The metaverse is an incredibly exciting and immersive medium that represents an open, real-time, 3d environment where everyone comes together to live, work and play. The metaverse has seen a great deal of media attention and also investments from both technology companies who want to capitalize on the next wave, and brands, who want to stay relevant in an ever changing media landscape for reaching, engaging and converting customers.
While this is an exciting signal, the birth of novel technologies like the metaverse always come with their own challenges. First, we must understand that the metaverse is not A technology, but rather a convergence of many - to name a few, the full blown version of the Open Metaverse would not be possible without 5G, blazing fast GPUs and CPUs, AR and VR devices, cloud computing and blockchain technologies. The good news is that most of these technologies are reaching the levels of maturity and adoption that are needed for us to enjoy the emergence of the metaverse.
The infrastructure is in place, and now the focus is on the outer layers of the metaverse stack: metaverse platforms (the virtual worlds where people come together (ie. The Sandbox, Decentraland), metaverse assets (ie. Lands, Items and other Non-Fungibles) and metaverse experiences (ie. the Applications, games, and any other experiences people have when they come into a certain location inside a platform).
Key challenges to consider with the introduction of new technologies revolve around the initial inefficiencies in their construction, development, and scalability. Parallels can be drawn to the initial rise of the internet which experienced substantial bottlenecks.
In short, although the infrastructure for the metaverse is in place, the platforms are becoming better, and the competitive landscape is growing, we still need more experiences with improving quality to retain daily user counts.