TIDEX CEO, Eric Ma, comments on how the long-term proliferation of Metaverse,AR-tech and VR will most likely overcome any short-term hurdles the industry faces.
A new report from Bloomberg Intelligence (BI) has found that a slowdown in consumer spending and a lack of standards may remain a drag on virtual and augmented reality adoption… in the short-term.
However, Apple’s likely entry into the market with a new headset could be a catalyst for faster growth in the metaverse, which may reach $615 billion by 2030. Advances will likely be driven by virtual 3D for shopping, events, social media and other consumer apps — such as TIDEX’s very own Metaverse experience, set to launch later this year.
Eric Ma, CEO of TIDEX, commented: “We’re building a metaverse based on gamification that will serve our growing community. It’ll be a world where users will be able to experience new ways to gather information, shop, gamble, buy, sell and trade crypto and NFTs through our e-commerce, casinos, NFT marketplaces.
“Users will be able to enjoy these new services by connecting their wallets, which are essentially their Web3 passports.”
AR/VR Unit Growth Pressured in the Near Term
Slowing unit growth for AR/VR hardware may remain a challenge for the metaverse in the near term amid a pullback in consumer spending. At the current price point, VR-headset adoption could stay muted with limitations in application as well as functionality issues with using these devices for multiple hours.
Innovation will be key to gaining market share, and IDC projects AR/VR spending will climb to over $40 billion by 2030, up from around $4.3 billion in 2022. Companies like Meta Platforms are likely to pare back their operating and capital spending amid pressure to boost profitability, which could be a drag on the metaverse’s pace of development.
Brand Partnerships, Events Pave Monetisation Path
Metaverse offerings could continue expanding beyond gaming with new partnerships, creating new opportunities for shopping, concerts and other virtual events. Platforms like Roblox and Decentraland already have deals with Gucci, Nike and Coca-Cola, among others, creating unique experiences for users to see the brand through a different lens. The sale of high-end luxury items in the metaverse demonstrates the potential for monetisation.
Live events also show promise, with platforms like Fortnite hosting concerts for artists such as Ariana Grande, Travis Scott and others. These performances attract millions of users with the lure of experiences that defy limitations of the physical world.
Generative AI Can Enhance User Experience
Generative AI and GPT could revolutionise metaverse engagement by offering users convincingly human interactions in a virtual landscape. GPT’s ability to leverage large language models is an enhancement that can provide distinct responses to text, voice and gestures.
Platforms like Meta’s Horizon World or Roblox may shift to GPT to augment and expand into new areas like education. GPT could also improve how users work virtually. Consumer applications have seen better adoption early vs commercial. GPT might boost enterprise use by improving the way employees work.
Eric concluded, saying: “It’s really exciting to be at the forefront of Web3 development. Building new services to attract new users is just one of the goals we’ve set for ourselves at TIDEX.
“Cooperation and partnerships inside and outside the space will allow us to increase user experience in order to better serve our customers.”
