Metaverse Will Take ‘Atleast a Decade’ to be Realized, says Meta Executive Nicola Mendelsohn
In Brief
Meta’s vision for ‘metaverse’ will take at least a decade to materialize, says Nicola Mendelsohn, head of Meta’s global business group.
In the face of substantial financial setbacks totaling nearly $50 billion, Meta remains committed to substantial investments in the metaverse, affirms an executive from the company. Nicola Mendelsohn, the head of Meta’s global business group, conveyed this commitment during a panel session at the ongoing World Economic Forum in Davos.
Mendelsohn acknowledged the challenges but emphasized Meta’s decision to realize its ambitious vision for the metaverse, estimating that it would take approximately a “good decade” to achieve the company’s fully realized vision.
Nearly two years back, Mark Zuckerberg renamed Facebook to Meta, with an intent to build “metaverse,” a virtual reality realm. However, the metaverse has experienced a decline in enthusiasm since 2021. Take, for example, companies like Disney shut down their metaverse divisions. Concurrently, metaverse-focused startups rooted in cryptocurrency have faced challenges, either silently struggling or collapsing altogether.
In 2022, Meta’s Reality Labs division disclosed an operational loss of $13.7 billion, indicating the financial hurdles encountered in pursuing metaverse initiatives. Despite the financial setbacks, the current statement from Meta’s executive indicates that the company is undeterred in its pursuit of advancing the metaverse.
Meta in No Mood to Abandon ‘Metaverse’
During the discussion, Mendelsohn disclosed that Meta’s investments in the metaverse extend beyond software, encompassing both artificial intelligence and hardware development. According to him, this approach underlines Meta’s focus on building a comprehensive and technologically advanced metaverse ecosystem.
However, it is important to note that Mark Zuckerberg is in no mood to give up on his metaverse ambitions. At the Meta Connect event last year, he tried to shift the narrative of the metaverse from being considered as a completely digital new world. Zuckerberg now considers the future as a blend of the digital and the physical.
He emphasized that the contemporary “real world” is an intricate interplay between the physical environment and the ongoing development of the digital sphere.
In September 2023, Meta shared how immersive technologies, such as VR and AR, are revolutionizing industries like healthcare, where Fundamental Surgery’s virtual platform enhances surgical training, addressing the global shortage of skilled surgeons.
Athletes, including footballer Marcus Rashford, leverage VR for injury recovery, transforming skill development without physical strain. In welding education, Ocuweld’s VR app empowers students to practice and learn beyond traditional labs, increasing employability. The aviation sector adopts VR and MR for comprehensive training, product presentations and passenger events, significantly improving efficiency and experiences.
Meta made clear that these examples underscore the tangible impact and potential of immersive technologies across diverse professional realms.
“The positive impact of immersive technologies is already apparent, and as metaverse technologies continue to progress, we expect even more opportunities will emerge to maximize the benefits of these innovations,” the company said in its blog.
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Kumar is an experienced Tech Journalist with a specialization in the dynamic intersections of AI/ML, marketing technology, and emerging fields such as crypto, blockchain, and NFTs. With over 3 years of experience in the industry, Kumar has established a proven track record in crafting compelling narratives, conducting insightful interviews, and delivering comprehensive insights. Kumar's expertise lies in producing high-impact content, including articles, reports, and research publications for prominent industry platforms. With a unique skill set that combines technical knowledge and storytelling, Kumar excels at communicating complex technological concepts to diverse audiences in a clear and engaging manner.
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Kumar is an experienced Tech Journalist with a specialization in the dynamic intersections of AI/ML, marketing technology, and emerging fields such as crypto, blockchain, and NFTs. With over 3 years of experience in the industry, Kumar has established a proven track record in crafting compelling narratives, conducting insightful interviews, and delivering comprehensive insights. Kumar's expertise lies in producing high-impact content, including articles, reports, and research publications for prominent industry platforms. With a unique skill set that combines technical knowledge and storytelling, Kumar excels at communicating complex technological concepts to diverse audiences in a clear and engaging manner.
