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- 1 Harvard Business School released a study regarding the future of the metaverse.
- 2 With proper arguments, the study tries to reason for the delay.
The recent boom of generative AI has eclipsed the metaverse, a technology that promised a different world. So, how long before one starts to live in it? Mark Zuckerberg remanded Facebook to Meta, showcasing his belief, but has left the dream for multiple reasons. Also, the masses are yet to see the promised growth of the virtual world.
Metaverse: A Distant Dream is Right Round the Corner
Microsoft-backed OpenAI released ChatGPT, an application that took the world by storm, becoming the most downloaded app in recent history. Metaverse was once touted as the future of immersive 3D technology, where the only imagination was the only limitation. Looking at recent developments in the field, it has drifted off course.
A new case study by the Harvard Business School says that the decades-old “pendulum of metaverse hype” started swinging towards skepticism in 2023. This can be attributed to massive layoffs by significant tech corporations and reduced funding for virtual reality development.
Harvard Business School (HBS) Associate Professor, Andy Wu co-authored the paper with David B. Yoffie, the Max and Doris Starr Professor of International Business Administration at HBS, and Matt Higgins, a senior researcher at HBS California Research Center.
The case study shows that the Metaverse technology failed to evolve at the expected rate. It also emphasizes the potential of the technology to be genuinely transformative to change companies, industries, and even society one day. But to accomplish what it promises, initial roadblocks of developmental challenges must be addressed.
Also, it needs to answer a few burning questions: Will it open an interoperable and open virtual world similar to today’s internet? Or will it be a closed 3D universe controlled by one or multiple companies, similar to how mobile operators control the network? Or will it be like the movie “Ready Player One” where one company enslaves everyone?
When Will Metaverse Finally Arrive?
The industry has been saying for the last 10 years that the metaverse is one year or five years away. They have been pushing this timeline for years. Hence, the HBS study tries to make a compelling case that the final arrival date still needs to be determined. Even though the foundation and basic idea exist, the technology required is hidden away in the future.
Currently, many industries are using virtual-reality technology to a greater extent. For instance, the construction industry uses technology to advertise the dream home, giving the potential buyer a glimpse. The medical industry uses this technology to understand ailments better.
Multiple gaming companies like Minecraft, Roblox, and others are extensively using the technology to provide an immersive game experience. HBS study further states that,
“We still haven’t seen what that killer app is going to be for the metaverse. It is like we are trying to talk about the internet, but email hasn’t been invented yet.”
The newly launched Apple Vision Pro promises an immersive VR experience, but the company has not mentioned it as a tool to enter the metaverse. Moreover, the current technology is yet to evolve to facilitate the promised virtual world. For now, people have to suffice with joining the events in the metaverse, enjoying Snoop Dogg concerts from the comfort of their homes, and playing immersive games.
Metaverse is far from dead; it is struggling for survival. It still needs to be answered as to when it will be possible for users to live in the metaverse.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
