Yes, generative AI has replaced the metaverse as tech's next big thing. Despite that, we think the answer to the title's question is a resounding no.
But there are lots of articles proclaiming that the metaverse is dead. Our favorite is Insider's RIP Metaverse. Key quote:
"The Metaverse, the once-buzzy technology that promised to allow users to hang out awkwardly in a disorientating video-game-like world, has died after being abandoned by the business world. It was three years old."
We also like The Guardian's A moment's silence, please, for the death of Mark Zuckerberg's metaverse. It focuses on the vast sums of money Meta has spent on its metaverse vision, which has yet to generate much revenue or excitement.
Couple these views with the enormous hype around generative AI, and you can see why many think, as the Insider article puts it, the metaverse is "the latest fad to join the tech graveyard."
But the reasons we disagree are simple:
First, the metaverse includes a wide variety of very successful online games (think Roblox, Fortnite, etc.). So the gaming metaverse is already a large and growing industry.
Second, the use of metaverse tools for industrial applications continues to expand. As the Harvard Business Review article Yes, the Metaverse is Still Happening points out:
"Look at how many companies are adopting "digital twins," or a virtual representation of a physical object, person, or place that is created using real-time data and advanced simulation models to provide a comprehensive, digital view of a real-world process.
At the moment, digital twins are most apparent at work, enabling a new world of possibilities across industries ranging from automotive to architecture, manufacturing, retail, telecommunications, and beyond."
The digital twin market is already large and expected to grow rapidly over the next decade.
And third, the metaverse is already making headway as a tool for education and training. Again, this is a potentially large metaverse market.
We agree that the hyperbolic noise and expectations about the metaverse are over.
But we believe the metaverse will continue growing - and be an important technology - especially in the abovementioned areas.
