The metaverse is not as new as one might think. It was created in 1992 by American sci-fi writer Neal Stephenson. In one of his novels, “Snow Crash”, he revealed his concept of the metaverse. This novel was set in a future dystopian world where wealthy people get away from the chaos of their life by escaping into the alternative connected reality, the metaverse.
Mark Zuckerberg (the Chief Executive Officer of Facebook) is now the founder, chairman, and CEO of Meta. He announced in October 2021 Facebook’s vision for this alternate virtual universe. The metaverse’s end goal is to help people connect, grow businesses and find communities. The costs for Meta have been upwards of over 036;36 billion, which has been affecting Facebook’s profitability. There is low user adoption of the metaverse, but Meta is still increasingly investing billions to keep building. Reality Labs have shown that there has been a 036;9.44 billion net loss in the first nine months of 2022. Even though Meta has been unsuccessful to this point, Zuckerberg remains optimistic and considers Meta a long term investment, predicted most likely to become successful in the 2030s.
Some are saying that the metaverse may be the next generation of the internet and could possibly revolutionize the digital world. Michael Sapir, the CEO of ProShares, has high hopes for the future of the metaverse.
“The metaverse may be as impactful on society as the arrival of the internet or the mobile phone, and the investment opportunity has the potential to be just as compelling,” Sapir said.
That puts pretty high standards for the metaverse’s future. Sapir is not the only believer in the future succession of meta. A crypto asset manager has estimated that the digital world may grow into a trillion dollar business sometime in the future. It is also believed that 2 billion people will access the metaverse daily by 2026. There was a property that even sold for 036;2.4 million in Decentraland (one of the hundreds of metaverse platforms). Brands such as Samsung and Adidas have already invested their fair share of money into these worlds, but there’s no way of telling if other successful brands will be following in their footsteps.
There are mixed emotions on whether or not the Metaverse will become successful in the future. As of right now, the future of the metaverse is only a mystery that time will be able to tell.