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The creator of PlayStation, Ken Kutaragi, is not buying into the metaverse hype. Kutaragi noted that he is not excited about the virtual world despite the attention it has been receiving in recent months.
The metaverse is currently a hot topic in the tech sector. Towards the end of last year, Facebook rebranded into Meta, signalling the social media giant’s venture into the digital world.
PlayStation’s inventor prefers the real world
Kutaragi, a former CEO of Sony Interactive Entertainment, is not joining the list of tech moguls that are excited about 3D virtual worlds.
During an interview with Bloomberg, he noted that the metaverse was not the next big innovation in the tech sector. In his argument, he opined that the metaverse was a divisive factor.
“Being in the real world is very important, but the metaverse is about making quasi-real in the virtual world, and I can’t see the point of doing it. You would rather be a polished avatar instead of your real self? That’s essentially no different from anonymous messageboard sites,” he said.
He also added that he did not support the use of virtual reality headsets. He noted that these devices could separate people from reality and that they were “simply annoying.”
PlayStation’s greatest competitor, Xbox, is currently venturing into the metaverse. In the end of last year, Microsoft announced it would be building its own metaverse with Xbox games, with the offering slated for launch in 2022.
Institutions are bullish on the metaverse
While Kutaragi lacks excitement regarding the metaverse, financial institutions have projected notable growth in this sector in the future. Grayscale, the largest digital asset management firm, predicted that the metaverse would hit a valuation of $1 trillion in a few years.
According to Grayscale, the metaverse extended beyond the gaming sector, as it also created an avenue for advertising, virtual events, eCommerce, etc.
Haim Israel, a strategist with the Bank of America, has also predicted significant growth in the metaverse. Israel noted that the crypto sector would achieve mass adoption through the metaverse. According to the strategist, the metaverse presented the ideal opportunity to use cryptocurrencies as a medium of exchange.
The metaverse has already attracted much attention from brands that want to create a presence in the virtual world. Sportswear behemoths, Nike and Adidas, are already investing in the sector. Additionally, metaverse projects such as Decentraland and The Sandbox have also recorded notable growth levels.
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