The metaverse is down, but might not be out
- The key reason for the gloom is Facebook, which was so bullish about the metaverse in 2021 that it changed its name to Meta
The world of technology is gloomy. The metaverse, a shared virtual platform, is even gloomier. Obituaries have turned up in the past few weeks (‘RIP Metaverse’: Insider; ‘Wasteland’: New York magazine; ‘meh-taverse’: Wall Street Journal). Sales of VR/AR (virtual reality/augmented reality) headsets are dropping. Global shipments of VR/AR devices dropped to 8.8 million units in 2022, down 21%, according to the International Data Corporation. Companies such as Microsoft, Disney and Walmart have reversed their bets on metaverse, leading to job losses.