The future of the metaverse looks uncertain. Interest in the Metaverse hit a record high in his January, according to Google Trends. Interest in the term plummeted in the second quarter of this year and has plateaued since.
BeInCrypto asks where this industry is headed and where are we after a year of market drama and Metaverse hype as they make billions of dollars in it .
The term “Metaverse” first appeared in the 1992 novel “Snow Crash” by Neil Stevenson. Initially, it was his sci-fi term for a virtual reality in which the user escapes the dystopian world outside. Since then, the term has moved from fiction to fact.
However, recent reports of metaverse adoption have been mixed. A CoinDesk article (using DappRadar data) reported that he only had 38 “active users.” Decentraland within 24 hours. sandbox There were reportedly 522 users at the same time.
The metaverse platform has rebounded. DappRadar numbers have unique wallet Handle interactions with smart contracts on each platform. Users without in-game tokens are not included. Many people use the Metaverse as their sole social platform.
So where are we standing?
The metaverse concept built on blockchain is a far cry from the accepted future of interactive media. Experts say it won’t necessarily be the dominant medium. AR and VR have been competing better for the attention of technologists, futurists, and academics.
So, is blockchain a necessary part of the future of the Metaverse?
Nils Pihl, co-founder and CEO of cryptocurrency and augmented reality specialist Auki Labs, said: “If you define the Metaverse as a spatial version of the internet where identity and ownership are managed by a blockchain, it feels like a cheap trick, albeit obviously important.”
“If blockchain had not been invented, the Metaverse could still have been conceived and built. He wasn’t the only visionary to explain the derelict future.”
Reflecting on the slump in interest, he said: Everyone was betting someone else would be interested. Build what people want to use, not what people want to sell. ”
The complex landscape of the metaverse
The layoffs of over 11,000 Meta employees last week sounded alarm bells across the tech sector. Given the prevalent skepticism about the metaverse, people are once again questioning the viability of business models based on concepts that have not yet been clearly defined.
For others, the concept of “true ownership” is still the main reason for blockchain-based metaverses.
John Burris, Chief Strategy Officer for VCOIN at IMVU, said: “Blockchain technology is what makes true ownership possible.”
All in all, we’re in the very early stages of metaverse development and I think we’ll see the industry gain more traction over time.When the turning point happens, we’ll all see it. In the meantime, we and other Web3 innovators will continue to build the infrastructure necessary to deliver a robust and dynamic experience to our users. ”
“Most of the entrepreneurs and innovators we interact with on a regular basis do not rely on Meta to move this field forward. It is unlikely that we will stop building.”
So what does the questionnaire show? It’s not entirely clear
While competing visions remain, a survey of Metaverse “enthusiasts” in October 2022 found: Sitecore I have shown a keen interest in many aspects of these new digital worlds. New experiences, escapism, online festivals and concerts, meeting new people, virtual testing of new products and services.
Again, this is an enthusiast survey. And many of these user experiences are unique to the metaverse definition. But there are still hurdles to overcome.
A previous survey of the general public by wonderman thompson intelligence We saw similar enthusiasm, but found that only 15% of respondents “knew what the metaverse was and could explain it to others.” This is a very concerning metric for the industry.
A November Survey by terrace International found that 65% of respondents believe the metaverse will become “mainstream” within five years. More importantly for businesses, respondents said they would pay a 5% premium for a product or service supported by a quality metaverse experience, with nearly 1 in 4 respondents They say they use up to 10% more.
It is unclear how these findings match reality. But according to multiple indicators, there is still enthusiasm for the Metaverse when people ask. Whether it makes it into actual use is another question.
There are bright spots to look forward to. Gartner identified six trends that will drive the use of the Metaverse over the next three to five years. This includes Metaverse games, which Gartner predicts will grow 25%.
Others include ‘spatial computing’ where real-world objects and landscapes can be digitally enhanced by adding invisible information.
In order to protect the natural heritage of Tuvalu plans its upload The whole country to the Metaverse. Their Foreign Minister Simon Cofe said, “As our land is lost, we have no choice but to become the world’s first digital nation.”
One thing is clear: we need a clearer idea of what the metaverse is and how it works. For Web3 natives and proponents of decentralization, blockchain is often important. Whether that dream will come true is another matter.
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