Metaverse is largely frozen
A few quarters ago, every major tech company was talking about metaverse. Fast forward today, not much. Indeed, this thing is fading badly.
The metaverse was once deemed "the next big thing," with companies making big bets on its future, but the hype has largely fizzled. Disney shut down its division as part of recent cuts and Microsoft (LinkedIn's parent company) recently paused its social-virtual reality platform. The metaverse was such a priority for Mark Zuckerberg in October 2021 that he changed Facebook’s name to Meta. With slowed metaverse adoption due in part to expensive hardware and glitchy software, Zuckerberg is shifting his focus toward AI and calling 2023 “the year of efficiency.”
Apple's highly anticipated reveal of its VR/AR headset in June — and a likely rivalry with Meta — could reignite interest in the metaverse.
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Though the transformation may be farther away, Meta and Microsoft say they are committed to the metaverse.