The CEOs of giant companies revealed that they are not interested in Metaverse concept-based projects under current scenarios.
Silicon Valley is a region in Northern California. This region is home to many high-tech global companies. The headquarters of more than 30 businesses in fortune 1000 is located in Silicon Valley. ⅓ of the total VCs of the US are from Silicon Valley. Initially, Silicon Valley grabbed huge traction in the world after the growth of the chip & computer manufacturing companies.
During a recent Wall Street Journal event, Snap CEO Evan Spiegel & Microsoft gaming chief Phil Spencer disclosed that they are not interested in Metaverse concept-based projects.
According to Microsoft gaming chief Metaverse projects are showing that they are poorly made video games, which can be seen in the bad graphics & low-quality interface. In particular, he said that Metaverse projects are more likely to be the concept of virtual room meetings.
Spencer compared the Metaverse projects with the gaming sector and claimed that the gaming sector is better than Metaverse because it helps to create multiple engaging virtual worlds.
Snap CEO Evan said that Metaverse concept-based projects are in the initial phase of development & growth, so it is not a good thing for him to spend time on such things which are not exciting.
Evan also said that Snap focussed mainly on the hardware side of tech innovations like AR, so it will not be a better thing for the company to go with Virtual Reality (VR) based projects.
Greg Joswiak, the senior vice president of marketing for Apple, said that they will not try to use VR because they prefer AR for the meetings.
AR means Augmented Reality, which provides real-life experience for the ecosystem users while VR always remains limited to the Virtual world. In short, AR is dominating the VR Sector.