Don't Rush to Write It Off! The Metaverse Still Has Potential for a Major Comeback!

Remember who was the 'top trend' in the tech world a few years ago? It had to be the 'Metaverse'! It seemed like overnight, everyone on the streets was talking about it, and if you didn't know something about the metaverse, you couldn't even chat with people. Companies of all kinds were also relentless, from tech giants to traditional brands, everyone wanted to plant a flag on this 'new continent' of the metaverse. But in the past two years, the word 'metaverse' seems to have suddenly dropped off the 'hot search list' and become somewhat 'unfindable'.

Hey, I'm telling you all, don't rush to conclusions!

Many tech bigwigs and experts have said that the metaverse hasn't completely cooled off! The current 'cooling down' is just quietly accumulating energy, waiting for the perfect moment for a 'king's return'. Today, let's have a good chat about whether this metaverse kid has the potential for a 'comeback'? And in the future, how will it penetrate into our lives?

What is the Metaverse? Let's 'Review and Learn'

Simply put, the metaverse is like a 3D version of a 'parallel world'. You can chat face-to-face with friends, go shopping together, play games together, and even host a virtual concert that rocks the house! In this virtual world, everyone has their own exclusive 'digital avatar' - you can dress it in the coolest AJs, dye it the most炫hair, make it as cool as you want! Want to enter this magical metaverse? No problem, you need a pair of VR glasses or AR devices, like Oculus (now called Meta Quest), and you can instantly teleport and start your fantasy journey.

Of course, the metaverse isn't just some simple 3D mini-game - it's backed by a whole bunch of cutting-edge technology! Things like AI (artificial intelligence), Web3.0 (next-generation internet), blockchain, NFT (non-fungible tokens), and so on. They're like hardworking 'workers', collectively supporting all the cool applications of the metaverse, such as identity authentication, asset ownership confirmation, and various money-making methods you never imagined!

Why Did the Metaverse Suddenly 'Fizzle Out'?

Just like how AI has become the 'hot potato' now, a few years ago, the metaverse was also the most handsome kid in the tech world, with unmatched popularity. Zuckerberg was even determined to go all-in on the metaverse, directly changing Facebook's name to Meta - that determination was solid! Back then, Nike created a 'Nike Land' in Roblox games, and Gucci and Adidas were racing to launch virtual clothing and stores, afraid of missing out on this wave of 'wealth codes'.

But who would have thought that the metaverse's popularity would be like a tornado - came fast, went fast too. The reasons are also complicated:

• Privacy Security Red Light: The virtual world may seem beautiful, but it's actually full of dangers. Your personal information, chat records, and even bank accounts may be targeted by criminals - just thinking about it is scary!

• Hardware Device Prices Deter: A decent VR setup can cost several thousand dollars, which for us 'dirt-eating youth' is basically 'sky-high ticket prices'!

• Crypto Market Winds Change Unpredictably: Many transactions in the metaverse are inseparable from cryptocurrency. But the crypto market is like a roller coaster - yesterday it was soaring to the sky, today it's plummeting to the bottom, making people's hearts race!

• AI Emerges Out of Nowhere, Stealing the Metaverse's Spotlight: With the emergence of AI tools like ChatGPT, everyone's attention has focused on AI - who remembers the original 'metaverse'?

What Gives the Metaverse the Confidence to 'Return as King'?

Although the metaverse is facing many challenges now, its die-hard fans firmly believe that this is just the darkness before dawn, and the metaverse is secretly gathering strength, preparing to give us a big surprise! So where does the metaverse's confidence come from? Let me analyze it properly for you:

• Gaming: Gaming is absolutely the metaverse's first trump card for a comeback! Imagine being able to become a game protagonist, experiencing various fantasy adventures firsthand, teaming up with other players to fight monsters, fall in love - this feeling is absolutely amazing! Data predicts that by 2030, the metaverse gaming market size will reach an astonishing $168.4 billion! Fortnite and Roblox have already taken the lead in incorporating metaverse elements, while platforms like Decentraland and Sandbox have taken metaverse gaming concepts to new heights.

• Entertainment and Media: In the future, we can stay at home and still participate in concerts firsthand, watch interactive movies, and even interact with celebrities at zero distance! Imagine putting on VR glasses and instantly arriving at Jay Chou's concert venue, singing 'Double Dragon' with him - this feeling is absolutely cool! Frito-Lay, the chip giant, created a metaverse 'Pass Challenge' activity during the 2022 World Cup, letting users experience the charm of football in the virtual world too.

• Retail and E-commerce: The metaverse will completely颠覆traditional shopping methods! You can view products 360 degrees without blind spots in virtual stores, try on various new clothing online, and find the style that suits you best. Through VR and AR technology, you can even 'move' virtual furniture into your home to see how it looks. Additionally, virtual goods, customized avatars, and NFTs can also open new revenue channels for merchants. Nike launched NIKELAND as early as 2021, letting users play freely and purchase virtual equipment in the virtual world.

• Healthcare: The metaverse's applications in healthcare are absolutely mind-blowing! Doctors can conduct remote consultations through VR technology, providing professional medical services to patients in remote areas. Patients can use virtual reality therapy to alleviate psychological issues like anxiety and fear. A Dubai medical institution called Medcare even opened a virtual hospital in the metaverse, letting users experience their medical services in advance.

• Real Estate: Just like in the real world, you can buy land, build houses, open shops in the metaverse, and even rent virtual properties to other players. JP Morgan has already opened a virtual branch Onyx Lounge in the metaverse, providing financial services to users. Experts predict that by 2030, the global virtual real estate market size will grow by nearly 40%!

• Finance: Financial institutions can also hop on the metaverse express, providing users with more personalized and convenient financial services. Users can handle various businesses in virtual banks, participate in virtual investments, and even interact with bank staff in real-time. Some fintech companies are actively exploring how to use the metaverse for NFT trading, blockchain payments, and digital wallet usage. On metaverse platforms like Decentraland, you can even use MANA coins to purchase virtual land and assets.

For the Metaverse to 'Turn Around', It Still Has Several Hurdles to Cross

Of course, for the metaverse to truly 'take off', it's not an easy task - it still faces many challenges:

• Lack of Killer Apps: Just like how smartphones need 'killer apps' like WeChat and TikTok to explode the market, the metaverse also needs a 'trump card app' that can truly attract users. Although there are already some metaverse applications, their functions aren't perfect enough, and the experience is also quite average, making it difficult for users to develop sustained interest.

• User Acceptance Still Not High: For many people, the metaverse is still a very unfamiliar concept. They don't understand what the metaverse is, don't know what it can do, and naturally won't actively try it. Additionally, some people worry that becoming addicted to the virtual world will affect real life, and may even cause psychological problems.

• Technical Bottlenecks Need Breakthrough: To create a truly immersive metaverse experience, many technical challenges need to be solved, such as VR device dizziness, network latency, data security, and so on. Only by solving these problems can users get a better experience.

Conclusion

So, everyone, the metaverse is absolutely not a 'dead' project - it's just quietly accumulating energy, waiting for an opportunity to explode. Just like the internet back in the day, the metaverse may also go through a stage of being questioned and underestimated. But as long as technology continues to advance and application scenarios continue to enrich, it has the potential to completely change the way we interact with the world. Let's fantasize together about what the future metaverse will look like? What surprises will it bring to our lives? Let's wait and see together!