The metaverse was once dangled before us as the next massive thing. Now, no one cares, including the folks with the cash.
And this is really a problem that’s all encompassing of the units which are the base of the metaverse, such as virtual reality and augmented reality glasses.
Apple’s Vision Pro headset, which cost more than most mortgages, isn’t garnering much excitement, either. If Apple can’t get you all on the hype machine, most likely, no one can.
Per Crunchbase data, “roughly $464 million this year has gone into seed- through growth-stage funding rounds for companies tied to AR, VR and the metaverse. That puts 2024 on track for the lowest funding total in years.”
So what’s happened?
Well, for starters, prices for many of these devices are pretty high. Meta’s Quest headsets or Microsoft’s HoloLens, are often expensive, limiting accessibility for the average consumer. The cost of the hardware, combined with the need for compatible PCs or other devices, makes it a significant investment.
There’s not a ton of content and apps that work with the stuff. After paying $3,500 for an Apple Vision Pro headset, you’d probably want everything and anything to work with it. The metaverse severely lacks in any sort of expansive content. There’s not much to do.
The hardware is pretty bulky, making it an often uncomfortable user experience.
A lot of people don’t know what the metaverse is, let alone desire using it.
Then there is privacy. AR, VR, and metaverse platforms collect large amounts of data, including biometric data, which raises significant privacy concerns. Issues around data security, user safety, and potential misuse of data deter some users from engaging fully.
Without more use cases and lower cost entry, its gonna be a rocky road for an industry once touted as reshaping the world. Don’t get this wrong, VR and AR are helping society in many ways, including in healthcare. But for common folks, we aren’t getting it in the same way.