As AI gains momentum, some feel that only one can survive, is it the Metaverse?
The Metaverse promised so much more than we could have imagined, shaping the future of work, mental health, and influencer marketing. But the artificial intelligence (AI) boom puts that future in jeopardy. But does it have to be one of two to be successful? Social media platform Facebook’s recent switcher Lou has people wondering.
Not long ago, Facebook officially changed its name to ‘Meta’ to signal its new course and ambitions. It has spent billions of dollars trying to become synonymous with augmented and virtual reality platforms.rear USD 26 billion burden With losses from this new venture, Meta has decided to shift its focus to AI. This is not surprising given the success of his OpenAI chatbot ChatGPT in recent months has inspired many other companies to follow suit and harness the power of generative AI.
Facebook’s parent company, Meta, will form a new product group focused on generative AI, bringing together teams across the company to create innovative tools and experiences that incorporate this technology into all of Meta’s products. . According to Meta founder and CEO Mark Zuckerberg on his Facebook, the long-term goal is to develop AI personas that can help users “in many ways.” director February 28th.
But what does this mean for the metaverse as a whole? Read on.
The metaverse is losing momentum
In the Metaverse, virtual real estate dominates, and the price of Ethereum, which underpins much of the activity, has a direct impact on the value of virtual land. However, Ethereum price volatility has kept many buyers and sellers apart. strugglingAccording to WeMeta, this caused the average selling price of virtual land parcels to drop significantly, plummeting from over US$11,000 to under US$2,000.
Also, Virtual Land sales are showing tremendous growth. 85% plunge In 2022, Ethereum-based metaverse projects such as Sandbox and Decentraland saw a significant decline in valuations and other key metrics.
In February 2022, the average price of land sold across Decentraland hit an all-time high of US$37,200.But by August 1st, the value fell to average 5,100 USD. Likewise, Sandbox’s average selling price plummeted from around US$35,500 in January to around US$2,800 in August.
The price volatility of cryptocurrencies, especially Ethereum, has introduced a new level of uncertainty to the market, leaving investors uncertain about the future of crypto assets. Missing Proper infrastructure, governance, and collaboration. So, in its current state, some believe the Metaverse is just a marketing effort.
Possibilities of AI
In the last three years, generative AI solutions have US$1.7 billion investment AI-powered drug discovery and AI software coding are the two areas with the most funding from venture capital firms.
The field of AI continues to advance rapidly, and its impact is felt across industries such as marketing and media. Gartner, a leading research and advisory firm, predicts that the use of generative AI in these areas will increase dramatically over the next few years, with 30 outbound marketing messages from large organizations expected to reach 30% by 2025. % is expected to be artificially curated from less than 2% of him. But the impact of generative AI doesn’t stop there. Gartner predicts that by 2030, blockbuster movies could be released with 90% of the content, from text to video, generated by AI.
Generative AI has great scope, but its access is limited. For example, ChatGPT’s mechanism is not open sourced and therefore not publicly available. This restriction makes it difficult for other companies to reproduce.However, Facebook the purpose Making such AI models smaller for businesses to use and optimize will help make generative AI more widely available and accessible.
Death of the Metaverse: Epidemic or Fact?
Some reports suggest that this is the end of the metaverse, while others believe that the rejection of the metaverse as a whole should not be associated with meta redirection. for example, amara’s lawIt was coined by computer scientist Roy Amara. This trend can be seen in the skepticism and hype surrounding emerging technologies such as self-driving cars, virtual reality (VR) and augmented reality (AR). Even the internet was once dismissed as a fad.
Furthermore, AI, especially generative AI, Advancing the metaverse By creating more compelling environments and characters.
Additionally, some vehemently deny the Metaverse’s death or decline in popularity. The sector is set to thrive as more companies adopt the metaverse. but, some structural changes For that you have to implement. For example, VR headsets should be much cheaper and virtual systems should perform better in terms of privacy.
Almost every new invention was once a feverish dream, and often a frightening one. However, over time, these new technologies have become so inextricably intertwined with our daily lives that we cannot imagine without them. Perhaps that will be the fate of the Metaverse. If not, another immersive technological invention will replace it, leaving us debating its dawn or its demise.
Header image by Unsplash