Tuesday, 16 July 2024

What is Metaverse.. Why all this debate?!‎

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There is still much debate about what “Metaverse” actually are. We have a long way to go towards its practical reality. In the past year, the media has focused intense attention on the Metaverse, and it looks like the debate will continue as we grapple with what some consider the future of the Internet, or a concept doomed to fail, for others.

Virtual world:

The social networking company Facebook launched a virtual world in 2019 under the name Horizon World, i.e. the world of the horizon, and Mark Zuckerberg, owner of Facebook, announced the change of the company’s name to Meta Platforms and officially announced the company’s commitment to developing Meta Platforms, and it resulted in the development of many virtual world technologies Meta Platforms. The move drew a lot of criticism, as it was a violation of the user’s privacy, in exchange for the company’s continued focus on developing the Meta-platform side.

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According to CMSWire, the central question for many marketing teams and digital teams is whether they need to act now? Do they start planning for a future where Metaverse is a central place in which we interact with brands, do they reject it all at once? Is it Zuckerberg-driven nonsense, or are they practicing the “wait and see” theory?

Challenges ahead:

According to the site, there are four prominent challenges about Metaverse that we need to overcome before we assume that Metaverse will play a pivotal role in our digital lives.

Defining Metaverse: One of the main challenges is being able to define what a Metaverse is like many terms associated with technology and future opportunities, there is some common understanding of what it generally encompasses conceptually, but in fact there is no consensus whatsoever on what it really is or will become. Which contributes greatly to causing great confusion around it, one thing we can say categorically according to the site is that Metaverse is not just a project launched by the Meta company.

Some would like to create this impression, but the term and concept have been around for longer than the “idea” announced by Mark Zuckerberg. In fact, Metaverse can mean many things to different people including:

The next generation of the Internet

* A virtual world, related to “virtual reality” VR and “augmented reality” AR

* A series of virtual worlds that are linked by common standards and identity where people can move from one to another where people can start creating and building within this world.

* All of the above and more

One specific factor causing confusion is the description of the Metaverse in the singular. It can be said, at the present time, that the Metaverse is a series of virtual worlds.

At the same time, a poll conducted by the site indicates that current levels of interest are, in fact, much less positive. In CMSWire’s latest State of the Digital Customer Experience report, 42% of organizations currently pay no attention to Metaverse at all and another 39% take a “wait-and-see” attitude.

This current negative attitude towards the Metaverse is likely to fuel misconceptions and confusion about what it really is. With so much hype around it, it’s hard to dispel the confusion and have a reasonable discussion about how we can develop something that really has potential.

Immaturity of Experience One problem is that the actual Metaverse experience is still not mature enough to achieve the scale and role envisaged for it. The lack of maturity is marked by Zuckerberg’s announcement of the Avatar and its new adaptations, an assertion that many derided as evidence of the folly of the entire Metaverse project.

The site indicates that the project requires cooperation between giant technology companies such as Meta, Alphabet, Microsoft, Apple and Amazon.

Investment destination:

According to consulting firm McKinsey, companies, venture capitalists, and private equity invested $120 billion in the Metaverse universe between January and May of 2022. It is greater than the amount invested in 2021, which amounted to 57 billion dollars

According to the “Euro News” website, Microsoft, Alphabet, Vidia, and Roblox are investing heavily in virtual reality technology, in addition to Facebook, which changed the name of its company to Meta, in a step towards taking Metaverse as an important part of its business strategy in the future.

It is estimated that the Metaverse market could reach a value of $800 billion in just two years and could contribute $3 trillion to the global economy in the next decade.

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