Tag Archives: meta

The Buzz and the Truth About the Metaverse – Is It Truly Our Future?

Reading Time: 5 minutes

Only a year back, the metaverse was celebrated as the next frontier in digital engagement, with major tech companies pouring billions into it and enterprises eagerly vying for their piece of virtual property. Nevertheless, worldwide curiosity regarding the concept of the “metaverse” has decreased by 90%, and the worth of virtual properties has fallen by 80%—a more significant drop compared to physical properties in the same timeframe. Many of the highly promoted decentralised virtual worlds have faced challenges in keeping users engaged, prompting critics to argue that the metaverse was simply a bubble driven by corporate advertising and overly optimistic expectations.

However, this perspective fails to recognise that we are merely transitioning past the height of the initial excitement phase. A significant number of business leaders and experts express a positive outlook regarding the long-term effects of the metaverse, as evidenced by a survey indicating that 95% of global executives anticipate it will be essential to their industries in the coming five to ten years.

This piece delves into the current landscape of the metaverse, distinguishing between exaggerated claims and actual conditions, while assessing its potential for sustained business significance.

1. The Anticipation: A Virtual Paradise That Has Yet to Materialise

Exaggerated Anticipations & Market Downturn

In the midst of the surge in digital environments, there were significant corporate investments, expectations of virtual property expansions, and forecasts of a completely immersive online economy. However, on this day:• The prices of virtual land have plummeted, leading many initial investors to reconsider their choices.• Certain virtual environments have faced challenges in attracting daily active users, resulting in vacant digital areas. • The public’s fascination with Web3 innovations such as NFTs and cryptocurrency, which were frequently associated with immersive online experiences, has diminished, impacting overall market excitement.

Some critics contend that the metaverse represents a solution in search of a problem, rather than an essential advancement in technology.

The merging of concepts surrounding Web3 and the decline of Blockchain technology.

The metaverse is frequently mistaken for blockchain, NFTs, and Web3; however, despite some overlap, they are inherently distinct concepts. The downturn in cryptocurrency and NFTs has played a significant role in the waning momentum of the metaverse, given that numerous initial projects in this space were closely linked to speculative investments in digital assets. Nonetheless, the idea of the metaverse reaches well beyond just blockchain uses.

2. The Truth: Expansion of the Metaverse in Specific Sectors

Even in the face of challenges, certain metaverse platforms are flourishing, showing that although the excitement has diminished, genuine usage continues to grow.

Gaming and virtual entertainment are at the forefront of innovation.Roblox currently has 58.8 million daily active users, reflecting ongoing user involvement.• Sky: Children of the Light organised a concert that brought together 4,000 attendees at once, showcasing the possibilities of collective digital experiences, attracting a total of 1.6 million viewers.• Fortnite and Minecraft remain incredibly popular, merging gaming, virtual social environments, and engaging experiences.

Enterprise applications are increasingly on the rise.

A growing number of companies are redirecting their attention from the buzz surrounding consumer-oriented metaverse concepts to more pragmatic business uses.• Applications utilising augmented reality are being incorporated into business tools and mobile applications, providing tangible, real-world benefits.• Platforms for virtual collaboration, such as Meta’s Horizon Workrooms and Microsoft’s Mesh, are being examined for purposes like remote work, employee training, and virtual meetings. • Nvidia’s Omniverse is pushing forward applications in the industrial realm, enabling real-world simulations in areas like manufacturing, logistics, and engineering.

These applications illustrate that although the metaverse is not completely developed at this stage, its fundamental technologies are progressing in particular areas.

3. What Lies Ahead? Significant Progress in Technology

As the metaverse transitions from its initial excitement, various significant developments will influence its trajectory:

1. Enhancements in Equipment and Decreased Expenses• The development of AR and VR hardware is progressing, leading to more accessible and comfortable immersive experiences.• The upcoming headsets from Apple and Meta are anticipated to significantly enhance consumer engagement.• Prices are steadily dropping, potentially leading to wider acceptance among the general public.

b. Open Standards for Seamless Integration

A significant obstacle facing the metaverse is the disconnection among numerous virtual worlds. This is gradually evolving:• Universal Scene Description and Graphics Language Transmission Format are increasingly being recognised as standardised formats for 3D content.• Organizations such as Niantic, Blippar, and Nvidia’s Omniverse are working on solutions to facilitate simpler content creation and enhance cross-platform compatibility.

c. The Role of AI and Automation in Producing Content

The incorporation of AI-driven content creation tools will streamline the process of producing virtual assets, environments, and interactive experiences, simplifying the path for metaverse development.

These advancements indicate that although widespread consumer acceptance of the metaverse may still be some time off, the technology is progressing in ways that will enhance its sustainability in the long run.

4. Transitioning from Initial Excitement – Prioritising Business Value

The primary takeaway from the early excitement surrounding the metaverse is that companies ought to shift their focus from “What can we do in the metaverse?” to asking: • “How does the metaverse enhance our business growth and innovation strategy?”• “Is it more beneficial than the current digital platforms?”• “What are the distinct advantages of incorporating the metaverse?”

For example: • Retail brands ought to evaluate the metaverse as a platform for marketing and engaging with consumers, measuring its effectiveness in relation to social media and e-commerce.• Organisations ought to assess their capacity for training, teamwork, and operational enhancements, measuring it against conventional tools such as Zoom and Microsoft Teams.• Companies in the gaming and digital entertainment sectors ought to prioritise user retention, engaging virtual experiences, and genuine value creation, rather than pursuing fleeting trends.

By concentrating on enduring business effects, organisations can distinguish genuine opportunities from mere speculative trials.

5. The Future of the Metaverse: Focused Development Beyond the Hype

The metaverse is not a total failure; instead, it is experiencing an essential period of adjustment. Emerging technologies often experience cycles of excitement and disillusionment, much like what occurred during the dot-com boom, the rise of social media, and the adoption of cloud computing before they became widely accepted.

Anticipating Future Developments:1. A slow integration expected in the coming 5-10 years, especially within gaming, business applications, and industrial simulations.2. Enhanced accessibility and cost-effective AR/VR devices to lower entry barriers.The emergence of a more interconnected and interoperable digital landscape, often referred to as the “open metaverse.”A transition from flashy experiments to enduring business frameworks, propelled by practical applications.

One Last Challenge: Are You Considering the Metaverse in the Right Way?

Here’s a thought-provoking approach to evaluate the genuine worth of a metaverse project:• Attempt to articulate your virtual environment initiative without employing the term “metaverse.”• Should the value proposition continue to hold relevance, it suggests that the initiative probably possesses genuine business value.• When the absence of a word renders the concept insubstantial, it suggests that the idea was probably fuelled more by excitement than by a solid plan.

This change in perspective will be essential in distinguishing genuine innovation from temporary fads.

Concluding Remarks: The Metaverse Is Alive and Adapting

While the initial excitement may have diminished, the metaverse remains very much alive. Instead, it is transitioning into a more pragmatic, business-oriented stage, where organisations need to assess its genuine effects rather than pursuing unattainable hopes.

The main point to remember? The metaverse represents a gradual progression rather than an instantaneous transformation. Companies that adopt a thoughtful, value-driven strategy will be the ones to genuinely reap the rewards of its possibilities in the future.

Generative AI: LLama

https://www.mckinsey.com/~/media/mckinsey/email/rethink/2023/01/2023-02-01d.html
https://www.yahoo.com/news/beyond-hype-metaverse-future-reality-105001297.html?guccounter=1&guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce_referrer_sig=AQAAAEX0eZSPsOKUd3_CFMkme-IvT8ou3xHuyC6iDAgQoj1uGqQnn8UTvgF5KcfBsVpNVx1yjO7FOxi95auah_MarmCFjbe_q0X15K4UcYTfTFspOXUiWGkM9CLOxon-mL8VpM4nuLWLhzRM4Hf_YjlkgRy5yyKPtAOJakdaOOIpDzyZ
https://nomadx.foundation/blog/metaverse-is-it-really-the-future-or-just-a-scam
https://www.db.com/what-next/digital-disruption/Metaverse/intro/index?language_id=1
https://www.spiceworks.com/tech/innovation/articles/is-metaverse-for-real/
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Exploring the Metaverse : A Glimpse Into the Future

Reading Time: 3 minutes
Tolgart/Getty images, retrieved from https://www.wired.com/story/what-is-the-metaverse/

Introduction

Imagine stepping into a digital realm that transcends the boundaries of reality, where you can socialize, work, play, and create without limitations. This concept, known as the “Metaverse,” is rapidly gaining traction in the world of technology and is destined to reshape the way we live and interact. In this brief post, rise of the Metaverse, its potential, and the key drivers behind its development will be discussed.

So what the “Metaverse” really is?

According to David Needle’s article published on TechTarget,
The metaverse is a vision of what many in the computer industry believe is the next iteration of the internet: a single, shared, immersive, persistent, 3D virtual space where humans experience life in ways they could not in the physical world.”

The Technology Behind It

The Metaverse relies on a combination of technologies, most notably VR headsets, AR glasses, 5G, Blockchain and advanced Artificial Intelligence. These technologies are converging to create a seamless and interactive digital space.

Each of those technologies serves its own, unique purpose which in combination give the experience of being a part of this impressive virtual world:  

1. VR/AR tools are used by users to actually perceive what’s happening in Metaverse
2. 5G Is used to establish strong flow of connection between the server and users.
3. Blockchain allows the whole system to be as decentralized as possible, giving the users a chance to trade and interract freely online.
4. AI is mostly used for chatbots inside of the Metaverse, giving any user in need of help assistance 24/7

 Industry Applications

The potential applications of the Metaverse are limitless. Not bound to just gaming; it has the potential to disrupt multiple industries. For instance:

  • Gaming: Virtual worlds are already popular, but the Metaverse takes it to a whole new level. Companies like Epic Games are heavily investing in this concept.
  • Education: Imagine immersive virtual classrooms and collaborative learning environments.
  • Social Interaction: Social platforms could become fully immersive and three-dimensional, enabling realistic interactions with friends and colleagues.
  • Business: Virtual meetings, conferences, and even remote workspaces can be recreated in a virtual setting.

Challenges and Concerns

As the Metaverse grows in popularity, there are various challenges and concerns to consider:

  • Privacy: The Metaverse will collect a vast amount of personal data, raising concerns about privacy and security. In my point of view, considering already existing controversies surrounding Meta’s users data leaks, they have to be extremely cautious not to let any bit of data slip as it most likely will ruin their reputation even more than it already is.
  • Inclusivity: Not everyone has access to the necessary technology, which could create digital divides.
  • Content Moderation: With user-generated content, ensuring safety and compliance with laws will be a significant challenge.
  • Addiction : A made-up world where any person can live and experience once-in-a-lifetime events, (e.g. A hologram concert of passed away musicians) may lead some people to choose this polished imaginary reality instead of the real world.

 

The Road Ahead

The Metaverse is still in its infancy, but it’s evolving rapidly. Companies like Meta, Epic Games, and others are investing heavily in its development. Expect to see more innovations, new startups, and a growing ecosystem around the Metaverse in the coming years.

Personally, i believe that we haven’t even scratched the surface of what concepts such as Metaverse have to offer. The sole idea of a virtual world, where each and every human may create an avatar to represent themselves however they want and participate in errands and ventures from the comfort of their home, scratches my brain in the best way possible.
The possibilities are endless, both positive and negative.

To get a broad understanding of what may come out of such project, I suggest reading a book called “Ready Player One”

To delve deeper into this fascinating topics surrounding the Metaverse, explore the following sources I used while preparing this post:

https://www.techtarget.com/whatis/feature/The-metaverse-explained-Everything-you-need-to-know

https://www.encora.com/insights/5-technologies-that-are-powering-the-metaverse

https://www.wired.com/story/what-is-the-metaverse/

https://about.fb.com/news/2023/05/economic-potential-of-the-metaverse/

https://www.emerald.com/insight/content/doi/10.1108/JEBDE-09-2022-0036/full/html

As the Metaverse continues to expand and evolve, it promises to revolutionize the way we live, work, and interact in the digital age. Embrace the journey into this exciting new frontier

AI model used :
ChatGPT 3.5

Prompt used :
“I got a task to pass a course, which states that i need to make a post in university’s blog that should reflect on current trends in tech, new technology sharing economy, peer production, e-economy, or more general issues. Can you suggest a topic i can write about and what info to look for during my work?”

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Will Zuckerberg’s metaverse succeed or it’s going to be a huge flop?

Reading Time: < 1 minute

The idea of creating metaverse, by Zuckerberg’s company, was officially announced almost a year ago. From that moment thousands of people have been working in that project and billions of dollars have been spent. It is a huge futuristic enterprise that has a lot of potential.

However, not everything is going as planned. With around 20,000 thousands of engineers working on that project Meta has spent hundreds thousands of dollars but until now the outcome of the enterprise wasn’t as positively received as Zuckerberg had planned. The current appearance of the project and decreasing number of Facebook’s users don’t speak well about Mark’s idea.

Nevertheless, Mark and his board haven’t stopped believing. Just a few days ago Financial Times published an article in which it is said that Zuckerberg and his team had used more than one hundred high-resolutions cameras to create a brand-new avatar of Meta’s CEO. I guess they did it due to massive criticism from the public to prove them wrong. However, I cannot imagine the dissemination of this idea on a larger scale. Simply the project still needs improvements.

How about you? Do you think that Mark Zuckerberg and his company have any chance of succeeding? Or it’s gonna be a huge flop which will made Meta to back out of that futuristic idea?

Source: https://www.ft.com/content/dc1f4240-dffa-4e28-ae4a-d31398d9bd7a

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This is the end of Facebook?

Reading Time: 3 minutes
fot. DADO RUVIC

According to statistics provided by Facebook this year, their “website currently has over 2.8 billion users per month, of which 1.9 billion use the website every day”, which undoubtedly shows how huge the global success of the website is. Along with tremendous success, there are also many challenges of good and bad fame.

Not more than 17 years ago, when Facebook began to be popularized, everyone was delighted with the possibilities social media offer. The following years were a good time for Facebook and other social networks, which were gaining popularity among people of all ages, every corner of the world and with various interests.

In the beginning, it was a hit, every day users shared their thoughts, photos from travels and everyday life, shared songs, quotes, commented and liked posts with others. Over time, users stopped engaging in creating their profiles, and then increasingly stopped wasting time scrolling. More and more often we can hear about detox from social media, setting a time limit for their use or completely uninstalling them. Growing negative feedback due to scandals, data leaks for Cambridge Analytica to prepare political campaigns, and the publication of algorithms by Frances Haugen showing how the company increases profits at the expense of society by driving hate and arguments or failure to stop the dissemination of material from the Christchurch terrorist attack, has sufficiently rejected users.

After all the situations that put Facebook in a bad light, at the end of October this year, Mark Zuckerberg announced that the platform was renamed “Meta” in order to seemingly distract users and start a new chapter. This name comes from the concept of Metaverse called “new internet”, the idea of which is to build a virtual world connecting millions of users in 3D technology. The idea may seem distant when it comes to an uprising, but the work on its creation has already started and a huge amount of money and experts have been invested in it.

https://www.benchmark.pl/aktualnosci/meta-jest-wyjatkowo-uzalezniajaca-francis-haugen-krytykuje-meta.html

With the implementation of the idea, the first concerns also arise. After so many mistakes and the instigation of toxic relationships on the platform, how would users trust Facebook’s next project? Despite promises to create a safer place for the community, it is almost impossible to control the behaviour of such a large community. Deputy chairman of Augmented and Virtual Reality at Meta, Andrew Bosworth warns, saying:

“virtual reality can often be a “toxic environment” especially for women and minorities”

Will the name change and the new Meta idea change the image of Facebook? Will they manage to create a place friendly to everyone and change the users’ opinion about them? Is it just “sweeping the problem under the rug”? Each of us will have the opportunity to answer these questions, after implementing the idea soon.

https://whatsnext.pl/545095-metaverse-facebook-wirtualny-swiat-internet/

Sources:
https://www.whysosocial.pl/uzytkownicy-social-media-w-polsce-i-na-swiecie/

https://www.komputerswiat.pl/artykuly/redakcyjne/dzien-sadu-dla-social-media-jest-blisko-jak-bedzie-wygladala-post-rzeczywistosc-gdy/qpn3qfz

https://www.komputerswiat.pl/aktualnosci/internet/byla-pracowniczka-facebooka-algorytmy-nakrecaly-hejt-dla-wiekszych-zyskow-gigant/hprskxm

https://www.ft.com/content/d72145b7-5e44-446a-819c-51d67c5471cf
https://www.euractiv.pl/section/gospodarka/news/facebook-ukarany-za-skandal-z-cambridge-analytica/




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