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In context: Mark Zuckerberg’s belief in the metaverse remains unwavering, but not everyone shares his belief that this virtual/mixed reality vision is the future of how we work and play online. One is market research firm Canalys, which predicts that most business projects in the metaverse will be closed by 2025.
Reality Labs, the division that focuses on Meta’s hardware and metaverse ambitions, has lost about $16 billion since early last year and is cutting back as a result, including the dual-camera smartwatch. But Zuckerberg still believes the metaverse will yield hundreds of billions, if not trillions of dollars over time. That’s despite the skepticism shared by half of all teens and some Meta employees. Even John Carmack expressed caution about these ambitions.
The Register reports that Canalys is in the naysayer’s camp. At the company’s Channels Forum in Barcelona, Matthew Ball, chief analyst at the company, asked, “Is the metaverse the next digital frontier or an overhyped money pit?”
“Tens of billions of dollars have already been invested, costs and delays to Meta’s own progress is a barometer.”
Sneak peek of the future today at Meta Connect”:
… Our first mixed reality device @MetaQuestVR Pro
… The start of a new way of working in the metaverse
… On the edge @RealityLabs research to build technology that connects peopleRead more ‘ pic.twitter.com/2c1i7AAm7U
— Meta (@Meta) October 11, 2022
Ball made a good point about the effect of the current global economic climate on the metavers. With rising inflation and job losses, many people struggle to make ends meet when it comes to everyday living expenses such as rent, food and utilities, so investing in virtual items like NFTs probably won’t be tempted.
Ball did admit that gaming is an area where the metavers can find success, as is “adult entertainment,” but business will struggle.
Nevertheless, major companies such as Microsoft, Nvidia, Apple and Google continue to invest in the metaverse. Consultants estimate that $177 billion has already been plowed into the platform, and that figure could be between $5 trillion and $13 trillion by 2030.
Rival research giant Gartner is more optimistic about the metaverse. It believes that by 2026, a quarter of the world will shop, work, socialize or learn in the virtual world for at least an hour a day, with 30% of organizations offering products or services in this digital landscape.
Earlier this month, Meta unveiled the Meta Quest Pro, a $1,500 standalone headset designed to work in the metaverse. It also raised the base price of the Meta Quest 2 to $400. The Meta Quest 3 should have a lower price next year, but Meta still faces a challenge in getting people interested in the metaverse, and companies that are interested in the platform. have invested may suffer as a result.
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