People lost interest in metaverse, Epic Games exec stated

People lost interest in metaverse, Epic Games exec stated

Despite the fact that many technology companies are investing in the metaverse, one of Epic Games’ executives stated in an interview that the public may be uninterested.

“People have kind of lost interest in the metaverse because characters look like cartoons with no legs,” Marc Petit, a vice president and general manager of Epic Games’ Unreal Engine, said Daniel Howley, a Yahoo Finance reporter.

The words, according to Howley, might be interpreted as a disguised attack on Facebook parent company Meta, which last year changed its name and brand to better reflect the emerging promise of this growing digital field in which people can experience reality in a three-dimensional, augmented digital space.

Last year, Meta announced and later launched the “Horizon Worlds” platform.  However, Meta isn’t the only one who has expressed an interest in the metaverse’s future. According to previous WRAL TechWire reporting, Epic Games also raised $2 billion from investors to invest in the metaverse.

WPP also signed a contract with Epic Games earlier this year. Epic, located in Cary, will provide a new “metaverse curriculum” that will emphasize 3D creation and virtual production. And that’s just the most recent information. In addition, the firm has partnered with LEGO to create a “kid-friendly” metaverse ecosystem.

Even though the metaverse has been dubbed a “new frontier,” it’s possible that individuals will be unwilling to engage. Petit informed Yahoo Finance that this is the case. “Who wants to be that?” Petit said after describing characters, rather than avatars, that seem like cartoons with no legs. 

Few days ago, South Korea announced to invest $177 million to support companies and jobs in the metaverse space. The investment proposal was unveiled by Lim Hyesook, Minister of Science and Information and Communication Technologies. This investment is a significant aspect of the Asian country’s Digital New Deal, which sets forth rules for a smooth transition to full digitalization.

The major obstacles with the virtual world investments include legalities, security, and privacy issues. However, as South Korea takes a big step into the metaverse, other governments are likely to follow suit.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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