The platform is expected to be revived in the future, but is currently no longer the focus of the tech giants
With the promise of revolutionizing social and business relationships, Metaverse had to face two challenges to consolidate: expensive infrastructure and the sensational arrival of the new artificial intelligence (AI). The platform is expected to be revived in the future, but is currently no longer the focus of the tech giants.
In October 2021, the world’s largest social media company changed its name to Meta as a sign of betting on the Metaverse and the world turned its expectations to the new virtual reality. The financial market was quick to start speculating. In a short time organizations of the most diverse sectors embraced the idea, even without fully understanding the concept. The movement has stimulated the creation of services and products aimed specifically at the digital universe.
The company spent billions of dollars a month to keep the project alive and ultimately had to cut costs by freezing 5,000 hiring processes and laying off more than 20,000 employees.
Public disinterest
With growing public disinterest, Disney’s exit from the metaverse market, and more importantly, the increase in interest and research and development in artificial intelligence in the world, Meta has given up on the investments made in the last two years. At first it seemed promising, but after a series of mistakes, Zuckerberg’s company said this year that “the focus for 2023 is on artificial intelligence, messaging, creators and monetization”.
Today the market looks to other perspectives, but the Metaverse is not dead. While the topic isn’t as promising as it seemed a year ago, the concept still attracts businesses. In Brazil, Banco 24Horas joined Metaverse through the MetaSoul server. The Carrefour Group, on the other hand, has announced an action with games on the Metaverse, through the Sandbox platform.
Applications in the Metaverse have in fact evolved rapidly. Not too long ago it looked like this new feature was about to explode, but the crash was important in revealing that it’s just a nascent technology that has a lot to evolve, and that can still bring opportunities for the future.
Silicon Valley’s dream was that the Metaverse was an extension of life, where people could live with avatars, trade items, and even get married and buy land. The idea that everyone embraced the proposal of having a virtual representation has really failed, the hype has passed, but there is still potential to be explored in alternative ways allied to artificial intelligence, for example.
Fabiano Nagamatsu is CEO of Osten Moove.
Source: Terra
Rose James is a Gossipify movie and series reviewer known for her in-depth analysis and unique perspective on the latest releases. With a background in film studies, she provides engaging and informative reviews, and keeps readers up to date with industry trends and emerging talents.
