The Metaverse, a shared, persistent, and open experience characterized by virtual and augmented 3D worlds, has been the subject of much debate in recent years. Some have declared the metaverse to be dead, while others argue that it is inevitable.
The role of Zuckerberg’s Meta company in the development and success of the metaverse is a topic of debate among experts and commentators. In this article, we will explore whether the metaverse needs Zuckerberg’s Meta company in order to survive.
Skepticism Among Meta Employees
One indication that the metaverse may not be dependent on Meta is the skepticism among some of the company’s employees. According to a New York Times article, some Meta employees have expressed skepticism about Zuckerberg’s vision for the metaverse [1]. This suggests that the development of the metaverse may not be solely reliant on Meta’s involvement.
Cost and Investment
Another factor that suggests that the metaverse may not need Meta to survive is the cost and investment involved in the concept. According to Forbes, Zuckerberg has stated that the concept will cost $10 billion this year and expects it to lose money for the foreseeable future [2]. While Meta’s involvement and investment may be significant, the scale and scope of the metaverse concept suggest that it may be able to survive and thrive without Meta’s involvement.
Meta’s Role in Advertising
While the metaverse may not be dependent on Meta to survive, the company’s role in advertising may be a key factor in the development and success of the concept. According to Reuters, Meta’s potential to sell advertising is a key tie between the company and the metaverse [3]. Meta’s ability to monetize the metaverse through advertising may be a key factor in the development and growth of the concept.
While the role of Zuckerberg’s Meta company in the development and success of the metaverse is a topic of debate, it appears that the concept may be able to survive and thrive without Meta’s involvement. Skepticism among Meta employees, the cost and investment involved in the concept, and the potential for advertising to drive growth suggest that the metaverse may not be solely reliant on Meta’s involvement. However, Meta’s role in advertising may be a key factor in the development and monetization of the concept.
What Factors Have Led to Some Claiming the Metaverse to Be Dead?
The concept of the metaverse, a virtual world that combines elements of gaming, social media, and virtual reality, has generated a great deal of buzz in recent years. However, some experts and commentators have begun to question the viability of the metaverse as a concept. In this article, we will explore the factors that have led to some claiming the metaverse to be dead.
Horizon Worlds has not been the success Zuckerberg said it would be
Open-Source and Fragmentation
One critical success factor for the metaverse is open-source technology. As one commentator noted, “no company is big enough to create everything you’d want in a metaverse” [1]. A successful metaverse would require collaboration between many different companies and developers, as well as a shared set of standards and protocols to ensure interoperability between different virtual worlds. Without open-source technology and a unified vision, the metaverse may be fragmented and difficult to navigate, limiting its appeal to users.
Perception and Investment
Another factor that has led to some questioning the viability of the metaverse is the perception of the concept and its associated companies. Following Facebook’s rebranding as Meta and its focus on the metaverse, the concept has become strongly associated with the company. However, Meta’s recent loss of market value and investment in the metaverse project has led some to question the viability of the concept [3]. This perception may be limiting investment in the metaverse and leading to skepticism among users.
While the concept of the metaverse has generated a great deal of excitement and interest, some factors have led to questioning its viability. The need for open-source technology and collaboration between many different companies, as well as concerns over the perception of the concept and investment, have led some to question the metaverse’s future. However, it is important to note that the concept is still in its early stages and may evolve in unexpected ways as developers and companies continue to explore its potential.
Meta Layoffs
The recent layoff of more than 11,000 employees by Meta (the parent of Facebook, Instagram, and WhatsApp) in November 2022, followed by another 10,000 layoffs in March 2023, has led some to conclude that the metaverse is no longer a viable concept. However, it is important to understand that the decline of Meta was not due to its investment in the metaverse, but rather to its legacy investment in social media platforms. The company’s ability to track users and their data was impacted by changes to Apple’s ad-tracking policy in April 2021. The new rules resulted in a $10 billion loss for Meta’s advertising business, which represented nearly 25% of its net profit in 2021.
Despite these setbacks, Mark Zuckerberg, CEO of Meta, has remained committed to the metaverse. He rebranded Facebook as Meta and invested heavily in R&D and product development for the metaverse. The company had been preparing for this transition for several years, having rolled out its own open app store in 2012 and purchased VR headset maker Oculus in 2014.
Amara’s Law
According to Amara’s Law, which states that we tend to overestimate the impact of new technology in the short run but underestimate it in the long run, the metaverse is far from dead. There is evidence that those declaring the metaverse dead are underestimating its impact in the long run. Numerous technology trends, such as the increasing number of mobile devices and the development of GPUs, are pointing to the inevitable opportunity for the metaverse. By 2026, it is predicted that one in four people will spend one hour a day working, studying, shopping, and socializing in a shared virtual environment.
The pandemic has accelerated the creation and normalization of virtual worlds and virtual economies, with online gaming now among the world’s fastest-growing industries. The metaverse is not limited to wearable technology, and GPU-driven smart devices can render beautiful 3D images and connect to cloud-enabled virtual content. The question will be less about technology or access and more about our willingness to participate in virtual worlds.
In conclusion, the rumors of the metaverse’s death have been greatly exaggerated. Like the previous iterations of computing and networking, the transition to the metaverse will take time, but it is inevitable. This presents a significant opportunity for investors, as the best time to invest in future technology is before it exists.
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