The Meta May Lose the Race as Companies Lower the Barrier to Metaverse Entry

A survey of 550 global businesses and technology executives shows that while investment in the metaverse objectives will increase, a small pack of early adopters will break away from the rest. Will Meta be left behind in this race?

While most global business leaders agree that the metaverse will enhance their businesses by creating a more comprehensive customer experience, only a few have acquired the skills and knowledge needed to achieve clear business objectives.

The study, by technology services and consulting firm Wipro, said companies inspired by the Clear Metaverse initiative invest $4.7 million in the space, compared to $640,000 by non-leaders.

While these companies will continue to spend, smaller firms will close the gap by increasing their contributions to the Metaverse by $66.3 million. The study also predicts that approximately 50% of large companies will have metaverse platforms. In contrast, only one-third of small companies will be in the metaverse by 2025.

Currently, telecommunications, sports and game companies dominate the Metaverse. The report states that manufacturing will combine Internet of Things with cryptocurrencies to take the sector’s share of the metaverse to 38% by 2025.

A recent report from FastCompany suggests that leaders will use virtual worlds to conduct immersive training, but may only see returns when strategic goals are met. These include greater innovation and exploration of new business models. Additionally, immersive corporate spaces allow companies to scale and pivot rapidly.

One CEO in the survey said that Metaverse Casino would allow customers to play from anywhere.

Executive sentiment on the Metaverse |  Source: Wipro
Executive sentiment on the Metaverse | Source: Wipro

These companies can use existing platforms such as The Sandbox, Decentraland, Roblox and Star Atlas. The corporate metaverse would also include more advanced avatars.

Horizon Worlds suffers from workroom headset problems

Recently, Facebook parent Meta said it would be revamping its Horizon Worlds metaverse to retain teen users. Reports surfaced that it is eyeing a partnership with Tencent. Tencent is encroaching on competitor ByteDance Meta’s virtual reality market share.

But notably, Meta’s version of the corporate workspace, dubbed Horizon Worlds Workroom, requires an expensive and cumbersome headset, which appears to be what many companies are opting for with more ready-to-use virtual worlds like Roblox and Decentraland. are in favor of.

An industry expert is of the opinion that people are not ready for the virtual workspace transformation.

John Egan, CEO of the cutting-edge tech research firm, told TIME, “I haven’t seen any indication yet that there’s a desire to get involved.”

The screen refresh rates of the VR hardware in Horizon Worlds also present challenges for VR experiences with kinetic and gamelike experiences. A recent study by Lockheed Martin found that some of Meta’s headsets prejudiced female users. Female users’ pupils dilate when wearing the device. This unnatural pupil position means women experience nausea and tension.

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