Is the metaverse dead yet?

The metaverse has stirred much controversy in recent months. For some, the once-buzzing technology has long joined the tech graveyard, its fate sealed by the unstoppable rise of generative AI. But is the metaverse dead and gone? In this article, we’ll take a look at what some of its advocates have to say.

Metaverse initiatives were all over the news following Facebook’s rebranding into Meta. Fast-forward to 2023, and the next big disrupting innovation in the tech circle has arguably failed to take off. Dubbed the “future of technology” by Mark Zuckerberg himself, this immersive virtual world is nowhere near as revolutionary as it was once trumpeted. In an article taking the form of an obituary for the “hottest idea in tech” turned ‘failed fad,” Business Insider declared the metaverse dead.

This opinion piece did not go unnoticed by the head of one of the biggest publishers in the gaming industry. In a sarcastic move, Epic Games CEO Tim Sweeney took to Twitter to call for an “online wake” for all 600 million monthly active users of virtual reality platforms like Roblox, The Sandbox, and VR Chat to mourn the passing of the metaverse. His tweet did not fail to mention his own company’s flagship title, Fortnite, which has been a massive player in the metaverse ecosystem. Virtual concerts held by world-famous superstars like Travis Scott, The Kid Laroi, and Ariana Grande helped solidify the mainstream adoption of the metaverse in the entertainment sphere.

Sweeney’s defensive stance doesn’t come as a surprise, thus. Epic Games has been a vocal proponent of the technology, investing over $2 billion to expedite its metaverse plans. The gaming giant also partnered with British PR and communications firm WPP in a bid to usher in a new era of cutting-edge digital experiences for clients in the metaverse. More recently still, Epic Games announced a long-term partnership with the LEGO Group. Although details remain scarce on the extent of that cooperation, the two companies are reportedly looking to team up to shape the future of a family-friendly metaverse.

In the meantime, other studios and developers are actively working on making the metaverse relevant again. From Roblox to Magic Leap, innovative metaverse companies are thriving. Known for such popular games as PUBG: Battlegrounds and TERA, South Korean studio Krafton joined forces with augmented reality company Naver Z to launch a metaverse game platform called Migaloo sometime this year. PUBG Creator Brendan Greene also jumped on the bandwagon, introducing an ambitious blockchain-based game named Artemis. This planet-size open world will feature NFTs, leaving players free to monetize their in-game creations in this digital economy.

Despite crashing down in recent times, NFTs are still paving the way for the metaverse. Play-to-earn games and up-and-coming coin projects meddling with gaming keep attracting new players. Meanwhile, cryptocurrencies remain a payment method of choice on several gaming platforms. Wherever they may surf the web and whatever monetary worth their national currency might hold, gamers can benefit from crypto assets having the same value globally.

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Living exhilarating adventures without stepping outside their homes is what the metaverse promises gamers. From virtual gigs to digital art exhibitions, several events have already gained massive traction in these interactive worlds. Regardless, the metaverse hype has receded. While tech luminaries like Tim Sweeney still push hard into the technology, there is no denying that artificial intelligence is stealing the show.

Ever-so-immersive features like AI-powered lifelike NPCs and AI-generated dialogues might decide the future of the gaming industry. Still, we think that bidding farewell to the metaverse is a bit premature. A full-on universe akin to that of Ready Player One is still far-off. But the metaverse as an online social entertainment experience is very much alive and kicking. And as Tim Sweeney put it, many tech actors believe this “enjoyable and personal medium” could be the game-changer no one expects it to be anymore.