The initial frenzy surrounding the metaverse, touted as the future of the 3D web, has given way to a more pragmatic assessment. Early visions of the metaverse fell short of expectations, emphasizing gamified virtual reality experiences with limited real-world applications. As the hype bubble bursts, it’s crucial to take stock of the current state of play for this emerging technology and examine what the future truly holds. While challenges lie ahead, the potential remains promising.
Key Elements Shaping the Future of the Metaverse:
1. Rebalancing Pricing Models:
The metaverse faces the challenge of unrealistic return on investment (ROI) expectations that surged during the hype phase. With a focus on real-world value and utility, there’s a need to rebalance the industry, fostering a more sustainable and credible metaverse landscape.
2. New Business Models Aligned with Users and Clients:
Metaverse builders must reassess their business models, prioritizing understanding clients and users. The era of speculative “scarce land” purchases in the metaverse is fading, emphasizing a focus on prolonged vision and strategy over hype.
3. Prioritizing Use Cases and Functionalities:
Building strategies for growth with clear use cases and functionalities is crucial as more brands enter the metaverse market. The emphasis should shift from token launches to creating defined virtual worlds with seamless customer experiences.
4. Identity, Safety, and Security Concerns:
Identity, safety, and security remain paramount concerns as the metaverse evolves. Constructing virtual realms that reflect society accurately, ensuring inclusivity, and implementing robust KYC verification and moderation systems are essential. New governance standards and regulations are needed.
5. Community-Centric Approach:
The metaverse’s objective should evolve from being a quick brand activation to opening new engagement channels between brands and users. Platforms prioritizing collaboration, feedback loops, and rewarding user-generated content, such as Fortnite and Zepetto, set benchmarks for an immersive and interconnected metaverse.
6. Metaverse as a Business Layer:
Beyond entertainment, the metaverse is becoming a business layer, adding a new dimension to engagement and commerce. Applications in human resources, employee training, and virtual collaboration redefine work, with companies like Accenture leveraging the technology for interactive onboarding. Industrial applications, particularly in the auto industry, showcase the metaverse’s potential for innovation and efficiency.
In conclusion, while we are in the early stages of metaverse development, the burst of the hype bubble prompts a much-needed reality check. It’s time for collaborative efforts to build a robust, credible, and sustainable phygital frontier that benefits all stakeholders.
