The metaverse has suddenly become a huge business, with companies like Meta (formerly Facebook), Microsoft, Epic Games, Roblox, and others establishing their own virtual worlds or metaverses.
Virtual reality platforms, gaming, machine learning, blockchain, 3-D graphics, digital currencies, sensors, and (in certain circumstances) VR-enabled headgear are among the technologies used in the metaverse.
With many high hopes and technological changes or transformations from the platform, Metaverse’s popularity has only grown. However, the big question is, will metaverse live up to its future expectations?
Or can the metaverse fail? To answer these questions, I have come up with the top 8 reasons why the metaverse can fail and some of the major threats to the metaverse, and why they might lead to its demise.
Will Metaverse Fail in the Future?
There are many reasons to be optimistic about the future of the metaverse, but there are also several severe threats that might lead to its demise. While some people believe this is fantastic, others disagree.
The world is still a long way from witnessing Metaverse in action and determining its viability. After using Second Life, Roblox, Fortnite, Minecraft, Horizon Worlds, VRChat, and other similar games, it was discovered that the greater notion of the Metaverse is overhyped.
Metaverse will fail because it does not significantly enhance our lives; it is attempting to solve problems that we do not have, and it is the incorrect solution to our problems. Unless a product makes our lives easier, it will fail. It must solve real-world problems.
Furthermore, the product must be simple to use; if it complicates our present task without providing considerable value, it is pointless. This leads us to think that there is a possibility that the metaverse can fail in the future.
Here’s how metaverse can fail:
Let’s face it, we’re alright without the Metaverse right now. It isn’t tackling any world problems, hence its adoption will constantly suffer. Especially in emerging and low- and middle-income nations, where people choose technology that disturbs positively rather than something flashy.
When it comes to real answers to our issues, the influence of the metaverse goes a long way. It may help professionally at work, but when it comes to problems and delivering answers, nothing surpasses a human’s ability to swiftly come up with solutions to complicated issues, rather than a computer.
The foundation is founded on a blockchain, which enables cryptocurrencies, dao, and other elements for a “more efficient” and goal-driven environment. However, these technologies are finding it difficult to gain traction in places where strict rules are in place. This legislation might take years to pass.
Furthermore, adoption is still widely dispersed and is not seen as a valid necessity by the general public. The belief in the traditional money system is here to stay since it is so handy and universal.
Limited Use Cases:
There are currently few use cases for Metaverse that would be of interest to the average person. Developers and early adopters who are excited about the platform’s potential constitute the majority of its users. Except for games, there isn’t much the typical person can do with Metaverse right now.
However, this comes at a high cost for about an hour or two of play. Access to the metaverse is also expensive, which is one of the reasons it will have fewer people. This might change in the future, but it will be a challenge for the team to overcome.
Lack of business models:
A workable and successful business model is required to chart the future of a product or organization. Despite the fact that the concept has been popular since 2018, the Metaverse currently lacks a defined business strategy and income streams.
So far, the team has relied on donations and investments to support its progress. It is unclear how they will make income in the future. This might be a concern if they are unable to earn enough cash to continue their development initiatives.
Data Privacy and Security:
Security is the most important aspect of any technological platform in the digital sector. Users’ security should be the first priority for digital businesses. When it comes to the Metaverse, however, there are some issues concerning privacy and security.
It is unclear how private information will be secured or users will be protected in a virtual environment where people are represented by avatars. Cyberbullying and other types of abuse are also possible in a virtual environment. These problems must be addressed.
For every technological product to penetrate the general market, user experience is critical. Consider the history of the smartphone: the product that gained the mass market was not the first to use the technology, it was the one that developed a superior product.
Creating an interesting and immersive user experience is a difficult task for any virtual world. Metaverse will have to find a method to differentiate itself from the competitors in this area. Otherwise, consumers may not perceive the benefit of spending time on the site.
Catfishing in Online Dating:
It’s difficult to imagine a less enjoyable form of dating than what people have been doing in real life for nearly all of history. Consider dating where you don’t even know what the other person looks like. More than what currently occurs through catfishing on existing dating apps. Match Group, Tinder’s parent firm, is said to be working on something similar.
Match Group, in particular, has sketched out hazy future ambitions for avatar-based online dating places where you meet people in a somewhat more organic way than swiping left or right on an app screen. Why add to the problems of trust and transparency that already exist in online dating?
Meta’s promise roughly spans two areas: virtual reality and augmented/mixed reality. The dominant industry is, of course, gaming, which is the primary, if not the only, driver of VR hardware sales. Indeed, Zuckerberg spoke extensively on gaming during his presentation, and how games would play a significant role in Meta’s metaverse.
The idea is that you don’t need a large stage to appreciate them. In a manner, every computer game (whether VR or not) is a miniature metaverse in and of itself, where you may morph into a soldier, mobster, general, race driver, or business tycoon, and then log back out into the real world when you’re done living your parallel, digital adventures.
The metaverse, which is effectively a 3D version of the internet, is the next big thing in technology. However, it still has a long way to go before it enters the mainstream and becomes popular with the general population.
To improve usage, metaverse platforms should prioritize user experience and reduce entrance barriers. To avoid appearing like the world’s largest metaverse hater, there will undoubtedly be beneficial, transformational uses for the platform in the future.
People with innovative ideas will undoubtedly benefit from technology this wide and diverse. The Metaverse sounds fascinating, but it has several flaws that throw doubt on its eventual performance in the real world.
Many individuals still enjoy engaging with others and playing games with their pals in real life, thus the metaverse may not be the best option for them. However, it is an exciting moment to wait and discover what the metaverse has in store for the future.