For months, the metaverse has been touted as the upcoming great thing in digital media. It's still in its early phases, spearheaded by Mark Zuckerberg's idea of an interactive virtual world. But as 2023 approaches, its potential is undoubtedly on the minds of many tech enthusiasts.
The metaverse is a virtual environment where people may exchange experiences and communicate in real time while participating in simulated activities, according to research company GlobalData. Virtual reality (VR), artificial intelligence (AI), and augmented reality are among its many essential technologies (AR).
Although yet in its infancy, the metaverse "has the potential to be the next mega-theme in digital media," according to research by GlobalData analysts. "The metaverse might alter how people work, shop, interact, and consume," they write.
According to metaverse forecasts, artificial intelligence will dominate.
According to analysts, AI will be a key factor in the growth of the metaverse spaces until 2023 as Meta and other technological behemoths like Microsoft continue to pour millions into them.
According to statistics retrieved from GlobalData in December, the overall amount of investment in the AI industry decreased in 2022, totaling slightly over $67 billion with 3,187 AI agreements. This is less than the $127.1 billion that was invested in AI projects in 2021.
This year's collapse of VR and AR investments, along with the decline of AI transactions, may be related to the broader downfall of the IT industry. Due to market turbulence brought on by a number of causes, such as energy shortages,
Investors have tightened their purse strings in response to the market's turbulence. The era of easy money startups that the coronavirus outbreak ushered in is past.
Businesses like Meta have been forced to abandon investments made during the heydays of Covid-19 as the flow of cash has slowed to a trickle. They were forced to fire tens of thousands of workers as a result. It's been a carnage fest.
Despite the hype around the metaverse a year ago, interest in the field has decreased as tech stocks have become increasingly erratic and Meta has been losing money. Looking at the amount of global Google searches for "metaverse" over the past year reveals that it has decreased to a fifth of total searches.
