Metaverse: the end of the era of hype, time for real solutions

andVault CEO Samuel Huber has explained that the “hype era” of the metaverse is now behind us. We will learn the truth about what this technology is in a few years.

Metaverse and after metaverse?

In 2021, it may have seemed like metaverse technology would change our world. Facebook even symbolically changed its name to Meta.

However, the revolution did not take place. We still live in the real world, we meet in physical clubs, sitting on material armchairs and drinking the atoms that make up drinks. Except this doesn't spell the end of the metaverse. At least that's what Samuel Hubert thinks.

During the Arte Talks event held at the Theater of Digital Art in Dubai, Cointelegraph spoke with the CEO of LandVault, a metaverse company that works with various government agencies in the Middle East. Huber, because he is the one we are talking about, talked about what is currently happening on this market.

According to him, a lot of “noise” has been generated around the metaverse. Once the hype died down, many people withdrew from this market. Why? Huber explained that this was because many projects overestimated the impact of the metaworld on markets and reality. Or more precisely: it was believed that the technological and social revolution had already begun and we needed to get on this train quickly. Yes, it is, but this whole process will take time.

I think this era was really the era of hype, the first foray into the metaverse. But really, it was just a prototype of what the metaworld was

– he explained.

And in fact, everyone who entered this virtual reality was quickly disappointed. “Is that all there is to it?” – we all whispered at the sight of what looked like a strange variation on a theme The Sims.

The companies themselves did not help either, as they probably had no idea for metavers or were limited by technology. Example? Organizing concerts in virtual reality. Anyone who remembers the heavy metal OzzFest, which tried to be transferred to a digital reality, knows what I'm talking about. Chasing an avatar in front of a stage with a digitized Ozzy Osbourne was the strangest generational experience.

Metaworld 2.0

As Huber points out, however, the metaverse is taking on a new form, which he describes as the “3D Internet.” The idea is to offer users 3D experiences.

We believe in creating 3D solutions that can be placed on your own websites to simply provide users with a better experience

– he pointed out.

Interestingly, there is great demand for such solutions in the Middle East.

We found that the largest group (customers) are governments in the Middle East, especially the United Arab Emirates, Saudi Arabia and Qatar, who are trying to digitize their infrastructure and create a really interesting economy for their citizens

– added the expert.

Indeed, on July 18, 2022, the Government of Dubai officially announced its Dubai Metaverse Strategy, aimed at strengthening the country's status as a leader in futuristic technologies. This is expected to create as many as 40,000 jobs by 2030.

They've identified some of these pioneering technologies, like the metaverse, blockchain, artificial intelligence, where they really want to take the lead, invest in these ecosystems, create events like what we're in right now

– Huber said.

He added that the metaworld is “one of the pillars” of this policy. However, we will see the final version of this technology in many years.