What Happened To The Metaverse Hype?
(My article that was published in Inc. Turkey)
The term "metaverse" first appeared in Neal Stephenson's 1992 science fiction novel "Snow Crash”. This novel depicted a future where digital avatars interacted in a three-dimensional virtual world. In the early 2000s, platforms like Second Life took this concept a step further, allowing users to create their own digital worlds. However, the metaverse truly garnered interest in the 2020s with investments from Meta and other major tech firms.
In 2021, Facebook rebranded itself as Meta, signaling its intention to invest in the metaverse. The company invested billions of dollars in metaverse and virtual reality (VR) technologies, aiming to create large-scale virtual worlds where users could interact with their digital avatars. During the same period, platforms like Decentraland, The Sandbox, Fortnite, and Roblox gained significant attention, contributing to the popularization of the metaverse concept.
The rapid rise of metaverse platforms brought many innovative applications. Artists held virtual concerts within the metaverse, reaching millions. Ariana Grande's five in-game concerts in Fortnite were a massive success, attracting 27.7 million attendees. Such events allowed artists and brands to reach wide audiences.
With metaverse showrooms, major brands aimed to offer a different product experience to customers and position themselves in this new virtual world. In education, virtual classrooms enabled interactive learning for students, while in the business world, virtual offices and corporate events added a new interface to remote working.
Is the metaverse fading away?
We have observed that the excitement and interest in the metaverse have been rapidly waning for some time. One of the main reasons for this is that the technology is still far from creating the metaverse worlds envisioned in science fiction films. Technologically, the metaverse is still in its infancy. To achieve virtual worlds where experiences similar to real life can be lived, as seen in science fiction films, we need more advanced graphics, high-interaction speed experiences, and interfaces that can appeal to our other senses, not just visual and auditory.
Additionally, the cost of virtual reality headsets, powerful computers, and fast internet infrastructure required for metaverse experiences restricts widespread access. Furthermore, these platforms are still far from being user-friendly for the masses. Therefore, it is too early for them to become an indispensable part of daily life.
For all these reasons, the decline in corporate interest also plays a significant role in the decreasing excitement for the metaverse. Many companies initially made large investments, but as these investments did not yield expected returns, the metaverse has currently taken a back seat among corporate priorities. Digital transformation projects that provide tangible returns are of higher priority for companies.
Despite the decline in excitement for the metaverse, this concept has not completely disappeared. It still exists primarily as gaming platforms where the younger generation spends time, just as it did before the hype began. Brands targeting that audience continue to invest in metaverse platforms to a certain extent. With technological advancements, the metaverse will re-enter the agenda of the corporate world and individual users. In the future, more realistic visuals that enhance this experience; technologies that simulate touch, smell, and taste can enable much more realistic and interactive experiences within the metaverse.
The metaverse can offer innovative applications in various sectors such as education, health, engineering, and architecture. For example, medical students can practice with virtual surgeries, engineers can create prototypes in a virtual environment, and architects can design virtual buildings. In the future, students may interact in virtual classrooms within the metaverse and learn together with students from different geographical locations. This could increase equality in global education and provide students with a richer learning experience. Patients could have virtual doctor visits, making healthcare services more accessible. The shopping experience could completely change. Customers could try and purchase products in virtual stores, making the e-commerce experience more interactive. However, we still have some time before these scenarios become common and of the desired quality. An exciting future awaits us.
Mustafa İÇİL
