The meteoric rise and fall of the metaverse in mainstream conversation left many wondering – is this ambitious vision for the future of the internet already obsolete? Not so fast, according to Sam Huber, CEO of metaverse developer LandVault.
In an exclusive interview on the AB Majlis podcast, Huber cautioned against writing off the metaverse based on the hype cycle.
“Every new technology experiences peaks of inflated expectations followed by troughs of disillusionment as realities set in,” he explained. The metaverse is merely in the latter phase as use cases develop behind the scenes.
Huber defined the metaverse simply as “a richer internet powered by gaming technologies,” allowing for more immersive experiences online. Real estate visualisation and tourism promotion emerged as tangible early uses for the Gulf region. However, he acknowledged that skepticism is natural as new technologies experience adoption curves with peaks and troughs.
The hype cycle
Huber explained that every innovative concept faces an inevitable hype cycle. An initial period of inflated expectations gives way to disillusionment as realities emerge. The metaverse is merely in this latter, understandable phase.
“If you put away the market price, the land price and all these things, it’s true that some of the hype is gone. But again, that’s just part of that natural adoption curve. Looking at the fundamentals driven by gaming technologies… gaming is literally growing everyday, with 3 billion people playing games every single day, spending billions and billions of dollars,” said Huber.
“Blockchain technologies are also growing despite what you can see in the prices [of crypto]. So under the hood, both of these technologies are still growing, and they’re converging into what is effectively the metaverse – creating a new fabric for the internet.”
While NFT land speculation crashed with crypto markets, the fundamental trends propelling the metaverse remain strong.
Huber pointed to Dubai’s example as a government spearheading immersive tourism applications through virtual and augmented reality. Their foresight positioning the emirate at the metaverse’ leading edge. As use cases crystallise behind the scenes, renewed mainstream interest will follow the metaverse’ natural progression.
The vision marches on
When directly asked if hype translates to the metaverse being dead, Huber responded definitively: “The metaverse is definitely not dead. It’s just at a very early stage right now, but you will see more and more use cases being developed every single day.”
Though the hype has declined since the pandemic, Huber discussed how the metaverse will give rise to a range of new use cases.
He predicted tourism promotion through rich 3D environments and off-plan real estate visualsation leading other early adoptions. AI assistants and robot influencers may similarly populate virtual worlds, interacting alongside humans to deliver brand messages or customer service, but privacy will factor heavily as such concepts unfold.
LandVault builds experiential metaverses for hundreds clients each year. Huber maintains committed development on the cusp of an evolving internet promises more immersive experiences that video alone cannot provide. For forward-thinking companies and governments, the opportunity to transform digital interactions remains within reach.
“The internet will look more like a game in 3D. But it will not replace everything. You will still be able to go to your online banking, to an e-commerce website to buy products, but there a lot of things we do online that can be experiential, like booking a holiday for example.”
While peak excitement has passed, the metaverse’ underlying mission continues apace. Developers worldwide work to fulfill its vision of an expansive virtual future. For the motivated, now is the time to pioneer practical applications harnessing this technology’s immense power.
“It’s a richer internet that is powered by gaming technologies – that’s pretty much what the promise of the metaverse is,” said Huber, alluding that the metaverse is still in its beginning stages – its greatest potentials lay ahead.
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