Virtual reality and augmented reality experiences have seen ups and down for years. Both got a big upward push last October at the same time Mark Zuckerberg unveiled a new company name, Meta, at Facebook Connect.
“Imagine you put on your glasses or headset and you’re instantly in your home space with parts of your home recreated virtually,” he said in streamed video at Connect as he entered a virtual space. “It has things that are only possible virtually and it has an incredibly inspiring view of whatever you find most beautiful.” His avatar then effortlessly swiped through a range of outfits to wear and entered another futuristic reality set where characters float through space.
Despite Meta’s aspirations back then, some observers believe the gas has begun to escape from the metaverse hype balloon since Zuckerberg’s earliest hopes were aired.
What’s happened in recent months? Yes, Meta continues to promote its VR social platform for the Quest headset called Horizon Worlds, which Zuckerberg has said is core to the company’s metaverse vision. On June 14, Horizon Worlds even said via a tweet it was available in the UK.
There are other companies talking about the metaverse to include virtual reality as well as augmented reality, with a combination of digital and physical worlds accessible from a smartphone. Even games accessible through PCs and game consoles sometimes refer their environments as operating in the metaverse or a metaverse. Hopes of a digital economy in both VR and AR are driving investments. Companies are pursuing the use of VR/AR for learning, virtual storefronts selling digital goods and virtual meeting spaces.
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In related fashion, major chipmakers like Nvidia see a promising future for digital twins to investigate weather patterns and gene therapy which will require faster semiconductors based on smaller form factors and power efficiency. The list of companies working on building tech related to interacting with virtual worlds as well as Meta includes Microsoft, Unity, Roblox, Snap and Epic. Wired recently asked, “What is the metaverse, exactly?” and explored how the multiple tech and marketing directions being undertaken in the metaverse concept have made it hard to pin down what it is and, indeed, where it is headed.
To help get a handle on all of it, Fierce Electronics asked metaverse advisor Nova Lorraine, founder and editor in chief of Raine Magazine and more recently Rainedrops.io< to weigh in. She will keynote on the state of the metaverse industry at the upcoming Metaverse Global Congress on June 28.
FE: After a big initial push by Meta and others, interest in the metaverse maybe seems to have ebbed somewhat. Do you think the juice and excitement is still there?
Lorraine: As a speaker and advisor, I can say that the excitement is still there and growing. More and more companies are seeking out education, tools, and platforms to assist their entry into the metaverse. The metaverse founders I have had the pleasure to consult and connect with have shown a strong interest in learning the best strategy in getting started, as they believe it will be an integral part of the economy’s future.
FE: What’s the potential to make money in the metaverse through online sales, perhaps as we’ve already seen through in-game purchases?
Lorraine: One area of interest of mine and 50% of US consumers, according to Statista, is the ownership of digital assets. One of the categories of digital assets that we have seen a lot of frenzy around in the past year are art centric NFTs. However, in the last few months, digital fashion has caught the eyes and ears of many as it is one of the key entry points for mass adoption in the metaverse. It is predicted to reach $1 trillion in market size by 2030 according to Statista.
Another vertical that is gaining a lot more momentum is virtual real estate which is predicted to grow to $5.4 Billion by 2026. The initial attraction was buying land in worlds such as Sandbox and Decentraland; however, more attention is being given to digital twin assets where a virtual location, building, or interior space that mimics the existing real life equivalent. Development and engagement are two important factors that investors and builders are focusing on more in order to create a sustainable long- term roadmap for projects.
FE: What are some gotchas or things to avoid for metaverse entrepreneurs?
Lorraine: Web3 is about community building but some short cut this effort in exchange for fast profit. I recommend to not use FOMO (Fear of Missing Out) tactics or empty hype messaging to grow your community. Without these methods, it will take longer to develop a loyal following. The key word in that statement is “loyal.” When a supporter chooses to get behind your project due to genuine interest, you are attracting future leaders, contributors, and ambassadors which in turn future proofs your creation.
FE: Some metaverse critics have expressed concerns that virtual worlds separate people too much from the real world and are even antisocial. Because of that concern, they believe augmented reality will be more popular than VR. Any reactions?
Lorraine: I love this question. Having a degree in clinical psychology and trained in mindfulness teaching, I am definitely in the camp of real world over virtual world. From a psychological perspective, I still believe that real tangible experiences trump any digital experience. With that said, virtual worlds offer a richer experience than our current Web2 tools such as email, Zoom, and Instagram.
AR and VR are instruments that can deliver more options for creators and entrepreneurs to connect and co-create in way that is not currently possible. As a pioneer in the “virtual company experiment" which I embarked on about 15 years ago with Raine Magazine, there was a lot I had to do differently in order to produce a product from idea to execution with global teams that you couldn’t see or be in the same room with.
AR as opposed to VR, is a resource for builders and creators, in addition to being a bridge to the real world and digital world. It offers the opportunity for richer experiences for our personal and work environments. Therefore, I feel that AR will have a faster mass adoption cycle than VR, where VR will continue to penetrate entertainment verticals.
Editor's Note: Nova Lorraine will deliver the keynote 9 a.m. PDT June 28 at Metaverse Global Congress, co-located with Sensors Converge in San Jose. Registration is online: