With the development of technology, Artificial Intelligence has made amazing progress in many fields that are hard to understand. In the same way, we've seen how strong and quick the metaverse is as it takes over the internet. In a recent report, Sebastian Borget, the founder of Sandbox, shed light on a very important subject. Investors are no longer interested in the metaverse because artificial intelligence has taken its place as the newest and most popular investment idea.
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Sebastian Borget says that the metaverse race is a "marathon of many sprints" as the industry works to create long-term value with a positive outlook. Borget is still optimistic about the business world and thinks that AI could help the metaverse grow faster, better, and stronger.
In November 2021, when metaverse was making a lot of noise in the gaming industry, Sandbox raised $93 million at an unknown price. Borget and his company now have to deal with a worsening economy and the latest hyped-up technology, Artificial Intelligence (AI).
Borget Remains Bullish on Metaverse
Even though technology changed quickly, Borget has a positive outlook and is still bullish. The co-founder is sure that the company can get more money if it needs to, though given the current state of the market, it may take a little longer.
The futuristic but vague idea of the "metaverse" is no longer a hot topic among investors because it would take a lot of time and money to make it happen. Because of how quickly OpenAI's ChatGPT became popular, many investors have turned their attention to AI, which shows a big change in focus.
Borget thinks that even though investors aren't interested in the metaverse, it will still bring in billions of dollars because businesses from education to retail have already started to use it. Even though the Sandbox has fewer players than popular games like Fortnite, which also has metaverse elements, Borget expects double-digit growth, which will be helped by the explosion of artificial intelligence (AI).
Borget thinks that ChatGPT and other AI tools that help people be creative will speed up the spread of the metaverse by making it easier to make avatars and virtual worlds. The New York Times says that Activision Blizzard, a major game company, is already using generative AI to speed up the design and development of games. Allen Adham, who is Blizzard's chief design officer, is said to have told employees, "We are about to make a big change in how we build and run our games."
Borget adds that by using the technology to remove objectionable words from in-game interactions, AI may also make the metaverse safer.
Sandbox Aims to Join Forces with AI Companies
The Sandbox has already tried out AI, working with companies that are excited about making avatars using text prompts and making avatar behaviors from videos of people doing things. Borget says that the company is looking for ways to invest in and work with AI companies that can help it build its metaverse game. For example, the company is looking for tools that let users create game modes and other activities on their virtual domains.
Unlike Mark Zuckerberg's Meta, which is built on virtual reality goggles, the Sandbox's metaverse is built on blockchain technology and can be accessed through web browsers. Based on the number of landowners, The Sandbox says it is one of the largest decentralized metaverse systems.
Since the number of people using the platform is lower than it was last year, Sandbox still has work to do if it wants to be widely used and successful in the long run. Borget thinks that the number of players will grow quickly for the rest of this year and into 2024. By the end of the third quarter, the platform will be fully functional, giving users access to the whole metaverse. As the platform gets better, players can only go to a certain number of virtual worlds at a certain number of times.
Borget doesn't seem to care about the numbers. He says that a lot of people could visit the platform even if they don't buy anything. In total, $1 million worth of sales have been made through the platforms.
The Sandbox: Room for Improvement
Also, The Sandbox needs to get more people to use its metaverse platform. Over 100,000 people played the beta version of the game in the first three months. This is a 72% drop from the previous 10-week period, which ended in November and was the same length. Statistics show that since their peaks more than a year ago, the number of daily unique active wallet addresses and game tokens for the Sandbox has dropped by more than 90%.
Borget admits that the number of people using the metaverse is falling, but he says that it is still "very active and ongoing." Daily unique wallet addresses only show how many people come to the Sandbox to do business. They don't show how many people come to do things like attend virtual concerts.
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