According to Phil Spencer, who is in charge of the Xbox brand, the metaverse has been with us since since the introduction of digital gaming in a significant way 30 years ago.
However, Spencer opposed play-to-earn (P2E) models, claiming that they create a workforce out of a type of gamer who needs to monetize the time spent playing. He stated that these models should be avoided.
Despite the fact that “the metaverse” is still something of a mystery, a number of businesses have begun to capitalise on it in the hopes of gaining the competitive edge that comes with being industry pioneers.
However, other influential figures have voiced their disapproval of the current market. During the WSJ Live Convention, Phil Spencer, who is in charge of Xbox at Microsoft, criticized the current metaverse technology by remarking that it was still in need of polishing.
Also Read: Bayonetta 3 Gets October 2022 Release Date On Nintendo Switch
Metaverse And Facebook’s Revenue Relation
A while back, Meta’s (previously Facebook’s) CEO Mark Zuckerberg made the decision to make his dream of a virtual world a reality. The world of Oasis, made famous in the hit movie Ready Player One, may someday be compared to the metaverse project, which was developed in a similar fashion.
Some contend that he simply spent billions on something that no one can comprehend. Regrettably, Zuckerberg is not getting his way with the idea’s implementation. The virtual world’s graphics still don’t live up to contemporary standards, despite the efforts of Meta developers.
Another issue is the dearth of offered activities, which renders the metaverse in users’ eyes as not being all that appealing. Phil Spencer, the CEO of Xbox, recently stated during the WSJ Tech Live conference that he is not a fan of the idea of a digital world. He is not the only person who believes Zuckerberg’s notion is wrong; Snap CEO Evan Spiegel, who was also present at the aforementioned conference, shared Spencer’s comparison of the metaverse to a badly conceived video game.
He believes that this is life inside the computer and that this is the absolute last place he would want to unwind after a demanding day at work. Greg Joswiak, vice president of marketing at Apple, concurs with this statement, stating that “the world will never utilise this.”
According to the most recent financial reports released by Meta, it appears that everyone in the world holds this viewpoint and truly shows little interest in the metaverse initiative. Reality Labs, the department in charge of carrying out the initiative to create a digital world, has produced a very intriguing item.
Comparing the current quarter to the same period last year, its revenues decreased from 558 million to barely 285 million, while its operating deficit increased to $3.67 billion from $2.63 billion. So far, it would appear that the metaverse project has failed miserably, and it is unlikely that a real virtual world would materialise in the foreseeable future.
A significant portion of the online community is making fun of Zuckerberg’s mistake, but it’s actually kind of unfortunate since if the “metaverse” were effectively implemented, many people would undoubtedly love to visit it.
Read More: WhatsApp To Launch These Features In 2022
Xbox Boss Phil Spencer Is Not Impressed With Metaverse
In spite of being fascinating and mysterious, the metaverse is mostly a mess. Because of his horrifying, dead-eyed meta-selfie in August, Meta CEO Mark Zuckerberg was viciously dragged. This month, when Zuck revealed that Meta avatars would soon have legs, the beating continued.
Furthermore, not only the internet populace disapproves of the condition of affairs at the moment. Phil Spencer, the head of Xbox, said the metaverse is “a poorly built videogame” when speaking at today’s WSJ Tech Live 2022 conference.
As Spencer pointed out, “If I think about videogames, for years we’ve been bringing people together in 3D places to go and defend the world from invading aliens, or conquer the castle.” “I just find that I don’t want to spend much of my time building a metaverse that looks like a meeting room,” the author said.
Palmer Luckey, who co-founded Oculus VR in 2012, the business that would serve as the foundation for Meta’s Reality Labs venture, was more bluntly pessimistic in his assessment of Meta’s Horizon Worlds, likening it to a “project car” that Zuckerberg is investing excessive sums of money into in order to realise a dream. According to Luckey, the product isn’t very good.
“Not really. It’s unpleasant and not good. It’s not a decent product right now, in my opinion, and I think the majority of the team members would concur.” While Herman Narula, CEO of Improbable, appeared to concur with Spencer’s claim that games are already mini-metaverses, he countered that the metaverse as a whole isn’t centred around gaming. Narula remarked that video games are already functional.
“Games on a computer are excellent closed systems of value. They will continue to be entertaining for years to come if you like Call of Duty or World of Warcraft. The concept of integrating various experiences together is known as the metaverse, and, in my opinion, gaming businesses are much less interested in this concept than, for example, sports leagues or clothing firms.”
It’s reasonable to think that way: Games already function rather well as independent universes, and the most of the early attempts to create some kind of metaversal experience tend to be more broadly based: Take Walmart Land or the Adam Savage incident that caused Imogen to cry, for example (and, more importantly, convinced her that the metaverse could maybe work, someday.)
Nevertheless, according to Spencer (via the Wall Street Journal), virtual engagement will ultimately resemble videogames rather than some of the metaverse’s current models. “I think (virtual engagement) will end up looking more like videogames than some of the models that I see from the metaverse today,” he said.
Whoever you are, Meta’s metaverse is bleeding profusely right now, regardless of what you may think. According to the company’s today’s Q3 financial reports (via MSNBC), Reality Labs business revenues were down by almost half from the prior year to just $285 million; this quarter saw a $3.67 billion loss compared to a $2.63 billion loss in the same quarter last year.
According to Meta, operating losses in 2023 “will climb dramatically year-over-year,” with the total losses for the year having already surpassed $9.4 billion.
Spencer’s Previous Criticism On Metaverse
It’s not the first time Spencer has expressed doubt about the hype surrounding the idea of the metaverse as it stands. Spencer noted in August that the metaverse, which had been developed for more than 30 years and included 3D games as part of this technology, was nothing new to him. Play-to-earn (P2E) business strategies, he added, were like “a hammer seeking for a nail.”
Similar to how he rejected the NFT (non-fungible token) game concept, Spencer referred to it as being based on “speculation and experimentation” and being exploitative. Gaming would “play a crucial part in the creation of metaverse platforms,” according to Microsoft, which announced its acquisition of Activision Blizzard for $68.7 billion in January.
Additionally, according to a recent report from Bitcoin.com News, Microsoft is trying to connect additional technologies, such as Microsoft Cloud, with metaverse apps so that they can act as the artificial intelligence and analytical layer for various applications.
For More Trending & Entertainment Related News, Do Visit: TheWhistlerNews.com
