People who have been in the tech industry for long would remember the aftermath and the events that spanned across at the dawn of Millennium.
Just to clear the air (or) to remind, the dot com bubble pretty much took place between 1995 - 2000, when anything and everything related to internet and any business which had itself associated to dot com would witness mad rush in terms of investment, valuation and share earnings etc.
The investments were all based on speculations and drove the equity markets to a frenzy. Unfortunately there were several bad actors who wanted to cash in on this opportunity and started creating companies just to go with the flow without much knowledge or passion in what they were doing. These mad rush investments and companies that mushroomed out of the tech swirl led to the entire industry nose diving to new low from their greatest highs.
Metaverse is a term and technological concept that is getting a similar attention to that of dot com off late. There are over dozen companies that are looming up everyday globally with or without adequate knowledge on the subject. This is probably the case with any new technology, wherein lot of people want to get a share of the pie and cash in on the rush while it still rains. But unfortunately, there are lot of companies that are producing sub standard output. This sets mediocracy as a standard of the technology. We recently even saw a big country backed initiative with huge investment produce some content straight out of the 90's.
In the dot com boom, companies that stood test of the time and those who were honest and passionate in their pursuit were able to get through all the booms and busts and are now some of the leading tech conglomerates who have become formidable in the tech industry.
What's the big deal for the industry because of few bad apples?
Honestly not many within the industry and the sector understand (or) know completely about Metaverse. As a matter of fact, it's highly challenging for any individual to predict or project how this is going to shape up given the current scenario. Everyone seems to be going with the flow and contributing their share of technological elevation.
To the users and consumers, who have little to no idea about what a metaverse is, mediocracy becomes the standard of the technology or even it's potential. We have all heard how important it is to create a great first impression. Particularly in larger organizations, who have lot to invest in terms of cost and time towards any new technology or process. Its highly critical to give them a full understanding of the technology and make them realize it's inherent value and potential.
To the everyday user and consumer, who spends about 4 - 5 hours on smartphones everyday it requires enormous amount of content and use case driven solutions. In all might of honesty, we are definitely not there yet. In spite of what the big corporations claim to be addressing or solving, we are at least about a few years away before the users spend a chunk of their time in Metaverse and other alternate reality devices.
Having stated these, the Metaverse Industry will certainly go through a course correction and pass through an inflection point. That's when all the bad apples and weeds will be cropped out and those that are resilient and passionate enough on the technology will come out stronger. Just like how at the dawn of new millennium, the tech industry paved way to some of the top Web 2.0 companies, a similar situation will come around for all the web 3.0 companies and technologists around the globe.
On the point of the user, implementer or business houses taking up Metaverse and other XR based initiatives, it is highly important to ensure that they do a thorough research about the implementing agencies and the true standards that prevail.
If Mediocracy is accepted as a standard, then bad becomes good.