Tech Firms Waffle on Metaverse Investments, as FOMO and Fear of Throwing Money Down Drain Collide
Intellectual Property attorney Thomas Brooke was quoted in a Corporate Counsel article about the findings of an April survey that explored how technology, media and telecommunications companies are investing in and using the metaverse. The survey highlighted that 60 percent of respondents believed the metaverse can drive revenue, 70 percent responded that their companies were investing less than 5 percent of their technology budgets into the metaverse, and 27 percent were investing nothing. This survey found that the respondents had high hopes for the emerging field, which uses virtual reality, augmented reality and other advanced internet technologies to create business experiences online. But many are skeptical about how quickly it will develop which could result in industry players underinvesting in the metaverse. Mr. Brooke said companies that stay on the sidelines risk losing touch with younger consumers, the segment of the population most likely to immerse themselves in the metaverse.
“It seems to me that the smart move would be to keep track of the trends amongst your future consumers,” Mr. Brooke said. “Companies that have neglected to pay attention to the metaverse may be sorry later on.”