The marketing industry has a habit of gravitating towards the latest tech trends, and the metaverse was no exception. However, as AI began to take center stage, the once-hot topic of the metaverse started to lose steam. But, was the metaverse really doomed from the start or simply overtaken by other technological advancements?
Metaverse’s Missteps
The hype surrounding the metaverse led to an environment where faith in the technology often outweighed the actual facts. The discourse became polarized, with individuals identifying as either metaverse maximalists or scathing skeptics. As a result, the potential for meaningful discussions about the technology and its societal implications was lost amidst exaggerated claims and PR stunts.
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A Shift in Focus to AI
As the metaverse failed to deliver on its promises, attention turned to AI and the tangible opportunities it presented. Companies like Meta have shifted their focus towards AI, as demonstrated by the impressive advances made by ChatGPT and MidJourney.
True Pioneers of the Metaverse Emerge
Despite the hype dying down, the metaverse is not completely forgotten. Epic Games is at the forefront of developing the virtual spaces of the future. They introduced Verse, an open-source programming language aimed at platform interoperability, and unveiled a new revenue-sharing model called Creator Economy 2.0.
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Gaming as a Stepping Stone
Popular gaming platforms like Roblox, Fortnite, and Minecraft, with over 420 million monthly global players between them, represent a potential stepping stone towards the metaverse. These platforms are available across devices and boast significant digital ownership, which is essential for the metaverse.
Generational Shifts and Media Habits
Gen Alpha, born after 2010, are growing up with significant changes in media habits. Ofcom’s 2022 report revealed that six in 10 children aged three to 17 played online games. As these children grow older, it remains uncertain what platforms they will gravitate towards, but Roblox and other platforms are working to adapt and cater to older audiences.
The Convergence of AI and the Metaverse
Ironically, AI may be the key to bringing the metaverse to fruition faster than anticipated. Advancements in AI-powered generative rendering and natural language interactions could speed up the development of the metaverse, allowing it to finally deliver on its promises.
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Conclusion
In conclusion, while the metaverse has experienced setbacks and a decline in popularity, its future may not be entirely bleak. As AI continues to advance and potentially converge with the metaverse, we may see a resurgence of interest in this once-hyped concept.