The technology industry is known for its hype cycles, and the Metaverse is no exception. Currently, the industry is reporting a Metaverse winter, where interest and adoption have decreased after a period of hype. However, this is not necessarily a bad thing. Hype cycles are common in technology adoption because new technologies often generate a lot of excitement and anticipation as people imagine the potential benefits and possibilities. But as the technology matures and its short-term limitations become clearer, there can be a period of disappointment.
We have already seen this pattern with other Web3 technologies, such as blockchain and crypto, and now the media has tarnished the Metaverse with the same disillusionment brush.
However, this Metaverse winter should be seen as an opportunity for companies to invest in this new frontier. Blue-chip companies among others are already building strategies and investing in the Metaverse, even as the media reports its death. This is similar to what happened with Apple in the dot-com crash, where the company continued to invest in R&D, ultimately leading to the launch of the iPhone in 2007.
Continuing to invest in a Metaverse strategy, even during the winter, can set companies apart. It distinguishes those seeking a quick money grab from those that understand the long-term benefits of investing in emerging technologies. By doing so, companies can start reaping the rewards earlier. Just like in the dot-com crash, companies that continued to invest in the internet were catapulted ahead with a competitive lead. The same goes for the Metaverse, where companies that have already started to experiment and learn will have established a presence and reputation and be better positioned to succeed.
The Metaverse is not the end goal, but rather a step in the evolution of technology. Like the internet, which has seen significant changes and improvements over the last 25 years, the Metaverse is not designed to replace the internet but is rather the next evolutionary phase that will continue to improve over time. Looking back, we can see how far we’ve come from basic HTML read-only pages to the interactive, interconnected world we know today. Similarly, the Metaverse will evolve to become more immersive, more interactive, and more integrated with our daily lives. As we continue to push the boundaries of technology, the Metaverse will undoubtedly play a significant role in shaping the future of how we interact with each other and the world around us.
Watch this space.
How do I find out more?
Kantar Worldpanel have launched their new capability, with attitudes, behaviours, and engagement of the Metaverse from an incredible 61,429 respondents. At Worldpanel, we have the unique opportunity to profile these responses against their real-world purchasing habits, allowing us to help you target the right audience and strategise your plans to enter the Metaverse.
Get in touch with one of our experts if you’d like to find out more.