The metaverse already moves many millions, but it can take 10 years to mature

The graph leaves no doubt: there is a first upward curve that appears very sharp to illustrate the public’s expectation in relation to a new technology, and, soon after, there is a sharp downward curve that reflects the disillusionment of the same population when the technologies begin. to debut.

The graphic applies to all technologies, but Charles Fink, a columnist at Forbes and expert in the field, showed it again to describe the future of the metaverse on the stage of the Business Digital Congress, of the Portuguese Association for the Development of Telecommunications (APDC ), which takes place in Lisbon on Wednesday and Thursday.

“I would say that it will take 10 years until we have a consolidated metaverse”, predicted the specialist during the lecture he gave at the Congress organized by APDC.

Charles Fink, who is the author of the book Charles Fink’s Metaverse (2017), may seem pessimistic given the current media appreciation of the metaverse, but the graph he used to illustrate the technology adoption curve also helps to understand what is at stake. cause: after the disillusionment phase, the public begins to use the new tools and ends up incorporating them into their daily lives, as they evolve. And it is precisely the technological evolution that may still take some time before multiple metaverses appear on this Internet.

Charles Fink recalls that the metaverse still lacks a true technological layer, which guarantees the interoperability of avatars, digital artifacts, data and cryptocurrencies between different virtual “worlds”.

Luís Bravo Martins, AR-Kit marketing director, recalled the potential of the metaverse to transform companies

Despite the technological challenge and some reluctance that may exist among consumers, the opportunities exist. Fink recalls the estimates that point to more than 1000 metaverse worlds and more than 300 million virtual reality glasses, which allow you to “travel” in immersive environments without leaving your place, for after 2030.

The specialist even admits that we should only be able to say that the metaverse has imposed itself on the market when people stop using apps and video games. But he also admits the ability of this new technological wave to transform other industries: “Film producers are going to become creators of worlds”, he says, without forgetting that it is necessary to create regulation.

“Another Stage in the Evolution of the Internet”

“There is also corruption (in the metaverse)”, denounces the expert, recalling the cases in which the creators of these virtual worlds, which are populated with avatars and digital artifacts, reserve part of the virtual lands they will bid on to the public for friends or acquaintances.

Charles Fink also has no doubt that there is an identity gap that has yet to be filled. “Whether it’s a robot or a person, it has to be responsible for its actions”, reiterates the American expert.

Even with these gaps, there is no shortage of people investing in the metaverse. The best-known case refers to the company that manages Facebook, which changed its name to Meta, and set aside an investment of more than ten billion dollars to change the paradigm.

Pedro Pombo, responsible for Accenture Song, adds another illuminating number: more than 300 billion dollars are currently handled in activities related to metaverses. This also encompasses augmented reality environments, which use glasses or cell phones, and superimpose icons, tips, information, advertising or digital artifacts over images of reality.

It is this prediction regarding the metaverse in the augmented reality version that leads Pedro Pombo to believe that one day we will walk down the street, see an apartment that we would like to buy, and point the cell phone camera to discover, with the insertion of icons on the screen. , “the price and the spread of the loan”.

“We believe that the metaverse is another stage in the evolution of the Internet”, underlines the manager.

In this new evolutionary stage, it is necessary to take care of the purposes and interoperability and make the tools available to guarantee social interactions. “We are seeing many companies playing the metaverse without having defined their purposes well”, warns Pedro Pombo, giving as an example of the lack of strategic aim the case of a supermarket chain that wanted to replicate itself in the metaverse, forgetting that it would be more convenient for the consumer to shop in a app or on a website.

Also in the lectures dedicated to the metaverse, Luís Bravo Martins, responsible for Marketing at Kit-AR, praised the NFT technology as one of the financial engines of the metaverse, for allowing the sale of digital goods on various platforms, but did not fail to mention the potential for transformation of business environments. “If in a condominium there is a drill with an associated NFT, you will quickly know where it is, who used it and when the maintenance is done and so on”, says Luís Bravo Martins.

For now, according to the international association of virtual reality professionals, which indicates that there will already be 130 companies in the country working in activities directly or indirectly linked to the metaverse, he said.

Pedro Pombo, responsible for Accenture Song, recalls that the metaverse has already started to move many millions of dollars and euros, but it is necessary to have a plan with well-defined purposes.

Pedro Pombo, responsible for Accenture Song, recalls that the metaverse has already started to move many millions of dollars and euros, but it is necessary to have a plan with well-defined purposes.

EDP ​​also recognizes benefits from entering this digital world. Margarida Azevedo, responsible for EDP University, recalled the investment that the company has been making in technologies that bring different people together in the same virtual space with the purpose of generating a sense of belonging, an idea which was also mentioned by other speakers during Wednesday afternoon.

“The avatar allows you to project the best of a person’s image”, recalls Margarida Azevedo, without forgetting the benefits for “the dynamics of the team”. Are avatars really the people they represent “or are we just personalizing reality?” The answer will still take a long time to arrive.