The promise of a perfect and highly immersive world has been articulated by many figures in the tech industry; as a professional in the field, we will analyze the potential rise of the metaverse in practical terms.
The concept of the metaverse has exploded in recent years, and it has become truly impossible to remain unaware of its fundamental principles. Countless news outlets from around the world have discussed and spread the basic features of this new virtual world to everyone.
As with any wave of astonishment surrounding a new technology, there are ups and downs. In recent months, several multinational companies have had to cut back on metaverse development, both due to the substantial production costs and the dwindling interest from the public (largely overshadowed by the advent of Artificial Intelligence, ignoring the potential for synergy).
However, many companies are continuing to develop their concept of the metaverse, ignoring the various issues that should not be underestimated, which could further jeopardize the sector, at least in the short term.
Let’s start with the most obvious and practical point: the metaverses available today are anything but graphically detailed, even though we can currently create photorealistic environments according to our preferences and manage three-dimensional scenes based on real-world physics (think of software like Unreal Engine). The gap lies in the hardware limitations faced by the average person trying to access it, much like logging into Facebook or Instagram from a smartphone, for example.
At the moment, without access to a machine worth several thousand euros (generally a desktop PC, which is a significant accessibility limitation), it’s impossible to achieve graphics quality even remotely close to reality. Furthermore, the suitable components currently available have energy consumption that cannot be ignored, making them environmentally unsustainable on a large scale.
Another issue to consider is the existence of dozens (if not soon hundreds) of companies developing their own metaverse. Without intercommunication between these virtual worlds, they will all remain just “any other video game.” Furthermore, by having to share the current available market, it results in fragmenting the intrinsic social aspect of the metaverse.
As a result, multibillion-dollar entities like Disney and Meta simply shutting down their virtual worlds and losing money in vain?
Absolutely not. Just as it happened with the rise of the web, after assessing the market, becoming aware of the costs, and gauging the global response through media resonance, they understood one thing: the realization required substantial investments.
However, being leaders in other sectors, they have ample liquidity, so they are now saving to acquire small to medium-sized entities that will be able to create a valid product, spending much less overall than if they were to develop everything from scratch.
Nevertheless, some might wonder why, personally working in the field, I consider it invalid at the moment. I respond to this question with further considerations.
The technological upgrade brought by blockchain and NFTs, creating an ecosystem where everyone owns their assets, plays a crucial role in making the arrival of the metaverse imminent and certain.
The possibility to address the shortcomings of public systems such as digital identity, ownership certification, and control of one’s own money will not be underestimated in a few years.
The evolution of both software and hardware technology has never had such a high growth rate, and the upward trend continues unabated.
I’m not expressing just my opinion; many institutional bodies and private investment funds recognize the potential of the metaverse and the NFT sector, sharing dozens of analyses that predict a significant increase in their value over the next ten years.
To speak concretely about the metaverse, we are definitely ahead of the curve. On the other hand, I believe its arrival is imminent, and it will fulfill its promises within a few decades, following the pace of hardware development, the gradual digitization of society through generational turnover, and the increasing inflow of money into the blockchain and cryptocurrency universe.
For now, we await a well-constructed product in all aspects, one that can not only adequately represent a counterpart of the real world but also provide an authentic tangible experience capable of engaging all human physical senses. This is essential to make interaction and socialization in virtual worlds realistically captivating—an essential premise to instill in the target audience the idea that perhaps a peaceful and boundless world can be even better.
I thank everyone who has read my analysis and invite anyone who wishes to have further insights or simply wants to discuss innovation to contact me on LinkedIn.
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