Where exactly is the Metaverse headed?

After Facebook rebranded into Meta, it seemed like a technological shift as monumental as the internet’s arrival was upon us. Fast-forward to 2024 and the very notion of a metaverse has all but vanished from the conversation, as exemplified by a sharp fall in Google searches past 2022. So, what remains of the hype that once captivated the tech world?

On the face of it, it is glaringly apparent that the buzz has died down, with many metaverse initiatives fading into obscurity and countless projects losing their companies billions of pounds. Despite these hiccups, writing the metaverse obituary may be a tad premature. So, let’s explore what the metaverse is up to.

Advocating for the metaverse against all odds

Many were quick to declare the metaverse dead only last year. As metaverse investments continued to cost Meta billions, Mark Zuckerberg’s vision appeared painfully out of touch, clashing with the reality of a visibly stagnant technology. Earlier in 2024, the release of Apple’s first spatial computer briefly revived excitement for what the metaverse could be, until the magic was no longer, as this tech fad also failed to live up to its stunning potential.

The underwhelming reception of the Apple Vision Pro did not draw as many customers to Meta’s headset as its executives had hoped for. Despite Zuckerberg’s unceasing commitment to his company’s metaverse endgame, the technology remains in an awkward phase. Meta’s goal to hit one billion users by the end of the current decade seems remote at best. A year after launch, Meta Horizon Worlds only has 200,000 monthly active users – a far cry from the 500,000 users the company expected to attract initially. Still, through thick and thin, metaverse advocates are in it for the long haul.

Is a metaverse renaissance underway?

The metaverse has become one of the biggest casualties of the AI boom, with pioneers like OpenAI rolling out technologically advanced systems like the hyper-realistic text-to-video model Sora. Incidentally, most tech companies have scaled back their VR initiatives to focus on machine learning and artificial intelligence. Meta’s Reality Labs unit has been bleeding cash since 2022, leading the company to redirect its spending and research effort to AI. Just recently, the tech giant took steps to deploy its AI system for the UK public sector.

For all this apparent divide, both technologies are far from being mutually exclusive. Generative AI could benefit metaverse projects in ways that enhance their overall functionality. Current market trends, such as gamification, may also improve the public perception of the metaverse. One promising development lies in the growing popularity of a direct-to-avatar business model, as more brands shift their marketing focus toward digital assets. For instance, E.l.f Cosmetics expanded its commercial presence in the metaverse in October. Four months earlier, the skincare and makeup company had already become the first beauty brand to create a virtual kiosk on Roblox.

Working around the limits of the metaverse

Metaverse advocates may have overreached in their original promises. Yet, this virtual environment can work wonders for niches like art, gaming, and digital marketing. Galleries and artists have been keen to hold exhibitions in the metaverse. Months ago, the DJW24 jewellery show returned for its second year in the online space. Meanwhile, the optical retail brand LensCrafters ventured onto Roblox to release the Eye Odyssey saga, one of millions of user-generated experiences on the platform. With over 200 million active users, Roblox empowers its community to shape a uniquely creative digital space.

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Final Thoughts

Despite setbacks, numerous tech leaders keep on investing in the metaverse – and they are driven by more than just wishful thinking. The smashing success of virtual platforms like Roblox demonstrates that the metaverse has a viable future, even if it falls short of the sci-fi dreams of some investors and gamers. Ultimately, the AI spring could also benefit the metaverse by enabling innovators to move past the fading hype and finetune their vision.

Feature image by GuerrillaBuzz on Unsplash