According to Vishal Shah, the VP of Metaverse at Meta, the hype surrounding the metaverse has diminished, and he sees it as an opportunity for his team to concentrate on building the ambitious project. Speaking at Fortune’s Brainstorm Tech live conference, Shah acknowledged that the metaverse hype cycle had given way to a “trough of disillusionment,” but Meta had been investing in the space for years and remained committed.
Understanding the Metaverse and its Iterative Development
The concept of the metaverse can be confusing to many, but it broadly refers to a virtual world of interconnected digital experiences accessible through a headset. In this virtual realm, people can simulate reality, work, socialize, shop, consume entertainment, and spend time together. Shah explained that the transition into the metaverse wouldn’t happen suddenly like a light switch but rather through an iterative process over several years.
Challenges and Doubts Surrounding Meta’s Metaverse Efforts
Mark Zuckerberg’s vision for the meta-verse has faced criticism and skepticism. Meta’s internal metaverse and virtual reality endeavors have yet to turn a profit, leading to scrutiny from Wall Street. Some Meta employees have expressed reservations about the meta-verse, with only 26% of respondents in an internal survey indicating confidence in Zuckerberg’s leadership in the meta-verse pivot. Reports have highlighted quality and performance issues with the flagship meta-verse app, and employees themselves weren’t extensively using the software.
Competition and Terminology in the Metaverse Space
Meta and Zuckerberg face significant competition in the meta-verse realm. Apple recently announced its Vision Pro headset, priced at $3,499, offering an alternative to Meta’s Quest lineup. Interestingly, Apple has opted to use the term “spatial computing” instead of meta-verse. CEO Tim Cook explained that he avoids the term meta-verse because it is not widely understood. Meta’s CTO, Andrew “Boz” Bosworth, defends the use of the term, comparing it to the early days of the internet when people did not fully grasp the term but eventually recognized and widely used it.
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