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Whether Meta’s wager on the metaverse will pay off and whether Mark Zuckerberg’s vision of a VR-led reimagining of how we all interact will materialize and change digital connection as we know it is still up for debate.
Meta And The Metaverse
Despite worries of Meta shareholders, Meta is still committed to the project and spent $13 billion last year on VR development. It is on track to do so again in 2022.
When you consider how young people already interact in metaverse-like settings through gaming apps (such as Roblox, Minecraft, etc.), the potential indicators are present. But VR is still a risky investment.
With that being said, Will the metaverse actually bring about a paradigm shift, or will it just be a far-fetched idea that never materializes?
To highlight why it’s all in on its metaverse bet, Meta has today shared a series of new reports, conducted by Deloitte, which aim to put a dollar amount on the potential of the metaverse in different global regions.
As you can see, Deloitte’s estimates suggest that the metaverse could have a significant economic impact. However, it is unclear how those estimates were made. Here, the term Metaverse has a broad definition and is essentially being used as a catch-all term to describe all future digital technologies.
The technologies that fall under the “Metaverse” umbrella include VR connectivity, AR-try-on tools, and other 3D experiences. It could also potentially extend to digital goods.
In this regard, Meta has compiled all of these developments into a single economic impact figure, giving the impression that the metaverse will be a huge boost for commerce.
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