American Investment Banking firm, Goldman Sachs wrote in a new report that the metaverse is based on a transition to new “immersive hardware interface problems”.
Metaverse is a combination of augmented reality (AR), virtual reality (VR) and the internet.
Goldman Sachs believes that VR will develop faster than AR since usable products already exist for VR. The bank also expects more hardware development in the near future for VR.
The report says that the two main competitors for VR hardware development are Meta and Apple. The bank believes that Apple will likely look for an extension for its thriving ecosystem, and Meta on the other hand is already looking to build a user base through “attractive hardware pricing and compelling experiences”.
Although the VR technology is getting better it has failed to match the user expectations until now, says the report.
The report states that the VR platforms will evolve in 2023 and the sale of these VR products will depend on their utility. The bank believes that VR could become an integral part of remote working if it resolves problems such as comfort.
The report says that the bank expects Apple products to be launched in 2023, and the Meta platform to launch its Quest Pro product in the fall of 2022.
The report finally adds that the use of AR will probably stay limited to costly industrial focused applications.
The banking giant Goldman Sachs finally boarded the crypto train this year. The bank has announced plans to offer over-the-counter (OTC) ETH options trading to its institutional clients. Goldman was also the first major U.S. bank to trade crypto over the counter (OTC).
