverse, a platform for MetaMetaverse developers. “I feel that huge VR headsets are not ideal, but it is not surprising that while the software portion of the immersive experience is built and made readily available to individuals, the device currently faces a barrier for individuals who cannot fully immerse themselves in these virtual spaces.”
Other than a few amazing Hollywood-looking trailers, the graphics in these platforms are no better than the Nintendo of the 90s, even in Meta’s Horizon Worlds. When Meta announced the launch of Horizon Worlds in France and Spain, it was met with widespread derision. Some say that technology is “Very buggy.”
In the field of cryptocurrency investing, patience lasts perhaps six months. This market will take some time to develop and appear attractive, says Simon Vieira, CEO of Mixmob, a metaverse game about “remixing music culture” based in Singapore.
“About 50 years ago, we only had a few pixels moving pong. Imagine what will happen in the next 50 years with cheaper tools, more talent, and faster internet,” says Vieira.
Desktop-based interfaces can eventually overcome graphics issues as well. New technologies like Unreal Engine’s Pixel Streaming, where developers can run complex 3D web applications that are streamed and rendered on the cloud, are seen as taking the metaverse from its childish, block-like world.
“This ultimately means that your computer acts as an empty bridge between the virtual world and super powerful machines elsewhere,” Vieira says. This will lead to better virtual worlds, better virtual worlds, worlds that will eventually integrate virtual for you, in the form of a hologram, which is the viewer most of these developers are trying to build.
Some think it’s a good thing that Zuckerberg’s vision of the Metaverse collapses. Big tech companies already control most of our data and affect our lives. With Meta’s Horizon Worlds, Zuckerberg is trying to create a private version of the Internet, similar to his Internet.org initiative, in which he controls everything that a consumer can and cannot access. This is concerning, given Facebook’s tracking history with user privacy.
“People are more and more concerned about the growing possibility of spying and user data gathering among the metaverse platforms, and both spying and data collection seem inevitable,” Kolevitz says. But that doesn’t stop him from being optimistic about the metaverse.
Meta Oculus Quest 2 Headphones Sales has crossed it Microsoft Xbox Series X and S sales count, and it’s catching up PlayStation 5. This achievement makes Meta’s best VR headset the most successful virtual reality product ever, with 97% jump in headphone sales since 2021. Everyone knows the issue of privacy and data collection, but they aren’t too concerned about it or understand why they should be.
“In practice, user behavior has shown that a good product outweighs privacy concerns,” says Julia Schwartz, chief strategy officer at Everyrealm Inc., a virtual real estate investor and developer of Metaverse real estate projects based in New York.
Even though Meta Platforms has lost half of its market capital since its name change and its focus on becoming a virtual global powerhouse, there is still a consensus that metaverses will be a multi-trillion industry one day. Meanwhile, it’s a growing pain for everyone involved.
For those with saintly patience, JPMorgan analysts Estimation that about $54 billion is spent annually on virtual goods, and McKinsey & Company Says The metaverse has the potential to generate up to $5 trillion in value by 2030.
“Facebook has a huge advantage in becoming an industry leader with its user base as well as its capital firepower,” Schwartz says. “Zuckerberg was ahead of his time in recognizing the opportunity of the metaverse and now others are trying to catch up.”
There is still work to be done to make this interesting for the users. Investors are likely to cut their losses and buy back the same coins that have fallen 50% or more this year.
“We are social animals. Metaverses must first and foremost address this problem. Will it be Horizon Worlds or the anonymous decentralized metaverse that wins the race? We don’t know this today, but we know that they are all driving the progress that the entire metaverse world craves. It is certainly more Times are exciting to watch this play and be a part of it,” Kolevitz says.
* The author of this article owns Decentraland.
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