The metaverse has potential to transform the way we work, socialize, party and even do business — but looking at the infrastructure that exists right now, and some would accuse this industry of running before it can even walk.
Many virtual worlds are making bold promises about what they plan to achieve in the years to come, yet lack a tangible product people can try out now. Even those that have launched often suffer from poor graphics, a disappointing user experience, or a lack of quality content. This is a bigger problem than meets the eye. If a customer's first impression of a metaverse is one of disappointment or frustration, they probably won't be back in a hurry.
As things stand, many big brands and A-list celebrities are scrambling to get involved with the metaverse — but the platforms in the market are failing to meet the moment. For a sign of the momentum that this industry is enjoying, look no further than MTV's VMAs, which even had an award category for best metaverse performance. The nominees included Justin Bieber, Ariana Grande, Charli XCX and the South Korean pop sensation BTS.
Earlier this year, JPMorgan estimated that the metaverse could be an exceedingly lucrative opportunity that delivers $1 trillion in yearly revenues. Immersive concerts once held in major cities could take place in the comfort of a fan's home, without a gig ever selling out. Stunning virtual offices could propel working from home to the next level. And we're already seeing how top sportswear brands are making a fortune by selling rare digital sneakers.
For such lofty predictions to become a reality, metaverse worlds need to factor into the day-to-day lives of the consumers they're meant to serve — and deliver the "wow factor." They have
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