In 2021, the metaverse was the hottest topic in tech circles, with Facebook’s rebranding as Meta making headlines globally. For a time, a technological shift as significant as the advent of the internet seemed right around the corner.
And it was, only in the form of artificial intelligence. AI quickly supplanted the metaverse as the next big thing in tech, one with real-life applications whose transformative potential is already tangible in sectors like entertainment, retail, and health.
So, what is left of all the metaverse excitement that rocked the tech world? On the face of it, the buzz seems to have receded completely and metaverse initiatives faded into obscurity as this synthetic world has not lived up to its futuristic promises. But is it truly dead? Let’s go beyond the initial hype to see whether the concept of the metaverse is as obsolete as it appears.
The difficult case of advocating for the metaverse
Back in 2023, many journalists were quick to scribble the metaverse obituary. As metaverse investments kept losing Meta billions of dollars, Mark Zuckerberg’s VR dream seemed to have died down alongside any hope of rekindling the flame for this virtual world.
Earlier this year, the release of Apple’s first spatial computer sparked renewed interest in the metaverse – if only for a short while. The disappointing reception of Apple Vision Pro, whose launch was plagued with controversies and technical issues, could have benefitted Meta, whose executives were confident its relative commercial failure would attract customers to their own product on account of a much lower price tag than Apple’s virtual goggles.
Yet, their bet didn’t exactly pay off. Despite Zuckerberg reinforcing his commitment to his company’s metaverse vision, the technology remains in an awkward state. While the metaverse bubble has burst, though, all is not lost for its defenders playing the long game.
A metaverse revival on the horizon?
The metaverse has faced setbacks, being the biggest casualty of the AI gold rush. From Microsoft to even Meta, most tech giants have backpedalled on their VR projects to dedicate their efforts on artificial intelligence and machine learning. However, both technologies are not mutually exclusive considering the synergy to be found in AI’s integration into the metaverse.
The latter was introduced when its vision was outpaced by concrete technological realities. Generative AI is such a rapidly advancing field, however, that it could ultimately benefit metaverse projects in ways that could drive its overall utility. Current trends shaking the market may also work in favour of the metaverse, with gamification being chief among them.
An innovative direct-to-avatar business model is gaining traction as more brands shift their marketing strategies toward digital assets. Many trailblazing companies are establishing themselves as Web3 pioneers, like Forbes, which has secured permanent land on the user-generated blockchain-based metaverse world of The Sandbox to serve as a hub for future leaders and creative thinkers.
A more limited application of the metaverse
Metaverse promoters may have bitten off more than they could initially chew. Perhaps not as ground-breaking as originally advertised, this virtual environment still has much to offer in specific niches like gaming. For instance, Roblox has been democratising game development for all members of its metaverse.
As of 2024, this online game platform accounts for over 380 million active users sharing a digital space and shaping it according to their unique skills and creative whims. The Ethereum-based virtual world of Decentraland has also been pioneering new monetisation venues for developers and gamers, teaming up with Atari to open crypto casinos in its Vegas City district. Quite self-evidently, these gambling hubs are primarily geared toward cryptocurrency traders, whereas casual players tend to stick with traditional online casinos.
Hence, platforms like Vegasslotsonline NZ have kept their competitive edge for their wealth of free-to-play and real-money options. From mythology-themed machine slots to live dealer poker sessions, players can explore a vast library of games that require no registration nor download. Additionally, they can grab exclusive bonuses to keep the fun going. Free spins and no-deposit offers often await newcomers as part of welcome packages.
Final Thoughts
Many observers consider the metaverse as good as dead, but the reality is more nuanced. The success of platforms like Roblox proves that the metaverse has a future, even if it doesn’t quite match the sci-fi fantasies of many gamers. Meanwhile, the AI boom could help developers refine their vision for the metaverse and unleash its potential, free from scrutiny and unrealistic expectations.