The metaverse dominates so many discussions about the internet’s ecosystem, technology, applications, servers, hardware and more. Nevertheless, it’s not without controversy. The most critical – or sceptical – technology experts have raised concerns and talk about a possible “bubble” in relation to the metaverse that, in reality, lacks substance or even the possibility of genuine implementation. They support their concerns by citing the metaverse’s current state of development, alongside the imbalance between expectations and the features we can see today, as well as the disappointing rollout of virtual reality headsets among average users.

At the other end of the spectrum, there are those who firmly believe we’re on an unstoppable path towards the metaverse, it being a logical development of today’s existing networks. Without coming down firmly on one side or the other, it does appear the most likely outcome is closer to the latter than the former. Being cautious, it’s true the metaverse is probably neither a digital panacea nor a baseless house of cards. So, what chance does the metaverse really have in future?

The metaverse is the next step (even if it flounders)

In the 90s, it wasn’t the metaverse on everyone’s lips, but cyberspace. And just like in the case of the metaverse, it was a set of concepts, ideas and proposals, rather than a group of concrete applications. As time went by, the term cyberspace ended up taking shape in the form of the World Wide Web, which later developed into the internet as we know it today. It’s likely something similar will happen with the metaverse: it will come to represent a development that, as in the case of Web 3.0, is already taking shape in the form of certain trends and behaviours.

It’s certainly true virtual reality headsets aren’t as common or affordable as a mouse or tablet device, but these peripherals weren’t cheap back in the day, either. Markets need time to develop. What’s more, the video games ecosystem has been getting generations of users used to two-dimensional worlds for decades now, offering relatively immersive experiences, so common sense dictates the natural evolution of these environments will crystalise in the metaverse. Or, to be more precise, in various metaverses.

Metaverse technology will still be useful outside the metaverse

Plenty of applications and technologies that are “must-haves” within the metaverse – at least, according to its most passionate advocates – will find genuine applications in both the virtual and analogue worlds, regardless of how much “success” the metaverse eventually finds. Blockchain is the most obvious example. Although the technology is mostly associated with cryptocurrencies by the general public, the truth is, the associated applications and benefits stretch far beyond this narrow – and often controversial – ecosystem. Particularly thanks to its potential in terms of transparency, security, encryption and horizontality. Smart contracts and practically all data exchanges that need traceability and prior approval will probably be based on blockchain eventually, as it finally takes shape as the industry standard thanks to the metaverse.

Virtualisation, the main benefit of the metaverse

Whether or not it proves to be the catalyst that the most optimistic advocates predict, the metaverse will probably lead to interactions between users in virtual reality environments becoming much more common in a short space of time. In the same way as better devices and better connectivity have made videoconferencing and working in the cloud possible – something that feels totally natural to us today – all the R&D that a technologically-demanding reality like the metaverse needs will also popularise and open the door to virtualisation for the average user.

In turn, this will have benefits in a variety of different sectors and fields. Not just in countries where simulation is especially important, such as aviation, for example, but also in fields like medicine, industrial training and coaching, education, architecture and construction, etc.

Although the current direction of travel for the metaverse is closely linked to leisure and entertainment options, its chances of success and expansion depend on its ability to generate economic benefits. And to figure all this out, the only things required are time, patience and a lot of hard work. In the same way the “dot com crisis” in the late 90s was a good way of sifting between opportunists and “smoke sellers” online, digital development will do the same for the metaverse, ensuring only those who really add value are able to thrive.