The fragmented universe of virtual reality (VR) worlds known as the metaverse does not always get great press, thanks to the ham-handed efforts by Meta CEO Mark Zuckerberg to become its ruler.
Any opportunity to burnish its image is grasped eagerly by the rest of the players in the industry. As a result, this week’s Consumer Electronics Show (CES) 2023, the world’s largest launch pad of new consumer technology, became a showcase for metaverse and related devices, platforms and services.
Tech companies large and small flocked to Las Vegas to claim highly specific niches in the category and to position themselves for what they still hope will be a consumer-spending boom.
The most fascinating of these was XRAI Glass, an augmented reality (AR) smart glass app that allows users to “see” conversations in the lenses of their AR devices. The software turns speech into subtitles, live as one is listening, meaning it can be a boon for the hard of hearing.
XRAI describes it as “a personal assistant for your eyes” since it uses an artificial intelligence system that allows users to ask, for example, about weather or traffic conditions and see the answer appear as subtitles on the glasses.
Most significantly, it offers the ability to “recall conversations on demand”. It may well resolve bitter arguments about who said what — but may also intensify the war of words.
Exhibitors of AR, VR and immersive technologies had a dedicated metaverse area on the CES show floor, which attracted such companies as Magic Leap, Microsoft, OVR Technology and SK.
And it was not only about toys. Cryptocurrency media platform CoinDesk hosted a Web3 studio — the term that encompasses decentralised systems such as cryptocurrency and blockchain — where industry leaders discussed key developments across industries, technologies and capabilities.
Even the global IT consultancy, Accenture, got in on the act, releasing a set of major metaverse research studies at CES. It found that growing consumer and business interest in the metaverse was expected to fuel a $1-trillion (about R17-trillion) commerce opportunity by the end of 2025.
According to the research, more than half (55%) of roughly 9,000 consumers surveyed see the metaverse as a business opportunity for creating and monetising content. An even bigger slice of C-suite executives — 89% — believe the metaverse will have an important role in the future growth of their organisations.
The findings estimate 4.2% of company revenues could come from metaverse experiences and commerce by the end of 2025.
According to the research, more than half (55%) of roughly 9,000 consumers surveyed see the metaverse as a business opportunity for creating and monetising content
But the industry faces a challenge: most of the consumers who want to be metaverse denizens want easy-to-use interfaces and access to a wide variety of applications. Neither of these are readily available, and nor are affordable devices that will catch on in the mass market.
Nevertheless, Accenture was upbeat this week.
“The metaverse, as a continuum of technologies and human-centric experiences, will usher in the next era of our digital lives and transform all aspects of business,” said David Treat, senior MD and co-lead of Accenture’s Metaverse Continuum business group.
“Underpinning it all are opportunities for new products and services, digital assets, business models and the technical capacity for conveying a sense of presence and expression.”
Kevan Yalowitz, Accenture’s software and platforms industry practice lead, was equally starry-eyed.
“Consumers are starting to see the metaverse as an essential tool which, when integrated into their lives, can streamline how they complete tasks and increase productivity. Businesses able to deliver tangible experiences that address consumer needs in key areas of interest will gain early-mover advantage in a rapidly forming metaverse industry.”
Accenture warned that to fully capture the opportunity, businesses should be strategic about business model changes. Above all, they should be creative and keep it simple, start small and focused and engage with early building blocks.
• Goldstuck is founder of World Wide Worx and editor-in-chief of Gadget.co.za
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