According to executives at Magic Leap, a mixed reality business that has raised $3.9 billion, including a recent $590 million investment from Saudi Arabia’s Public Investment Fund, the metaverse will take off once it correctly fits with what the market requires.
In an interview with Venture Beat, Magic Leap’s CEO Ross Rosenberg and CTO Daniel Diez claimed that the original excitement surrounding the metaverse was overly restricted to virtual worlds that were isolated from the actual world.
Diez stated to the journal that “the metaverse’s true potential will materialise when it’s a fabric constructed of digital experiences ingrained or embedded into the physical world.”
The majority of the clients we speak with are attempting to complete a task. Rosenberg continued, “They’re attempting to fix something, mentor someone, and create something. They use those exact terms. Not “Hey, tell me about your metaverse,” is how they begin.
A pretty dismal year for venture capital investing overall, 2023 saw a multiyear low in venture investment in the metaverse as the space, which many believe is waiting for something like Apple Vision Pro to spark it, stagnated.
There are still several promising players in the metaverse space, despite the fact that many of the platforms are having trouble attracting consumers.
Tokens in the Metaverse are rising significantly. The start of the cryptocurrency bull market has lifted the 45 biggest coins in that category to unprecedented heights.
It’s absurd that we have these hype cycles. The periods in between, when people genuinely sit down and plan out their actions, are what’s fascinating, according to Diez.
Furthermore, Magic Leap has weathered numerous hype cycles even before cryptocurrency was integrated into the metaverse.
The corporation is now entering a metaverse market that appears to be as optimistic as ever, despite numerous setbacks. Global investment on AR/VR is expected to rise from $13.8 billion in 2022 to $50.9 billion by 2026, according to a new IDC prediction.
“If we do this correctly, the metaverse will not revolve around the notion of escaping reality by entering virtual worlds. We’ll be able to do things with it that we couldn’t do before, like immerse ourselves even deeper in the real world,” Diez continued.