Despite significant losses inside its dedicated division, Metaverse executives remain optimistic regarding the Metaverse’s future.
Chris Cox, the chief product officer of the social network, is confident that in the next few years, the Metaverse will eclipse the significance of smartphones.
Metaverse Vs. Smartphones
As more and more firms from around the globe start there, it must be realized that the Metaverse is failing to attract the public. As evidence of this, Meta, the center of the Metaverse, has suffered massive losses.
In April 2022, we learned that Meta had lost a minimum of $3 billion. As a result of its substantial investments in the Metaverse’s Reality Labs. Additionally, note that these losses only affected the first quarter of 2022. In a single year, the deficit exceeds $10 billion.
Meta, who has unwavering faith in the ascent of the Metaverse, is unfazed by these setbacks. During a panel discussion at the Davos Economic Forum, Chris Cox, the chief product officer of the social network, projected that it will one day be as essential as smartphones.
Game Developers Express Their Doubt
Recently, in preparation for the 2023 Game Developers Conference, the GDF surveyed 2,300 game industry professionals for its State of the Game Industry report.
When questioned about the likelihood of a corporation fulfilling its claims, developers were divided, with 45 percent feeling it was impossible. As of the previous year, only 33% of developers believed the promised Metaverse to be unfeasible.
Those who are doubtful about the viability of a cite “the ambiguous definition of the concept, the absence of considerable interactivity, and the expensive cost of hardware (VR headsets in particular)” as obstacles to its success.
And they might not be mistaken. Horizon Worlds, which debuted in December 2021 and failed to attract gamers (according to The Wall Street Journal), highlighted how difficult it was to construct a Metaverse.
Also contentious was the topic of which corporation has the best possibility of delivering a viable Metaverse. The firm with the most votes, 14%, was Epic Games/Fortnite. This makes sense, considering “Fortnite” is a pseudo-Metaverse without VR. Within the game, Fortnite frequently holds concerts, minigames, and a battle between entertainment titans.