The metaverse has quickly lost its “front page standing” in the technology news landscape, sinking into obscurity two years after dominating the headlines. According to Samantha Searle, Director Analyst at Gartner, this fall from grace is not uncommon for previously over-hyped technologies. However, the rise of generative AI has also played a significant role in overshadowing the metaverse, as demonstrated by the wide adoption and ease of use of OpenAI’s ChatGPT and similar tools.
Despite the metaverse’s decline in popularity, there remains potential for its application in various industries. Financial services firms, for example, are exploring how the technology can enhance customer services, with JP Morgan having already established a virtual bank. However, some organizations, like TSB Bank, believe that the metaverse needs further maturation before it can be effectively utilized.
As the metaverse continues to evolve and mature, its potential applications in virtual environments and customer engagement are expected to drive new business opportunities. Companies like Heineken are taking a proactive approach by setting up a virtual bar and brewery, signaling a growing interest in establishing a presence in the metaverse. Overall, while generative AI has made substantial strides, it’s clear that the metaverse is still a topic of interest and exploration for businesses and tech leaders.