The metaverse and metaverse coin projects, which gained significant popularity last year, appear to be ceding ground to the realm of artificial intelligence (AI).
Apple co-founder Steve Wozniak has also expressed his reservations about the future prospects of the metaverse. Here are the details…
Metaverse coin excitement left its place to AI coins
The Metaverse, envisioned as a futuristic and immersive version of the internet facilitated by virtual and augmented reality, often powered by blockchain technology, has garnered significant interest over the past year. In just one year, the global market size of the Metaverse expanded from $38.85 billion to $47.48 billion.
However, it’s important to note that recently, particularly since the onset of 2023, the fervor surrounding the Metaverse has shifted towards the domain of artificial intelligence (AI). It seems that Apple co-founder Steve Wozniak shares this sentiment.
Following the recent introduction of ChatGPT, there’s a growing consensus that the realm of artificial intelligence has taken center stage. This shift in focus is not mirrored in the Metaverse, the augmented reality virtual world, which hasn’t maintained the same level of excitement.
This change in momentum is reflected in the commercial success, as Metaverse tokens and AI-based cryptocurrencies are increasingly dominating the crypto-asset market. Despite the extensive discussion around the Metaverse, Apple’s co-founder Steve Wozniak has expressed his dissatisfaction with its future prospects.
Wozniak: “The metaverse is tough”
In a CNBC interview discussing the future of human interaction within the realm of artificial intelligence, Apple co-founder Steve Wozniak remarked that despite AI’s presence, humans will always retain control. He observed that humans may not find the AI experience enjoyable for more than an hour, highlighting the limitations of human engagement.
Contrary to the widespread belief that the metaverse might become the next significant development, Wozniak views it more as a form of entertainment. He commented, “The metaverse can be challenging. It offers some of the most fantastic experiences imaginable. But after an hour, it becomes tedious. I regard it as entertainment.”
In the meantime, metaverse coin projects are leading the alternative coin segment in the cryptocurrency market. Coins that were already on an upward trajectory in 2022 have seen further appreciation since the start of January 2023, contributing to the overall market growth. For instance, the value of Decentraland (MANA), a metaverse coin, has more than doubled in one month. Render (RNDR), another cryptocurrency associated with the metaverse, has seen its value quadruple over the same period.
However, the surge in AI-related cryptocurrencies has captured more attention. As reported, digital currencies such as Fetch.ai (FET), The Graph (GRT), SingularityNET (AGIX), Ocean Protocol (OCEAN), and Oasis Network (ROSE) have experienced over a 20 percent increase on a weekly basis. Notably, AGIX saw a 127 percent rise in just 7 days.
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