The concept of a virtual world has been around for decades, but only recently has the idea taken off. Virtual worlds provide an immersive experience where users can interact with avatars in a digital world. In this article, we’ll explain about success of Metaverse.
This is a word in everyone’s mind right now, and for good reason. Metaverse is set to change the way we live in the virtual world allowing us to be a part of a world that seems absolutely real, without its inefficiencies and providing fun ways to earn.
People also claim that Metaverse is going to be the evolution of the Internet and a big step toward achieving Web3 functionality.
However, since it is so disruptive, people are wondering whether it will even be successful. The prediction right now is subjective and based on facts that can change dynamically since this is a growing technology.
Recipes for Success of Metaverse
The developmental challenge of Metaverse is one thing, but the other challenge should be to make it successful through key metrics measured (time engaged by the user, money spent, money earned and interactivity with specific features and functionalities etc.)
1. Cryptocurrency Regulations
All transactions within the Metaverse are going to be governed by their own native tokens. Getting these native tokens from fiat currency is also not straightforward as more often, it has to be converted to an intermediate cryptocurrency and then to fiat.
At least until cryptocurrency becomes mainstream in the real world, users will want an easier switch between Fiat and the native tokens.
This is driven by cryptocurrency regulations which are still in the native phase in almost all countries in the world. The harder the regulations turn out to be, the more unlikely Metaverse will succeed.
2. NFT Perception
Everything in the Metaverse is going to be in the form of an NFT, your avatar, items you purchase, real-estate and more.
Now, many users still do not perceive NFTs as something that’s actually valuable. A lot of purists refuse to attach such substantial value on something that is ultimately digital, and cannot be touched or felt.
A lot will depend on how this perception evolves over time, and companies, brands and influencers are going to play a big part to convince the masses.
If masses do not perceive the true value of NFTs, it is again highly unlikely that the Metaverse will succeed.
3. Mental Health Issues
The USP of the Metaverse is that it is highly immersive and will have everything that the real world has, including you can even work, earn and date.
However, this could completely switch the users off from the real-world and this disconnect could cause social anxiety, social exclusion ultimately leading to depression. The effects of social media themselves are already known.
4. History Can Repeat
3D technology such as 3D TVs, gaming has failed in the past. A lot of users complained it was unnecessary and they would have to take the extra pain of investing in 3D glasses, compatible devices etc. The same is being predicted for the Metaverse.
Also Read: How to Buy Shiba Land in Metaverse?
Will The Metaverse Be Successful?
The answer cannot be a direct yes, or no, because we have not seen the future yet. However, the path of success for Metaverse is tremendously difficult because, at least now it is not a necessity like how the Internet was when it was introduced.
There’s enough knowledge, interactivity, growth opportunities and interconnection with real life with the Internet already.
The Internet being Web2, is already so addicting, therefore, the Web3 Metaverse is predicted to be even more addictive, therefore, detrimental to health.
So, will the Metaverse succeed worldwide – No. the technology is a long long way for all the countries in the world, irrespective of their demographics, income status and background to fully adopt Metaverse like how they have adopted the Internet. In fact, it may never happen.
So, will the Metaverse succeed with some group of people at least? – Yes. Mostly among people in the upper cream of the society, or the tech-geeks.
Also, be aware that the Metaverse is going to need some investment from the user in terms of a higher-end device, AR/VR classes etc.
One Way the Metaverse Could Actually Succeed
According to some users, if the Metaverse is highly engaging and actually teaches you something difficult and abstract through computer advanced intelligence, it could be succeeded. However, Artificial Creativity is still a long long way.
Also Read: How to Get Into The Metaverse?
Potential Roadblocks for Metaverse Success
As with any new tech, virtual worlds will face a few challenges along the way. Avatars within virtual worlds can be expensive to create.
As with most tech, the more people who use it, the cheaper it will be. Virtual worlds are very visual. If a user’s computer or internet connection can’t handle the visuals, the user won’t be able to see the virtual world.
The Metaverse will probably not succeed the way it wants to. It might take decades of development, testing and innovation for it to be replaced by the masses. As of now, the conventional Internet that we know is here to stay.