Why was the Metaverse hype short lived?
The metaverse is a concept that has been hyped up by some as the future of the internet, a virtual world connecting all kinds of digital environments where people can work, play, socialize and create. But despite the hype and investment from big tech firms like Meta (formerly Facebook), the metaverse has not met its expectations so far.
One of the reasons for the short-lived hype is that there is no clear definition or vision of what the metaverse actually is or how it will work. Different companies and stakeholders have different ideas and interests in shaping the metaverse, which can lead to confusion and fragmentation. Phil Libin, founder and former CEO of Evernote, the note-taking app, and now co-founder and CEO of mmhmm, a startup that provides improved video chat tools, tweeted earlier this month that the metaverse is “a word that means nothing” and “a marketing term for VR/AR/XR” .
Another reason is that the technology needed to create a truly immersive and interactive metaverse is still not mature or accessible enough for most users. While there have been advancements in virtual reality (VR), augmented reality (AR) and cloud computing, there are still challenges in terms of scalability, interoperability, security, privacy and content moderation. The current VR headsets are still expensive, bulky and uncomfortable for many users, and the content available is mostly limited to gaming or entertainment. The metaverse also requires a high-speed and reliable internet connection, which is not available everywhere in the world.
A third reason is that the metaverse faces social and ethical issues that may limit its adoption and appeal. Some users may not be interested or comfortable in spending more time in a virtual world, especially after the pandemic-induced isolation and screen fatigue. Some may also be concerned about the potential harms or risks of the metaverse, such as addiction, cyberbullying, harassment, discrimination, misinformation, manipulation or exploitation. Moreover, some may question the motives and intentions of the companies behind the metaverse, especially Meta, which has a history of privacy scandals and antitrust investigations.
What were the most popular metaverse projects and how are they doing now?
Some of the most popular metaverse projects include:
- Meta’s Horizon Worlds: This is Meta’s flagship VR platform that allows users to create and explore social spaces with their avatars. It was launched in October 2021 as part of Meta’s rebranding from Facebook. However, it reportedly has fewer than 200,000 active users , and has faced criticism for its lack of diversity, creativity and originality.
- Epic Games’ Fortnite: This is one of the most popular online multiplayer games that has expanded its product to host concerts, brand events and more inside its own digital world. It has impressed many with its potential to create shared experiences and cultural moments in the metaverse. However, it is still primarily a game, not a platform, and it faces competition from other games like Roblox or Minecraft.
- Roblox: This is another popular online multiplayer game that allows users to create and play games with their avatars. It has a large and loyal user base, especially among children and teens. It also has a thriving economy where users can buy and sell virtual items using its own currency, Robux. However, it also faces challenges in terms of content moderation, safety and quality.
- Decentraland: This is one of the leading examples of a decentralized metaverse project that runs on blockchain technology. It allows users to create and own virtual land and assets using its own cryptocurrency, MANA. It also hosts events like art exhibitions, concerts and festivals. However, it also suffers from low user engagement, technical issues and environmental concerns.
What awaits us in the future regarding the metaverse?
The future of the metaverse is uncertain and unpredictable. It may evolve into a more coherent and collaborative vision that offers new opportunities for innovation, creativity and connection. Or it may remain a fragmented and contested space that poses new challenges for regulation, governance and ethics. Or it may fade away as a passing trend that fails to deliver on its promises.
Whatever the outcome, the metaverse will likely continue to attract attention and investment from various actors who want to shape its direction and influence its impact. The metaverse will also likely continue to raise questions and debates about its implications for society, culture and humanity.
