The new promise of the metaverse?

OpenAI has recently announced the launch of a text-based video generator, which again raises the question of whether the concept of a metaverse, i.e. a virtual interactive world, is viable. 

OpenAI has unveiled the Sora AI system, which can create up to one-minute realistic, high-resolution, multi-character videos. While initially the Sora system will only be available to a limited number of creators for safety assessments and mainstream users will thus have to wait, OpenAI is obviously not the only player in the market.

For example, D-ID offers a robust set of generative AI tools for creating videos with digital humans. This platform combines deep learning technology for facial animation with LLM-based text generation and text-to-image capabilities. Using AI tools, D-ID enables the cost-effective creation of engaging personalized videos that can come in handy in a variety of industries including sales, marketing and R&D.  

On the non-business side, Erasmus+ finances a unique digital-twins project involving the collaboration of dozens of scientists from across Europe. It uses digital road mapping from historical travel documents to allow users to explore long-lost worlds. While it exists “only” as an interactive map for now, it is conceivable that with the help of generative artificial intelligence, historical texts could come to life in an unprecedentedly accurate and realistic simulation. 

As can be seen, video content generation technology has enormous potential. Thanks to the Internet’s bottomless well of information, it will be possible to simulate almost anything – which would bring us closer to Zuckerberg’s much-promised metaverse. However, as we already know from Meta’s story, it seems that the metaverse is not yet appealing from a business perspective. The technology may already be here, but apart from an interesting curiosity, it hasn’t had much use yet. 

However, a Gartner study from 2023 suggests that by 2027, more than 40% of large organisations worldwide will engage in metaverse-based projects to increase revenue, with a combination of Web3, AR cloud and the so-called digital twins. According to analysis by GlobalMarketEstimates.com, growth can be anticipated in the gaming industry to say the least. It is expected that the gaming metaverse industry will grow at a compound annual growth rate of 38.2%, from $36.81 billion in 2022 to $710.21 billion by 2027. 

The future of the metaverse is both exciting and uncertain, built primarily on predictions and promises. I guess we’ll have to wait for now to see if Zuckerberg’s words actually come true: “The metaverse is not a thing that a company creates. It’s the next chapter of the Internet as a whole.”

TRIXIT is cooperating with metaverse called Somnium Space for a long time. If you want to align your business strategy with the specifics of the metaverse, do not hesitate to contact us. We will gladly help you.