The CEO of Disney said that the company does not often use the word metaverse, as it considers it to be a very broad term.
During a Wall Street Journal event, Microsoft gaming chief Phil Spencer and Snap CEO Evan Spiegel revealed that they’re not big fans of the metaverse in its current form.
Spencer called the current iteration of the metaverse a “poorly built video game”, referring to the ecosystem’s poor graphics and low-quality interfaces.
Microsoft’s head of gaming pointed out that the gaming world still has an advantage over the metaverse when it comes to creating different attractive virtual worlds.. At the same time, he compared most of the current projects in the metaverse to virtual reality meeting rooms and explained:
“Video game creators have an amazing ability to build compelling worlds that we want to spend time in. […] For me, building a metaverse that looks like a meeting room… just doesn’t feel like that’s where I want to spend most of my time.”
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Spiegel, for his part, likened the metaverse experience to “living inside a computer” and hinted that current iterations of the concept are very basic, and that he doesn’t feel like spending time inside it after a long day at work.
He added that Snap is more focused on minimizing the hardware and bringing the experience to the real world through augmented reality (AR), taking a swipe at the virtual reality (VR) hardware trend in the metaverse.
VR creates an immersive virtual environment, while AR augments a real-world scene. VR requires a headset device, while AR does not. VR users move in a completely fictional world, while AR users are in contact with the real world.
Apple’s senior vice president of worldwide marketing, Greg Joswiak, called the metaverse “a word I’ll never use,” reflecting on Apple’s focus on AR over VR. For his part, Disney CEO Bob Chapek said the company tends “not to use” the word metaverse “because, for us, it’s a big, broad term. For us, it’s next-generation storytelling.”
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The metaverse concept became the next big thing in the Web3 ecosystem during the height of the bull run, and Facebook even changed its name to Meta to show its focus on becoming a leader in the nascent tech ecosystem.. Nevertheless, Gambling on the Meta metaverse has proven costly for the Fortune 500 company, as the company posted a $3.67 billion loss in the third quarter of 2022, stating that those losses will deepen further next year.
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