Metaverse Hype is Dead, But the Time is Now Ripe to Build the Digital World
The metaverse hype is dead, according to Vishal Shah, vice president of metaverse at Meta. But don’t be too quick to think that we won’t be hearing from Zuckerberg and his team again about the metaverse. According to Shah, the time is now ripe to actually build the digital world.
The Hype is Over, Time to Build
Vishal Shah, vice president of metaverse at Meta, does not lose faith in the metaverse. According to him, only the hype around the fact has died out. He said that during Fortune Brainstorm Tech that took place last week. Given the news lately surrounding the metaverse, with Gartner stating that there is a lack of interest in the metaverse, we’ll let you judge for yourself how you feel about the VP’s statement.
“I’m actually quite happy that there was both a hype and a low point of disillusionment last year,” said Shah. “But now we can put our heads together to build, because that’s what it takes to build something that’s hard to replicate and it does.”
For the time being it looks like we are mainly sobering up after a long night out. If we look at the whole from the perspective of Gartner’s hype cycle, then according to Shah we are now in the third phase ‘Through of Disillusionment’, a phase in which interest decreases because the technology cannot live up to its expectations. We have already passed a phase of ‘Innovation Trigger’ and ‘Peak of Inflated Expectations’. What awaits us is a phase in which it becomes clear what technology can now offer in a business context.
AR or VR: Who Will Win?
Opinions are divided on what the future holds for the metaverse. Gartner sees a future only for AR in the latest study, a position that speaks in favor of Apple. The research firm argues that AR can offer a solution to the challenges of the metaverse. Meta thinks she can handle those challenges.
Europe also thinks they are h must already prepare for the “new technological transition” and is already building a strategy to regulate the metaverse. “Virtual worlds will affect the way people live together, bringing both opportunities and risks that need to be addressed. The new strategy aims for a Web 4.0 and virtual worlds that reflect the values and principles of the EU, where people’s rights are fully respected and where European companies can thrive.”
The EU is currently still using woolly language, which does not contain anything concrete. That is already nicely in line with how the metaverse currently looks. We do note that with this text the word ‘metaverse’ is not used literally. It cannot be ruled out that the final legislative text will deal with AR, if that turns out to be the dominant virtual world. AR is just a watered down version of virtual reality, mixing the real world with the digital world.
Innovations for a Niche Market
We can’t wait to see what innovations Shah will bring to the digital world, now that he can work in peace. In any case, the innovation will have to be tailored to a niche market, as the metaverse is still in its infancy. It is therefore important to focus on the development of a few products that can be used in the short term.
It is clear that the metaverse is still in its infancy, but the potential is there. It is now up to the developers to make the most of it. With the right strategy, the metaverse can become a reality. We are looking forward to seeing what the future holds for the metaverse.