The metaverse craze began in 2021 when Facebook announced that it would rename it Meta and invest $10 billion to build the metaverse. However, by 2024, the expectations had been dashed and the metaverse is in rapid decline. The evolution of technology and changes in consumer interests are behind this phenomenon.
Key Points
- The metaverse saw rapid growth in 2021, but 2024 has disappointed expectations.
- Evolving technology and changing consumer interests have caused the metaverse to decline.
- Metaverse-related real estate investment has fallen sharply, with companies scaling back projects.
The birth and growth of the metaverse
The concept of the metaverse became popular when Facebook renamed itself Meta in 2021. Mark Zuckerberg declared that the metaverse was the "next platform" and would affect all of its products. This announcement led other technology companies, such as Microsoft and Apple, to also enter the metaverse, and the virtual real estate market boomed.
- In 2021, $500 million was invested in virtual real estate on a platform called Decentraland.
- Companies hosted virtual events and explored new business models to sell digital real estate.
The decline of the metaverse
However, since the second half of 2022, the popularity of the metaverse has declined rapidly. The value of virtual real estate has fallen by 80%, companies have scaled back metaverse-related projects, Apple's expensive headsets have not sold, and Disney and Microsoft have laid off metaverse-related employees.
- The metaverse real estate market collapsed as consumer interest waned.
- Investors are realizing that their expectations for the metaverse were too high and are booking losses.
The Future of the Metaverse
The concept of the metaverse is not going anywhere. Major companies are still developing the technology for the metaverse, but consumer interest is shifting to other technologies, especially AI. The future of the metaverse depends on the evolution of technology and consumer needs.
- Matthew Ball says the idea of the metaverse remains important and could lead to a new form of internet in the future.
- Companies are being urged to move away from metaverse buzzwords and provide practical solutions.
The rise and fall of the metaverse is a cautionary tale that reflects the evolution of technology and changing consumer expectations. It will be interesting to see how things develop in the future.
References
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