The year 2023 has just begun, and we have already been inundated with information on what appears to be one of the most significant advances in technology and marketing: Generative Artificial Intelligence.
But wait... Wasn't there another significant technological advancement approximately a year ago?
Looking back to early 2022, marketers, companies, and professionals were ecstatic about the new possibilities that the metaverse offered. Here at Rock Content, I've written about this topic a few times to keep everyone up to date.
One of my most recent posts was about the lack of information about the metaverse since many people are still unaware of what it is. According to recent evidence, if things continue as they are, individuals may never learn about, or perhaps forget about the metaverse.
The new possibilities given by AI tools have recently become one of the most relevant subjects in the corporate sector.
Data has now validated what we've seen over the last few months. Artificial intelligence is gaining popularity, whereas the metaverse fades like a dream that some people had and is unlikely to become a widespread reality.
What Is The Market's Reaction?
The Metaverse was once a promising trend, with firms investing in new developments and acquisitions, but the situation has changed.
One of the Wall Street Journal's pieces on the matter was even headed "The Metaverse Is Quickly Turning Into the Meh-taverse." This paper discusses current metaverse backsliding by major corporations such as Disney and Microsoft.
Disney terminated the metaverse division in one of its recent layoffs, as did Microsoft, which lowered its spending in areas such as virtual reality.
According to Bloomberg, Sony Group Corp. released the PlayStation VR2 headsets in February with the expectation of selling about 2 million units by the end of March, but the new reality made it likely that only around 300,000 units would be sold because the metaverse was not on people's minds.
Furthermore, according to Deloitte's Global Marketing Trends Report 2023, only 10% of marketers believe the metaverse is unimportant to them.
In addition, we might note the Decentraland and Metaverse Fashion Week 2023, which featured digital models on a virtual runway and featured prominent labels such as Adidas, Dolce & Gabbana, Tommy Hilfiger, and many more.
There are numerous examples of marketers abandoning the metaverse while others continue to invest in it.
The AI Timer
In one of my essays, I mentioned that the metaverse acquired too much attention during a bad era for its environment. Bringing virtual reality to the forefront as people were emerging from a long period of lockdown went in opposite directions to what users were looking for.
Now, in the midst of the AI hype, features have emerged at a time that is more likely to suit experts and enterprises. We've been living in a recession, with some companies suffering through massive layoffs and doing whatever they can to conserve money while remaining operational.
Businesses are excited about using artificial intelligence to perform activities that should be performed by humans. The prospect of saving money without having to engage or retain an employee for specific operations may appeal to decision-makers - keep in mind that I am not referring to the quality of the work performed.
Another intriguing aspect is how much more accessible the AI features are than the metaverse. Anyone can go to chat.openai.com and ask questions or make requests for free to get a sense of what the AI is capable of. In this regard, the metaverse was not as available to anyone who wanted to test it out, and it may have additional charges that make it more difficult to access.
These events could all be coincidences, but in my opinion, they all make perfect sense, whether they were planned or just happened at the proper time.
Following Steps
The metaverse is losing favor as marketers and other professionals become more focused on AI prospects, which appear to produce greater outcomes at a cheaper cost. However, I don't think it will be completely removed from our life.
As previously stated, it is costly and difficult to grasp, so people will need time to adjust to it, and it also needs to be further developed for prospective growth.
Simultaneously, artificial intelligence is spreading across various markets, use cases, and possibilities. It is already a part of many people's personal and professional life, and I believe it heralds the dawn of a new era of digital contact.
Despite this hopeful scenario, I would not bet all of my chips on this new trend because certain copyright concerns may arise, the dependability of the information and data provided is often questionable, data protection difficulties, fake news, and a lack of human sense.