Three years after the metaverse boom, we ask leading tech experts if it’s still worth the hype.
Grace Clapham, founder of Untam3d, and co-founder and director of The Change School
“The buzz surrounding the Metaverse has undoubtedly calmed but it’s still very much alive and relevant. I believe currently we are in a crucial phase of development and the buzz was required to get people’s attention of what’s still to come ahead. The hype may have subsided, however the core ideas of immersive experiences are very much alive and are continuing to evolve everyday. Digital ownership is still gaining traction.
The intersection of the Metaverse with Web3 technologies like NFT and crypto further highlights its potential, specifically around fostering ownership and economic opportunity within these digital spaces. Cryptocurrencies are still relevant and will continue to drive the future of decentralised financial ecosystem.
A few areas that I think are paramount include safety, accessibility and inclusivity. I believe we need to actively shape the Metaverse to be diverse, equitable, safe and accessible in order for us to really drive impact – especially for underrepresented communities. By fostering responsible development, the Metaverse has the potential to become a truly revolutionary space for connection, creativity and economic empowerment. Whether it shapes the future as initially envisioned depends on how we navigate these complexities and build a decentralized, equitable virtual space for all.”
Shavonne Wong, digital artist
“The digital world moves at lightning speed, and what seems like a fad today could be the blueprint for tomorrow. Take AI for example, it’s evolving so fast that it’s already hard to keep up. This rapid pace of innovation suggests that the future is undoubtedly digital. Everything leading us towards that future, including the Metaverse, NFTs, and crypto, is starting to click into place.
Think about the kids who are the future currently playing on Roblox or Fortnite, they’re already hanging out in virtual worlds, trading skins and being incredibly tech savvy. It’s not just games, it’s their social space where they hang out with their peers. I believe this is a peek into a part of how we’ll all interact someday. Bill Gates once said, ‘Most people overestimate what they can achieve in a year and underestimate what they can achieve in ten years.’ We’re right in the middle of that underestimation phase with the Metaverse and other technologies.
The buzz around the Metaverse might have quieted, but I believe that’s just because we’re moving past the hype and getting down to business. Integrating NFTs, the blockchain tech and crypto, we’re laying down the bricks for these digital spaces to thrive. It’s not just about creating new worlds but also about setting up a whole new way to create and connect.”
Kay Poh Gek Vasey, founder and chief connecting officer of Meshminds
“Three years on from shining bright but brief in the mainstream media, the Metaverse remains an exciting, evolving frontier. Far from fading into irrelevance, the Metaverse is still very much work-in-progress. Similar to the Web 2.0 era’s embrace of social media by brands, Web3 promises 3D virtual worlds where you can do more than you ever could on a website or a social media page. Now with video games becoming bigger than movies and music, I believe Roblox and Fortnite’s ecosystems showcase the potential of the Metaverse to shape our digital future by profoundly changing the way we communicate and interact with each other online.”
Katherine Ng Li Pei, founder and managing partner, Katashe Solutions
“Despite generative AI’s buzz, Metaverse R&D and innovation continue to advance, driven by significant investments: Meta, formerly Facebook, has committed more than $36 billion to Metaverse R&D, signaling a strong belief in the Metaverse’s potential and its company vision. This investment, alongside innovations from the NFT PFP communities animating their digital avatars to life in Metaverses, highlights a thriving virtual ecosystem. “Despite generative AI’s buzz, Metaverse R&D and innovation continue to advance, driven by significant investments: Meta, formerly Facebook, has committed more than $36 billion to Metaverse R&D, signaling a strong belief in the Metaverse’s potential and its company vision. This investment, alongside innovations from the NFT PFP communities animating their digital avatars to life in Metaverses, highlights a thriving virtual ecosystem.
The convergence of Metaverses, gaming, digital ownership and digital identities, is set to redefine interactions and economies in virtual worlds. Imagine a world where Metaverses go beyond traditional game design to become arenas for limitless self-expression and open-ended immersive engagement. In such worlds, individuals utilize NFT avatars as digital identities, creating vibrant communities enriched by unique interactions. The introduction of secure ownership and the exchange of in-game assets via cryptocurrency through Web3 wallets introduces a new era of self-custody in digital assets. This paradigm shift is paving the way for more decentralized, user-empowered models, which champions the concept of digital ownership and aligns with the one of the core reasons that motivated Vitalik Buterin to create Ethereum, currently the most widely adopted public blockchain for innovation in Web3.”
This news is republished from another source.
