Is the Metaverse Dead? Improbable’s Success Says Otherwise
2022 was a tough year for metaverses, with Meta’s Reality Labs division losing billions and struggling to gain traction with its virtual realm, Horizon Worlds. Many are ready to write off the idea of virtual, interoperable worlds entirely. However, for British gaming company Improbable, a pivot to metaverse technology has paid off.
Losses Trimmed After Metaverse Pivot
Improbable announced that it had significantly reduced its losses and more than doubled its revenues after focusing on the metaverse. The company raised $150 million to establish MSquared, a network of interoperable metaverses. It then secured another $100 million led by Elrond. Improbable’s goal is to provide brands and companies with their own metaverse experiences that can sync up with blockchains and web3 projects.
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Crypto Communities in the Metaverse
Improbable CEO Herman Narula believes that crypto projects should approach the metaverse differently. Instead of building vast virtual worlds, he suggests focusing on frequent releases and engagement with the community. Most NFT projects may not have the capital to create expansive metaverses but can still deliver interactive experiences that scale.
Hot Take: The Metaverse Is Evolving, Not Dying
While Meta’s struggles may have cast doubt on the future of the metaverse, Improbable’s success demonstrates that there is still potential in this technology. The key lies in finding innovative ways to create interactive experiences within the metaverse context. Brands and companies can leverage this technology to engage with their audiences and expand their reach. The metaverse may be evolving beyond its initial hype, but its possibilities are far from dead.
