Elon Musk, CEO of Tesla and SpaceX, has stated that the Metaverse is more of a marketing buzzword than a practical concept.
Musk recently told conservative satire site ‘The Babylon’ that the concept of Facebook’s Metaverse, which was introduced in October and focuses on augmented virtual reality (VR) experiences, was more hype than substance.
“I don’t see someone strapping a friggin’ screen to their face all day. I don’t know if I necessarily buy into this metaverse stuff, although people talk to me a lot about it. In the long term, a sophisticated Neuralink could put you fully into virtual reality. I think we’re far from disappearing into the metaverse, this sounds just kind of buzzwordy,” Musk said during the video discussion.
The Metaverse transaction market is expected to reach $6.1 billion this year, as tech behemoths like Meta (formerly Facebook) make big bets on the VR/AR-based technology to bring deeper immersive experiences to billions in the future.
According to Strategy Analytics, the global Metaverse market is expected to reach nearly $42 billion by 2026.
Facebook, the world’s largest social media company, has announced that it will invest more than $10 billion in developing its Metaverse vision.
“It’s gonna ruin your eyesight, right? I’m currently unable to see a compelling metaverse situation or Web 3 sounds like more marketing than reality. I don’t get it, and maybe I will, but I don’t get it yet,” Musk added.
In recent years, Metaverse has come to represent a utopian convergence of digital experiences powered by Moore’s Law – an aspiration to enable rich, real-time, globally-connected virtual- and augmented-reality environments that will allow billions of people to work, play, collaborate, and socialise in entirely new ways.
According to Intel, building the Metaverse – at scale and accessible to billions of humans in real time – will necessitate a 1,000-fold increase in computational efficiency over what we currently have.