The Race for the Next Big Thing: AR/VR, Metaverse, and AI

Remember when everyone was talking about the metaverse? It’s no wonder the metaverse is no longer at the center of investors’ attention, as companies have shifted their focus. Now all investors’ attention is focused on artificial intelligence (AI). In early 2023, the real AI boom began after the success of OpenAI’s chatbot, ChatGPT. Even Mark Zuckerberg, who renamed his company after the metaverse in 2021, has shifted his focus to AI and machine learning-based products.

Despite the shift in development focus towards AI, companies are still working on AR/VR and the metaverse. An example of this is the recent presentation of Apple Vision Pro AR headset. The presentation of the new Apple headset took place on June 5, 2023. Many were expecting a breakthrough comparable to the first iPhone, but it did not happen. Although the technical specifications of Apple Vision Pro AR mixed-reality glasses are truly revolutionary, the price of $3,500 is unlikely to find demand among mass consumers.

While Apple’s stock reached an all-time high of $184.4 ahead of the presentation, it then fell as investors were skeptical of a product that looked more like a toy for loyal fans than a revolutionary product. Apple released a direct competitor to the Quest 3, but at a price 7 times higher. It is worth noting that the virtual reality headset Quest 3 will be sold for $500.

It can be said that another race of technological giants is coming. A new player is beneficial for Meta. If Apple can shake up the augmented reality market, Meta will gain market share by offering consumers a more economical way to connect to virtual worlds and use augmented reality.

Conclusion

It’s too early to write off the metaverse. Although billions have been invested in the development of virtual or augmented reality glasses, no company has yet made a breakthrough. However, work in this direction continues, and now the question is who can take mixed-reality glasses to a new level, making them an everyday device rather than an expensive novelty or specialized gadget.

Because the concept of the metaverse itself remains an attractive prospect.