Is the Metaverse Dead? | Silicon UK Tech News
Two years ago, the Metaverse was heralded as a new age for virtual interaction, collaboration, and entertainment. For many, the Metaverse has withered on the vine as investment and interest have switched to generative AI. However, is the Metaverse really dead? Or has this technology just moved out of the spotlight for now?
For many, the Metaverse as a technology has failed so far to live up to the hype. Despite billions invested, VR generally has not set the business world alight. Indeed, Microsoft closed the development of Altspace VR, which it bought in 2017. Today, the Seattle giant is firmly betting on generative VR with massive investment in OpenAI. So, where does this leave the Metaverse? Just for gamers? Could Apple’s mixed reality Vision Pro deliver the kind of immersive experiences the Metaverse had promised, at least to those that can afford it?
Gartner points to an extended timeline for the Metaverse with its hype cycle prediction placing the Metaverse that Meta envisioned being several years away from practical applications. As with many technologies that took time to evolve and develop, it may be too early for the Metaverse to make a real impact – but an impact it will make as the hardware and software that supports it also evolves and develops. McKinsey report that in the first half of 2022 alone, over $120 billion was invested in Metaverse technologies.
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