The MetaVerse vs. Skeptics
With META stock being down over 65% year to date, I think it’s fair to say that their big bet on the Metaverse has been met with great skepticism by almost everyone.
After all, who in their right mind is going to walk around all day with big, clunky, goggles strapped to their eyeballs?
I've read countless articles and had many conversations with investors and friends expressing these same concerns about the viability of the Metaverse as a profitable business model.
I really hope that our future doesn't consist of living our lives locked into a Virtual or Augmented reality.
I also tend to agree that it is a bit too ambitious to believe millions or hundreds of millions of people will spend most of their waking hours in an alternate reality/universe.
However, I don’t actually think that success for METAs’ Metaverse necessarily means locking people into a virtual universe all day long. I actually think the bar for success is much, much lower than that.
Some people have pointed out that we’re already in a Metaverse of sorts and don’t even realize it!
If you really think about it, more hours of the day than anyone wants to admit are spent between the screens of your laptop, phone, and television.
It’s actually pretty common these days to spend at least 9am to 5 pm on a computer just doing work!
Then, the average Instagram user spends about 30 minutes per day on the platform and about the same amount of time is spent each day on Facebook Blue.
So if FB and Instagram are producing crazy amounts of earnings today, yet people aren’t even close to spending all day walking around glued to those platforms, then why do we set the bar so much higher for Metaverse success?
Why isn’t the bar for Metaverse success closer to, do we think that tasks or entertainment which take up an hour or two of our day could be spent in the Metaverse?
I would love to have a regular poker game with friends and family that I’m not close enough to physically, or I could definitely see myself doing certain daily work tasks on a much larger, virtual screen made possible by the Metaverse… There are a lot of reasonable use cases I can think of.
Spending an hour or two in the Metaverse is something I can easily wrap my head around, (or rather something I can easily wrap around my head… awful pun intended), and that may actually be all that success for the Metaverse means.
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