In 2019, the metaverse was still a relatively niche concept, mainly discussed among gaming and technology enthusiasts. Major companies such as Facebook, Microsoft, and Nvidia have announced significant investments in metaverse development that has helped to increase its visibility and legitimacy in the mainstream.
Metaverse has seen a resurgence in hype and interest in recent years, especially since the beginning of 2021. While the concept has been around for several decades, it has gained renewed attention due to advancements in technology, such as virtual and augmented reality, as well as the COVID-19 pandemic, which has driven the demand for virtual experiences.
The recent hype surrounding non-fungible tokens (NFTs), which are digital assets that can be bought, sold, and traded like physical assets, has also contributed to renewed interest in the metaverse. NFTs are seen as a potential solution for creating digital scarcity and ownership in virtual worlds, which is a key aspect of the metaverse concept.
Overall, while the metaverse may have experienced ups and downs in its hype cycle over the years, now Generative AI is helping push renewed interest and investment in Metaverse, with many companies exploring its potential for a variety of applications beyond gaming.
