The Metaverse is going through a rough time. Although tricky to define, the amalgamation of technologies has long been touted as the future of tech. Learn how Digital Twins and the Metaverse could become essential partners to propel this technology into the mainstream.
The last few years have seen unprecedented growth and investment in Metaverse technologies. It was only in 2021 that Bloomberg predicted that the global Metaverse revenue opportunity could approach $800 billion in 2024. So when Facebook decided to focus their efforts on the sector and changed its name to Meta, it felt like the next generation of technologies was arriving.
And yet, in the last few months, there’s been a downturn – the tech layoffs have yet to help matters, while analysts and consumers have felt that technological progress has not been as expected despite big spending. For example, Decentraland, the metaverse company combining virtual reality with real estate, has a valuation of over $1 billion but was shown recently to have as few as 42 users a day.
A prevailing opinion is that outside of the gamification of consumer experiences, the Metaverse is not solving serious problems at scale for customers. Instead, it’s commonly thought of as providing virtual consumer experiences, like a super-charged version of Second Life from a generation ago. But even with that audience segment, it has yet to pique the interest of Gen Z as experts thought it would. A recent research report by Piper Sandler shows that 50% of teens surveyed are unsure about “the Metaverse” or don’t have any interest and don’t plan to purchase a VR headset.