Investor Skepticism Over The Metaverse Grows, But Could It Still Have A Future?

Just over one year ago, Mark Zuckerberg announced that the social media network he created in his Harvard dorm room would be rebranded as Meta. 

Meta now serves as the parent company for Facebook and Instagram, among other business arms. The ultimate goal? Becoming pioneers of the metaverse.  

But what does this look like in 2023? 

Investor confidence in the metaverse industry, such as blockchain companies and cryptocurrency firms, has waned in recent months due to depleted value and an uncertain future. 

New technologies are often met with skepticism, and it’s no different with the metaverse.  

However, the convoluted nature of this virtual world is still in its infancy — and even the creators behind it are struggling to find a solid foundation. 

The metaverse largely focuses on bringing people together in both professional and casual settings. For companies, the hope is that the metaverse will resolve issues that distributed workforces often face: disengagement and lack of camaraderie in the workplace.    

Virtual and augmented reality have already both become a norm for many businesses. However, trying to merge each advancement for a fully-realized virtual universe has proven to be challenging.  

And the problems begin with cost.    

In order to equip all workers with the training, software and hardware to operate in a metaverse, not being on the cusp of a recession would be a good place to start. 

“Companies with complex portfolios and dispersed global workforces who need to be highly collaborative stand to benefit the most – think banking, biotech and pharmaceuticals,” said Sam Lavers, Director of Global Alliances at JLL Technologies.  

“Educating employees on the possibilities now will avoid culture shock when the time for wider metaverse adoption arrives.”