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GLBDigital 3D Metaverses: Has their Hype Led to their Premature Demise?
1Article by Aimee Gilmore
"With the metaverse, we are transitioning from viewing a 2D world, looking at the internet, to living inside the internet in a 3D world." (Dave Waters)
Reference: Decentraland
What is a Digital Metaverse?
A digital metaverse is a virtual 3D environment where individuals can interact with each other in real-time. Avatars represent a person in this shared online space. They give users access to new ways to socialise with their peers, obtain assets, and participate in a virtual community with its own thriving economy.
The Evolution of the Metaverse
Since 2000, advances in computing power have led to the creation of Massively Multiplayer Online Role-Playing Games (MMORPGs) with video games such as Second Life (2003) and World of Warcraft (2004), where millions of players could interact in an open world game simultaneously in real-time. They also introduced the first in-game economy where players could own businesses, trade with real money, and own assets. This created the initial prototype for players to create avatars and participate in a virtual world.
By the 2010s, innovative technology, such as virtual reality with the release of Oculus Rift (2016) and HTC Vive (2016), and mainstream acceptance of social media with Facebook (2004), Twitter (2006), and Instagram (2010), emerged.
The rise of Blockchain (2009) and NFT (Non-Fungible Tokens) created new ways to own, trade, and control digital assets within virtual environments.
It wasn't until the 2020s that the concept of the metaverse became a viable option. It was introduced worldwide, especially with Facebook rebranding to Meta and the integration of blockchain in metaverse platforms Decentraland (2017) and The Sandbox (2021).
Reference: World of Warcraft
What's Fueling the Hype Around the Metaverse?
Technological advancements have skyrocketed the hype around the metaverse, especially after the COVID-19 pandemic in 2020, when immersive digital experiences became a social norm and people experimented with virtual worlds. Virtual reality (VR) and Augmented Reality (AR) have intensified the hype, as headsets and devices have become more affordable, making it more accessible for individuals to enter the metaverse. VR and AR have shifted user perspectives by allowing them to move between various immersive experiences, including video games, social virtual spaces, and learning and education, and create a new online identity.
Reference: Julien Tromeur at Unsplash
The Metaverse Revolution: What Makes It So Promising?
The 3D metaverse is not just another technology fad. It has the ability to transform how we interact, work, and socialize with each other. Its potential is limitless because it has the capacity to reshape digital engagement in every aspect of our lives. This new level of interconnectivity could alter our daily lives in the following ways.
New Frontiers in Communication
The metaverse creates more authentic online communication because it encourages real-time collaboration, fosters inclusivity, and allows users to experience new ways to express their identity by customizing their virtual avatars. It also eliminates the issues of traditional connection, hindered by geographical factors, through virtual global communities. It gives users a sense of empowerment by encouraging them to level up their skills and giving them the ability to connect more meaningfully in both personal and professional spheres.
Greater Economic Opportunities
The 3D metaverse has ushered in a transformative shift in digital economies, offering greater economic opportunities by enabling users to engage in a fully immersive virtual marketplace. Powered by innovative technologies such as cryptocurrencies, non-fungible tokens (NFTs), and decentralized finance (DeFi), the metaverse allows for the buying, selling, and trading of virtual goods and services, providing new revenue streams for creators, businesses, and individuals. This digital economy fosters a decentralized, borderless environment where users can participate in economic activities, invest in virtual real estate, and monetize digital assets in previously unimaginable ways.
Reference: The Sandbox
Digital Ownership
Digital ownership in the metaverse refers to the ability to own, buy, sell, and trade virtual assets, such as artwork, virtual land, and in-game items, through blockchain technology. This innovation allows creators to directly monetize their work, offering a new way to generate income while maintaining control over their creations. Users, in turn, can invest in and hold unique digital assets with real-world value. By leveraging non-fungible tokens (NFTs) and smart contracts, digital ownership ensures transparency, security, and authenticity, transforming how assets are perceived and interacted with in virtual worlds.
Reference: Gorodenkoff at Shuttershock
The Fate of Digital 3D Metaverses: Has It Become Overhyped and Underdeliverable?
Numerous metaverses are in the works in the gaming, tech, and cryptocurrency industries, but challenges have abounded that have prevented them from being adopted in mainstream society. Here are some of the main pitfalls hindering progress with the 3D metaverse.
Early Marketing Oversights
When metaverses were first introduced as a concept, marketing teams went into overdrive and launched ambitious campaigns that advertised all the merits of this new frontier. However, ongoing technical challenges and overexpectations meant the campaigns failed to align with what was technologically achievable at that time.
Technical Gatekeeping
The metaverse's highly technical nature means it can only be built by specialized developers. Building and maintaining a virtual world requires numerous layers of authentication to gain access to the system. This can result in gatekeeping, where only those highly technical with extensive knowledge can enter the metaverse and understand the dynamics of this new virtual world, alienating large segments of the population who may lack technical prowess.
Lack of Interoperability Between Metaverses
Lack of interoperability between metaverses creates significant challenges because there are no standardized regulations, resulting in each metaverse using different ownership qualities and technologies. Avatars and owned assets become limited because they are locked into individual ecosystems and can't be brought to any new metaverses. It also eliminates decentralized control, creating a hierarchy of power that can leave users feeling frustrated and powerless.
Economic Crashes
Metaverses have always advertised the potential of stable economic opportunities through their own tokens or economic ecosystems. Still, the cryptocurrency world has been hit hard by the crashes of the NFT and virtual land markets, and assets were often propped up by hype rather than real utility or demand.
Reference: Manoj Madusanka at iStockphoto
In conclusion, while the concept of digital 3D metaverses has undoubtedly sparked significant interest and investment, the rapid hype surrounding them may have led to unrealistic expectations, contributing to their premature stagnation. Many early promises - such as seamless virtual worlds, true interactivity, and mass adoption - have yet to materialize, leaving users and developers disillusioned. However, the underlying technologies that power these metaverses, such as virtual reality, blockchain, and AI, continue to evolve and show potential. Instead of marking their demise, this period may simply represent a necessary recalibration, where developers shift focus to more sustainable and practical applications. The future of digital metaverses lies not in the pursuit of grand, utopian visions but in creating value-driven, user-centric experiences that grow organically and can thrive over time.
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