Analysts believe that most of the metaverse business projects will close by 2025. Mark Zuckerberg’s faith in the meta world remains steadfast, but not everyone shares his belief that this vision of virtual/mixed reality is the future of how we work and play online. One such is the market research company Canalys, which predicts that most business ventures in this sphere will close by 2025.
Reality Labs, Meta’s unit focused on hardware and metaverse, has lost about $16 billion since the start of last year and is cutting production as a result. For example, it shelved a project of a smartwatch with two cameras. But Zuckerberg still believes the metaverse will eventually generate hundreds of billions, if not trillions, of dollars. And this is despite the skepticism shared by half of all teenagers and some Meta employees.
Canalys is in the camp of skeptics. Matthew Ball, the company’s principal analyst, asked: “Is the metaverse the next digital frontier or an overhyped money pit? Tens of billions of dollars have already been invested, costs and delays to Meta’s own progress is a barometer.”
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Ball made a good point about the impact of the current global economic climate on the metaverse. With rising inflation and job losses, many people are struggling with day-to-day living expenses, so investing in virtual items like NFTs is unlikely to be tempting. Ball acknowledged that gaming is one area where metaverse could find success, as could “adult entertainment,” but that the business sector would struggle.
However, major companies such as Microsoft, NVIDIA, Apple, and Google continue to invest in the metaverse. According to consultants’ estimates, $177 billion has already been invested in the platform, and by 2030 this figure may reach from $5 to $13 trillion.
Rival research giant Gartner is more optimistic about the metaverse. It estimates that by 2026, a quarter of the world will spend at least one hour a day shopping, working, communicating, or learning in the virtual world, and 30% of organizations will offer products or services in this digital landscape.
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Earlier this month, Meta unveiled the Meta Quest Pro, a $1,500 stand-alone headset designed to work in the metaverse. It also increased the base price of Meta Quest 2 to $400. Meta Quest 3 is set to arrive at a lower price next year, but Meta is still struggling to get people interested in the metaverse, and businesses that have invested in the platform could suffer as a result.
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