Mark Zuckerberg’s latest creation, the metaverse company is fairly new and gaining popularity as time goes on. It’s a massive change from a video game platform to an all-encompassing virtual world. Many big companies are investing millions of dollars right now, since to diversify their marketing to monthly users in these meta platforms.
However, will it last? Some believe that virtual reality and metaverse platforms are soon to fail. They think active users will eventually lose interest and virtual spaces will dry up. Before we make any decisions, let’s see how virtual reality holds up and if the question stands, “Will the metaverse fail?”
No Regulation
Who will police this place, where amazing potential coexists with cyberbullying and abuse?
We are entering a new world that is more engaging, personal, and dynamic than the internet could ever hope to be. Who will govern it, police it, and ensure that all restrictions are followed? As we continue to live in an era of piracy, spam, the dark web, and hacking, the prospect of all of this being shifted to virtual reality is only concerning.
Perhaps it’s advisable to first address those difficulties on primarily text-based devices before seriously contemplating increasing the attack surface to VR.
Questionable Metaverse Projects
The primary source of money for the metaverse will most likely be video game developers. Nonetheless, according to Bloomberg’s poll of 17,650 people, nearly 70% are unwilling to spend their time playing virtual reality games on a regular basis. This makes sense: for most people, gaming is a hobby, not a way of life – and this is especially true with VR.
According to this viewpoint, the metaverse will not be a viable concept. Unless people are drawn into the metaverse for reasons other than initial curiosity and occasional gaming experiences, it will be difficult to persuade them that purchasing a virtual apartment (even if it is twice as inexpensive) is preferable to purchasing a real one.
And the pandemic has already demonstrated that lifeless avatars, virtual meetings, and video conferences just do not cut it in real-world encounters. The metaverse implicitly implies that putting on a headset and seeing avatars of other people closer than on a computer screen will make you feel more connected. The industry will have to find out whether this is true.
Now That’s A Lot of Ads
It’s no surprise that the metaverse would rely heavily on advertising via a commerce-led business model. It will most certainly remain free to use, with additional items such as pets, furnishings, and avatar skins costing extra money.
When it comes to platforms and apps, though, nothing is truly free. While you can choose to ignore or click away from adverts online, your metaverse experience may be disrupted from time to time by the latest Walmart offers. You’re either going to have to deal with it or remove your VR headset, unfortunately.
It’s Very Competitive
According to IDC, global VR headset sales increased 32% year on year in 2Q22, with Meta continuing to lead the market with an 86% share, while China’s Pico (bought by Tik Tok parent ByteDance in 2021) had 8%. Despite the fact that worldwide volumes are likely to stay flat in 2022 given the present macro background, IDC predicts overall shipments of 31 million units by 2026, up from 10.8 million in 2022.
At the conclusion of 2Q22, the Meta Quest 2 accounted for 17.2 million of overall VR headset shipments, compared to 20.7 million total. For the time being, Meta appears to be the dominant force in the VR business.
According to MacRumors, Apple (AAPL) plans to release its AR/VR headgear, which could cost up to $2,000, in 2023. Apple has been hiring AR/VR professionals and acquiring firms in the sector in recent years. The headset is said to include two M2 CPUs, 4K micro-OLED displays, iris scanning, facial expression tracking, and a slew of other features.
Sony, on the other hand, is set to release the PSVR2 in early 2023, which will most likely cost the same as the PS5 system. More than 20 games are now in development by 1P and 3P game developers. Despite the fact that the previous PSVR took 8 months to reach 1 million unit sales, compared to 2.8 million Meta Quest 2 devices in the first quarter, Sony’s latest take on its VR headgear still poses challenges to Quest with improved functionalities such as eye tracking, vibrations, and moving lenses.
Will Real Life Prevail?
As thrilling and wonderful as the metaverse sounds, it’s vital to think of it as a business concept and a technological advancement that firms are investing heavily in. And if virtual reality is only a little part of our life, we might be too eager to assume that the metaverse will be anything more. However, there is potential for it to gain favor with the masses and become relevant in the modern world.
Only time will tell.
Want to hear more about the Metaverse revolution? Do you want to learn how to make money as a Metaverse early adopter? Be sure to click here for FREE access to the Metaverse Beginnings online course and community. You can’t afford to wait!
