Can the metaverse economy stay relevant in the age of AI?

    Published on:

    In 2022, the world learned the term “metaverse” to describe what happens when the lines between the real world and the internet blur. By 2023, many people will be able to wrap their heads around this concept. However, as 2024 begins, the metaverse economy as envisioned has not yet begun.

    There are too many questions and not enough answers: what will the policies and governance be like? How will children be protected? What are virtual shoes really worth?Expert divided in the middle On whether fully immersive virtual worlds are possible.

    A brief history of the Metaverse as a concept

    First mentioned in Neal Stephenson's 1992 science fiction novel snow crash, the Metaverse is basically an online world where you can go to school, go to work, play games, see concerts, and go shopping without leaving your house. It's two-dimensional text and images on the Internet brought to life like a mirror world. matrix.

    The first frontier, virtual reality headsets that visually transport people to different worlds, was achieved several years ago. Since then, attempts have been made to fill the Metaverse with all the senses and make it “livable” in all its glory.A few startups are working on integrated scent; Tactile gloves allow the wearer to touch and feel things.there is lickable tv Prototypes and different technologies Electrodes are used on knives Recreates sour, sweet, salty, or bitter sensations in the mouth.

    In October 2022, Interpol, the global police organization, will conduct its first-ever Metaverse designed specifically for law enforcement agencies around the world. Its purpose is twofold. One is to define what acts are considered crimes in the virtual world, and the other is to protect human rights, as the Metaverse exists as a kind of mass surveillance tool.

    On the other hand, a company called Meta renamed Facebook founded other big companies to demonstrate its commitment to the cause that initially dominated the latest wave of Metaverse hype, including: microsoftchipmakers Nvidia, Amazon and Disney will soon I myself am making a big bet on that possibility.starbucks and Nike I jumped on the bandwagon.

    But all the hype and investment hasn't paid off yet.

    The tech industry pivots to AI

    Even Meta has a Reality Labs division. Lost more than $46.5 billion Since 2019, Tests an investor's patience and fortitude. In October 2023, Mr. Zuckerberg, the head of Meta explicitly stated Engineering and computing resources will be devoted to AI rather than the metaverse, which will be the company's “biggest investment area in 2024,” the company said.

    Other companies are similarly placing their futures in AI. Microsoft bets his $13 billion on OpenAI and is focused on: Sales of AI integration Across Microsoft Office's entire suite of apps. Google trains language models at scale. Improve your search.Disney is Establish an AI special committee To explore how this technology can save huge costs of entertainment.

    Metaverse Bet Reversal: Timeline

    January 2023: Microsoft has closed its virtual workspace AltSpaceVR.

    February 2023: After just four months, Microsoft shut down its Industrial Metaverse project and laid off 100 people. The company also reduced the number of people on its VR headset HoloLens team.

    Also in February 2023: Chinese internet giant Tencent has abandoned plans to develop VR hardware as a mature market looks years away.

    March 2023: Meta is “year of efficiency

    Also in March 2023: Walmart has shut down a six-month-old branded space called Universe of Play within the gaming industry Roblox.

    March 2023, again: Disney will discontinue its 50-person Metaverse team.

    June 2023: Google has discontinued Project Iris for its AR glasses, choosing instead to focus on AR software.


    “The Metaverse is experiencing winter, but we don't yet know how long that cold will last. The hype is based on the technology's capabilities, interest from both enterprise and consumer customers, and the overall maturity of the market. We believe that in the future there will be something like a metaverse, a 3D experience layer on the internet.”— JP Gownder, vice president and principal analyst on Forrester's Future of Work team


    Leave a Reply

    Please enter your comment!
    Please enter your name here