According to Chris Cox, Chief Product Officer at Meta Platforms Inc, the metaverse will one day become as essential as smartphones. However, for the metaverse to reach its full potential, it must work seamlessly like a smartphone, said Cox during a panel at the World Economic Forum in Davos, Switzerland.
Meta has invested billions of dollars over the last eight years to build a virtual reality product line that is affordable and accessible. However, the lack of interoperability with other platforms poses a significant challenge to the success of the metaverse, as it makes it difficult for users to switch seamlessly between virtual worlds.
As Cox explained, “I think the Internet is a very good way of thinking about the metaverse, because some parts of the internet are very coherent with each other, but it’s not yet as seamless as switching from one app to another on a smartphone.” He added that compatibility “doesn’t exist yet for the metaverse.”
The metaverse has been a significant focus for Meta, with their Reality Lab division dedicating significant resources to its development. However, this has come at a cost, with the division losing approximately $19 billion over the last two years. Despite this, CEO Mark Zuckerberg has doubled down on his commitment to building the metaverse, and spending on the high-tech division is set to increase throughout this year.