{"id":8628,"date":"2022-10-10T09:29:00","date_gmt":"2022-10-10T07:29:00","guid":{"rendered":"https:\/\/escp.eu\/thechoice\/?p=8628"},"modified":"2023-02-17T16:49:39","modified_gmt":"2023-02-17T14:49:39","slug":"if-you-build-the-metaverse-will-consumers-come","status":"publish","type":"post","link":"https:\/\/escp.eu\/thechoice\/tl-dr\/if-you-build-the-metaverse-will-consumers-come\/","title":{"rendered":"If you build the metaverse, will consumers come?"},"content":{"rendered":"\n

Forbes recently put out a thought-provoking article<\/a> which questioned whether a consumer need for the metaverse indeed exists.<\/p>\n\n\n\n

Yes, we see the tens of billions of dollars being poured into the metaverse. We see the potential value-creation events. Within web3 and metaverse-related echo chambers, we hear voices that promise the metaverse will be the next big thing – that it will be significant.<\/mark><\/p>\n\n\n\n

\u201cThe big players are not only prepared to deploy, they’re already 10, 11 figures in.\u201d<\/p>Chris Dixon<\/cite><\/blockquote>\n\n\n\n

In the periphery, we can see things like Shanghai\u2019s $1.5 billion metaverse development fund, Facebook\u2019s name change to Meta and the $10 billion per annum they\u2019re prepared to deploy into the metaverse, and we see Dubai\u2019s metaverse strategy which intends to add upwards of $4 billion into their economy over the next five years. The big players are not only prepared to deploy, they’re already 10, 11 figures in.<\/p>\n\n\n\n

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A multitude of brands and companies set up virtual islands and stores on Second Life but many either exited the virtual world, or simply left their online premises unattended.<\/figcaption><\/figure>\n\n\n\n

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Forbes’ counter-narrative was both insightful and interesting. Does the new metaverse-enabling technology only compete with pre-existing means of entertainment, education, and other digital experiences?<\/strong><\/p>\n\n\n\n

But what about simulated training, alternate realities, and educational opportunities that the metaverse will present? What about increasingly complex digital identities, digital assets, and digital experiences?<\/p>\n\n\n\n

\u201cBoth the metaverse and metatech are coming of age at a time when consumers and governments alike are aware of the dangers of such platforms and how consumer data can be misused and leaked.\u201d<\/p>Ben Voyer<\/cite><\/blockquote>\n\n\n\n

\u201cEntertainment is a core human need, and every generation, every century, sees new forms of entertainment. These new forms of entertainment just end up replacing older ones and creating a more fragmented entertainment market,\u201d Prof. Ben Voyer writes in the article. \u201cBeyond entertainment, the metaverse may address needs such as education (e.g. offering learning environments closer to real-life campuses, where serendipitous interactions are key) and prototyping real world projects (e.g. building digital twins of cities and studying behaviours).\u201d<\/p>\n\n\n\n

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