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Metaverse: disentangling the value from the hype
An overview and mapping out of relevant trends related to the Metaverse, created with the Reply Sonar Platform.
Constructing the Metaverse
The recent explosion of the metaverse onto the public scene came from a combination of technological growth, the popularity of blockchain-based currencies and assets, emerging interest in 3D online spaces, and Big Tech’s newfound dedication to a decentralized Web3. With so many iterations and use cases, the metaverse is a tricky thing to define. Instead, we often classify metaverses by their dependence on certain building block technologies: these include decentralized information in distributed ledgers (e.g., blockchain), AR/XR/MR/VR, volumetric video, 3D engines, mobile and haptic interfaces, machine learning, and more.
The Metaverse Hype-Cycle
By using our Reply Sonar Platform, we can create an overview and mapping out relevant trends related to the Metaverse based on their occurrence within expert media articles, mass media, patents and scientific publications.
Timeframe: Dec 2021 - Nov 2022
Emerging experiences in the metaverse
More relevant than the mere technological building blocks of the metaverse are the distinct “experiences” that have evolved in this digital space. We have chosen to put our focus here, attempting to better understand the metaverse by examining current and developing practices in each sector and the business value they create.
Initial challenges for moving forward in the Metaverse
Barriers to growth
From a technological standpoint, the expansion of the metaverse hinges on the scalability of spatial computing, internet bandwidth, and energy efficiency, as well as navigating interoperability protocols if we truly want to see a networked virtual world.
Security
As technology rapidly facilitates the creation of new worlds, users and creators are challenged to redefine social norms of access, etiquette, and performance. We must answer the questions of who has authority in a decentralized world and who manages social order and protects users from nefarious activities.
Consumer Acceptance
While Gen Z may be embracing the metaverse (particularly in the gaming realm), and some corporations see its business value, others are struggling to imagine the utility of these networked digital worlds. In particular, the issue of access to the metaverse remains a barrier, as VR headsets and haptic devices are not ubiquitous household items.