What’s The Latest with the Metaverse? Will it Ever be a Success?

You only have to Google ‘Metaverse’ to see plenty of people have differing opinions on this new style of social media. Many believe that because Mark Zuckerberg (the founder of Facebook) is in charge it can’t fail to succeed but there are others that can’t see where it could possibly have a place in the current way we use the internet. With rumours of job cuts, businesses ensure if they need to be a part of it and many people are still unsure exactly what Metaverse real estate really means, it could be a while before we see it take off in the mainstream.

Job Cuts at Metaverse

Recently Mark Zuckerberg announced that around 11,000 redundancies will be taking place at Meta HQ. People use Meta products like Facebook and Instagram for many different reasons, such as connecting with friends, for business, for reading the news, and even to search for the best slot offers so you would assume that large numbers of staff would be needed. However, it seems that recruitment at Meta has been overstretched and as such, a number of staff will be made redundant imminently.

There could be several reasons for the need to cut back, although a fall in share price resulting in around $76 billion being taken off of Meta’s value could be part of the reason. There has been a poor outlook for the technology venture for a few months although Zuckerberg has talked about a strong future and the fundamentals in place to ensure that revenue growth does happen in the future.

Should Businesses Be More Involved in Metaverse?

When Metaverse was first launched it was marketed as a platform that was going to change the way we all used the internet. Rather than just viewing content, Metaverse would be a virtual world where we could all be in the content instead. Talk of Metaverse real estate and how we would be able to virtually visit businesses and brands seemed exciting, but the truth is that take-up has been less than expected – which would, of course, explain some of the reasons behind recent job cuts.

If you speak to Zuckerberg he’ll tell you that businesses not taking up space in this virtual reality world are missing out on the next big thing and that they should absolutely be a part of this new way to use social media. However, with many industries still working out the most effective way to carve themselves out a space on the likes of Tik Tok, Metaverse simply isn’t even on their radar.

Over recent years businesses have become much more used to working remotely and connecting with team members via Zoom and Microsoft Teams but that doesn’t mean that they need to change things and have a virtual office via Metaverse, which is something that has most definitely been talked about in their marketing. A recent tweet even talked about Metaverse characters soon having legs and whilst the video has received 4.7m views, there hasn’t been a massive increase in popularity for the platform.

Will Metaverse be a Success?

There are of course varying opinions on whether Metaverse will ever be a success, it certainly hasn’t had the overwhelming launch the likes of Tik Tok had. However, even looking at Tik Tok and the versions of it came first it is easy to see that small tweaks can change how an audience sees a platform and that can massively increase its popularity. People are well versed in the likes of live video streaming and connecting with friends and family virtually, so is it such a leap to say that accessing this via virtual reality could soon be a realistic choice?

A quick search on the internet will show that many experts already have Metaverse down as a failure – but that doesn’t mean that the concept won’t take off at all. After all, the likes of MySpace and Bebo might not have been as successful as Facebook and Instagram but there are definite arguments for them helping to start social media off in the right direction.

One of the biggest obstacles facing Metaverse at the moment is the cost of equipment – with virtual reality headsets still a costly concept. When you consider that the likes of Apple are bringing out equipment with price tags of around $2000 it is easy to see why lots of people would be put off. This is especially true because Metaverse hasn’t yet taken off in the way that Zuckerberg might have liked, so people aren’t been drawn in by the fear of missing out – because as yet, there isn’t much to miss out on.

The Future of Virtual Reality

The truth is that virtual reality as a concept might well be something that sticks around, but possibly not via the Metaverse. We know that users like the added element of games where it feels much more like real life – such as live dealers at online casinos and watching others streaming their gaming experience via twitch. With this type of gaming already popular, it could be that virtual reality picks up in popularity and will soon be the only way that people want to game. That said, the cost of equipment needs to be much more affordable before most households will be able to consider it a justifiable purchase.

Whether we’ll soon be visiting the bank via a VR headset in our living room is another question that will need to be answered as it happens. Those behind the technology will of course want that to happen but experts are split in their opinion as to whether it is something that is actually likely to happen anytime in the future.

What we do know is that Metaverse is something brand new and that there is plenty of room for change and growth before it is written off completely. Zuckerberg certainly has the power and the funds to take a risk so let’s see what happens over the next couple of years.