In this age of fast-paced information and innovative ideas, breakthroughs all over the world constantly change the technological environment.
But how often should these world-changing innovations happen, and should they happen at all? Can one innovation affect the progress of another?
Introducing the Metaverse
In his 2021 keynote speech, Microsoft CEO Satya Nadella introduced their intention of creating a new platform where people can interact with others on a whole new level. He labeled this platform as the Metaverse and described it as a breakthrough that cannot be overstated.
Naturally, various companies and organizations took interest in this innovation. Many industries were piqued with how this new platform would increase the quality of their services and products.
In the field of education, educators and academics believed that the Metaverse would allow students to be immersed in a unique learning experience. The gaming industry envisioned a future where gamers could realistically step into the world of their choosing, described vividly in Ernest Cline’s novel “Ready Player One” and the Steven Spielberg movie that followed.
With its popularity, Bloomberg predicted the Metaverse market to reach up to 783.3 billion dollars in the year 2024. But just this year, Microsoft delivered devastating news to more than a few of their employees.
Shift from Metaverse to Artificial Intelligence
In the first days of March, Microsoft gave layoff notices to almost 700 people in Seattle as part of its planned mass layoff of 10,000 employees all over the world. Most of the people who were left without a job belonged to units of the company’s industrial metaverse.¹
Meanwhile, in their announcement of the latest version of Bing, Microsoft stated their partnership with OpenAI, a company focused on the creation of general Artificial Intelligence (AI).
According to Nadella, the very same CEO who positively spoke about the Metaverse and its potential future just two years before, AI is expected to be the next best computing platform available to the masses.
Following this, Microsoft had already put in place various platforms and services on their websites that revolve around AI. One example, Azure AI,focuses on data analytics, machine learning, data management, and many more.
Possible Reasons Behind the Fall of the Metaverse
There were no official statements released regarding the Metaverse but there was much speculation, among them:
1. Lackluster Interest from Potential Clients
The State of Digital Customer Experience report from the digital publication CMSWire reported that 42 percent of organizations did not have any noticeable interest in the Metaverse. Meanwhile, 39 percent of their respondents were unsure and wanted to observe and evaluate it first.
2. Required Collaboration from Companies
Since the goal of the Metaverse was to have one immersive environment, plenty of collaboration from many different companies was needed to make it work. This meant new projects, a reallocation of budget, and constant communication between the companies involved.
3. Virtual Reality Technology Having High Prices
Although companies were exerting efforts to make virtual reality (VR) mainstream, the cost of the needed technology remained exorbitant. Due to the high cost of the research and development done by companies, the price of the technology could not be lowered to more affordable levels.²
4. Stagnant Growth of Users
Even with the interest of consumers, the number of users did not grow steadily as predicted due to the lack of available activities that could be done in the Metaverse. This equated to a smaller number of sales due to no or low interest from companies
5. Costly Production
Since the Metaverse was a whole new platform, it constantly required new research and many other peripherals to fully optimize its usage, which was to produce unique, lifelike experiences for its users. To provide the lifelike experiences the Metaverse and VR promised, such as feeling the cool breeze while sitting on a beach or infiltrating a terrorist stronghold, many kinds of equipment was needed.
Introducing Artificial Intelligence
It’s a common belief nowadays that AI can be used in numerous fields and industries. Quite a few companies including Microsoft have claimed that AI can revolutionize our lives in more ways than one. Some use it to generate writing, create art, and even replace human coders in creating apps.
But what really is AI?
According to Forbes, AI’s practical definition is any form of technology that tries to recreate an aspect of human intelligence that cannot simply be coded. It requires higher-order intelligence that normal computers and cellphones do not have. ³
AI captures data but what makes it unique is how it uses the information to perform a predetermined task. Let’s use a TikTok trend as an example. People would take selfies using the AI filter. The filter would then use their picture and edit it using designs from various periods that are already in its arsenal. After a while, the AI filter will show the person in different eras like the medieval period and so forth.
Although it’s not yet so noticeable, AI has already begun making its way up the technological environment. As per Grand View Research, the compound annual growth rate for AI will be around 42.2 percent by the year 2027. Forbes also predicts that AI will replace well around 85 million jobs in the United States by 2025.
Implications
While it’s true that AI is enjoying its place as “the next big thing” right now, there might be something bigger right around the corner.
With all the new inventions and innovations being introduced one after the other, there is truly a high possibility of discovering more than just one groundbreaking technology in a short time. The future of tech should not be based entirely on a single idea. Rather, companies and stakeholders should always keep an eye open for other potential developments.
Avoid putting all your eggs in one basket. Whether in tech or in any other industry where technology is used, it is important to stay vigilant and updated with the most recent news within the field.
Instead of simply listening to the well-known companies, take your time to do your own research and double think critical decisions regarding investments and plans.
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References:
- Bulao, Jacquelyn. “How Fast Is Technology Advancing in 2023?” TechJury, 27 Feb. 2023. https://techjury.net/blog/how-fast-is-technology-growing/#gref
- Microsoft AI. “Future-ready solutions on Azure” Microsoft, March 2023. https://www.microsoft.com/en-us/ai/ai-platform
- Mayo, Walt. “What Is Artificial Intelligence?” Forbes, 7 Oct. 2021. https://www.forbes.com/sites/forbestechcouncil/2021/10/07/what-is-artificial-intelligence/
