In this rush, many companies focused on \u00a0cryptocurrency\u00a0\u2014a concept tightly linked to virtual goods in the metaverse via \u00a0blockchain\u00a0 technology and \u00a0NFTs (non-fungible tokens)\u00a0. These crypto firms launched projects creating metaverses, virtual shops, clothing, and a variety of collectible items. \u00a0Silvia Leal\u00a0, an advisor to the \u00a0OECD\u00a0, reminisces about early metaverses, which resembled basic 3D environments with minimal engaging experiences. \u201cIt was absurd; the immersive experiences were dreadful; any amateur video game was far superior,\u201d she asserts.<\/p>\n
\u201cAlmost any 3D world with permanent elements began to be labeled as metaversal,\u201d Ortiz explains. Yet, he highlights the contradictory nature of many of these projects combining the decentralized ethos of \u00a0Web 3.0\u00a0 with speculative elements associated with cryptocurrencies and NFTs. Unique items, such as a hoodie or even digital land parcels, became commodities. \u201cMany people had ethically questionable thoughts,\u201d Ortiz laments, creating artificial scarcity that inflated the price of such properties. \u201cIt\u2019s ironic: the beauty of digital is that everyone could have a mansion and an extravagant car.\u201d<\/p>\n
Crypto Worlds<\/h2>\n
\u00a0Eloy\u00a0, a pseudonym for a former employee of one of these firms, prefers anonymity as he continues to work in the sector. \u201cIt was a company creating a metaverse but also involved in cryptocurrency,\u201d he recounts. After Facebook transitioned to \u00a0Meta\u00a0, \u201cmany cryptocurrency projects linked, even slightly, to the metaverse skyrocketed in value.\u201d Held coins linked to their own creations increased in value alongside market demand.<\/p>\n
Upon joining the company, Eloy found themselves \u201ccreating a metaverse, but it was all style without substance.\u201d They had impressive 3D designs with no solid backend development. The intent was to capture attention, yet programming lagged significantly behind. \u201cThe company was crypto-based, focused on creating anticipation and marketing strategies tailored to manipulate user expectations,\u201d Eloy explains. Meanwhile, the value of their cryptocurrency fluctuated based on their developments and market interest.<\/p>\n \u201cIt was a marketing-driven project,\u201d the ex-employee summarizes. When the metaverse concept began to lose its allure, the project \u201cdied off\u201d as tangible reality within VR and platform viability became questionable. At that point, the organization pivoted to other ventures, with a noticeable shift towards AI technology. While layoffs occurred, the company did not shut down. \u201cCost-cutting became a priority,\u201d Eloy recalls, noting that while the metaverse once seemed like the future, there was a realization that resources were needed elsewhere.<\/p>\n Inquiries about the current state of the metaverse are met with responses pointing to Meta\u2019s blog posts. One post discusses potential benefits for sectors like education, with virtual campuses that could inspire a sense of community beyond traditional online classrooms. Another post links the metaverse with artificial intelligence and mixed reality.<\/p>\n Despite the vagueness encapsulating the definition of the metaverse, interest surged. A study commissioned by \u00a0Deloitte\u00a0, for instance, predicted that the metaverse’s economic impact in Spain could reach \u00a0\u20ac53 billion\u00a0 by \u00a02035\u00a0. On a broader level, successful metaverse development in the EU could contribute between \u00a0\u20ac259 billion and \u20ac489 billion\u00a0 annually by 2035. In perspective, agriculture accounted for about \u00a01.3%\u00a0 of the EU’s GDP in 2024.<\/p>\n Ortiz highlights additional compelling factors that fueled this excitement. \u201cFirst, the \u00a0Oculus\u00a0 was groundbreaking,\u201d he notes. \u201cIt revived virtual reality, a field that seemed dead.\u201d Despite technological challenges like latency, the \u00a0wow factor\u00a0 remained compelling. Moreover, Zuckerberg’s unusual leadership style allowed him to make long-term investments that few CEOs could afford to contemplate.<\/p>\n He emphasizes Meta’s robust vision of AI, which complements its push for the metaverse. While focusing heavily on one technology isn’t entirely practical, the ongoing development in augmented reality and monetization possibilities across various sectors signifies promise for the future.<\/p>\n Currently, while it’s unclear whether the public reflects a genuine interest in purchasing a full-fledged metaverse experience at this time, many aspects of technology geared towards that goal are making strides. \u201cSpaces shouldn\u2019t be the main selling point; experiences must come first,\u201d Leal states. Meta’s vision appears to zero in on augmented reality, suggesting potential breakthroughs yet to come.<\/p>\n So, is there a metaverse? The answer is affirmative but not in the manner envisaged at the outset. The \u00a0concept of spatial computing\u00a0 has emerged, encapsulating developments in AR, haptic devices, and information overlay. While people may misuse the term \u00a0metaverse\u00a0, its evolution is inevitable. The industry is seeing renewed investment as past innovations are incorporated into existing frameworks. As Meta’s CTO rightly noted, the journey involves continual learning and adaptability. For now, the latest updates from Meta hint that \u00a02025\u00a0 might be a critical year for the resurgence of the metaverse.<\/p>\n![\"\"](\"https:\/\/teknomers.com\/en\/wp-content\/uploads\/2025\/06\/1749600338_116_From-bubble-to-a-new-virtual-reality-The-metaverse-is.jpg\"\/)
<\/source><\/source><\/picture>\n<\/div>From Metaverse to Reality<\/h2>\n