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The Decline of the Metaverse – A Slow Start or a Brisk End?

The topic of metaverses was on the rise and quickly fell off the radar. Now the question arises – was it just a hype during the COVID lockdown, or was it a moment of enlightenment during those difficult times, and we just need to implement this idea purposefully? 

Experts have different opinions on this matter. Some are inclined to state that the chances of success of this project are minimal, while others still have hope. But it is hard to deny that almost nothing is left of the initial frenzy today.

For instance, Vage Zakaryan, Head of Development at Gem4me, believes that the main reason for the slow growth of metaverses lies in the technical imperfection of both current VR devices and the graphical execution of the virtual reality itself.

“Heavy, uncomfortable helmets, as well as graphics that are morally outdated and cannot impress even an inexperienced user, are not enough to make people want to spend a lot of time in such a virtual reality. Probably, this idea is ahead of its time because the technical foundation for its implementation does not exist yet,” says the expert.

Due to the uncertainty surrounding the future of the metaverse, many large companies such as Microsoft or Disney are forced to make decisions about suspending work in this direction. For now, they do not consider these investments to be promising. According to Gary Freeman, Head of Marketing at NVR Trade, modern economics does not allow for irrational spending. “High competition and a decrease in purchasing power force companies to tightly control their expenses. And even if deep down they believe in the development of the metaverse in the distant future, they are not ready to invest real resources in it today.”

Obviously, canceling these projects in the metaverse will affect its future development. But whether it will be a complete abandonment of the concept or a choice of a new development course will be shown only with time,” Freeman said.

To draw attention to the initially unsuccessful project, twice as much effort will be needed. Part of these efforts should be directed towards changing the reputational situation – without faith in the project, there will be no investments. According to Vage Zakaryan, a fundamentally new technical solution is needed as a practical step towards reviving the project. “We need to understand how to make the visual part of the virtual reality execution look like something new, high-quality, and attractive, and not technically outdated, as it is now. It is also necessary to think about what will attract people to this new living environment. How is it better than our current virtual space on the Internet, and why will it be relevant in the post-COVID era? That is, this is already a question of positioning, and it will be solved not so much by technical specialists as by marketers,” Zakaryan believes.

It can be said with a high degree of probability that virtual reality will continue to develop in one form or another. Technical progress cannot be stopped, and it will constantly bring new solutions and opportunities. And one day, user expectations and technical capabilities will reach equilibrium, and this will become a new stage in the development of the metaverse. This time, more successful.

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