The metaverse, a concept that has been generating significant buzz in the tech world recently, has come under scrutiny as some claim it has run its course. A Business Insider article cited by EZPR CEO Ed Zitron suggested that the once-buzzy technology has “died after being abandoned by the business world.” The piece mentioned Meta’s virtual reality (VR) platform, Horizon Worlds, as an example of the metaverse’s grand promise falling short, and claimed that investors have now turned to generative AI as the next big tech fad.
However, Tim Sweeney, the billionaire CEO of Epic Games, (Fortnite), vehemently denied these claims. In response to Zitron’s tweet, Sweeney asserted that there are 600 million monthly active users across virtual world platforms such as Fortnite, Minecraft, Roblox, The Sandbox, and VRChat. Posting an acerbic comment on Twitter, Sweeney wrote, “The metaverse is dead! Let’s organize an online wake so that we 600,000,000 monthly active users in Fortnite, Minecraft, Roblox, PUBG Mobile, Sandbox, and VRChat can mourn its passing together in real-time 3D.”
The metaverse’s potential and longevity are clearly topics of intense debate within the tech community. On one hand, some industry leaders like Bill Gates have expressed a cautious outlook. Reflecting this apprehension, giants such as Disney have announced the elimination of their metaverse division, a decision that will impact up to 7,000 employees. Meanwhile, Microsoft has discontinued its Industrial Metaverse Core team project and laid off nearly 100 people involved.
On the other end of the spectrum, certain tech companies remain steadfast in their commitment to the metaverse. Meta CEO Mark Zuckerberg rejected the notion that the company has shifted its focus away from the metaverse in favor of AI during a recent earnings call. He emphasized that this narrative is “not accurate.”
Epic Games’s Tim Sweeney has also invested heavily in the technology. In April 2021, Epic Games raised $2 billion in financing from Sony and investment firm KIRKBI, with the aim of advancing their vision of building the metaverse.
This divergence in opinion and commitment within the tech world adds fuel to the discussion on the metaverse’s future. While some argue that this technology has reached the end, citing lackluster results and abandonment by major companies, others, like Tim Sweeney, believe there is still much potential and are prepared to put their money where their mouth is. Ultimately, time will tell whether the metaverse will rise to the grand expectations of its proponents or remain an unrealized ambition for the tech world.
Source: Cryptonews
