Like any new and emerging technology, the Metaverse has faced its share of challenges and criticisms. A year after Facebook’s rebrand to Meta, the Metaverse has been the source of much attention, but not necessarily for the right reasons.
On one end, Meta, which is struggling to deliver its vision for the Metaverse and balancing the massive expense it requires, with its declining core business. Layoffs, technology difficulties and expensive hardware didn’t massively help build a positive story.
On the other hand, there’s been instances where existing virtual worlds, like Decentraland, have been empty of users, in some cases, down to 38 active users in a day (that stats was later rebutted by the company, and still, perception is reality). And there’s there’s of course the tarnishing of everything crypto and web3 related thanks to scams and public collapses like the FTX saga.
However, in reality the Metaverse is still in its early stages of development, and yet, we already can see positive examples of its impact.
To shine a light on the opportunities and challenges presented by the fledgling Metaverse, we (Remagine Ventures) partnered with Taylor Wessing in London to produce “Into the Metaverse”. The event took place on November 2nd 2022, and shared diverse perspectives from founders, investors and strategics on what works already, where is there user adoption, and what challenges (many!) remain to be solved.
All the videos from the event, as well as our newly published landscape of the UK startups building the Metaverse can be found here.
Main takeaways from “Into the Metaverse”
The event opened with a presentation by Hamza Khan, a Partner at McKinsey & Company and author of the “Value creation in the metaverse” report shared it will take time for VR to become mainstream and enable “fully immersive 3D worlds” but there’s a ton of innovation happening in web 2.5 NOW. And the Internet is moving in that direction – more immersive, social, participatory.
Other themes covered:
– The creator economy
– Meta and it’s current woes
– Open vs close Metaverse
– The importance of content, and how new tools like generative AI can help
– Regulations and legal challenges (more coming!)
– Many examples of brands experimenting with the Metaverse
– The many challenges that remain to be solved (technical challenges, security and privacy, legal ethical and social issues, etc)
As the underlying technology for the Metaverse continues to evolve, we will see more and more use cases brought to life across verticals. As the FT recently published, while the Metaverse may have started with consumers and games, it’s possible that the real potential for the metaverse might emerge in medicine, emergency planning and energy transition.