The Metaverse is Dead
The Metaverse trend has declined due to practical issues, while AI continues to grow in significant areas such as enterprise software, demonstrating its broader utility and long-term viability.
I believe peak Metaverse is firmly in our rearview mirror. According to Google Trends, Facebook's announcement of rebranding to Meta on October 21, 2021, was the catalyst for the upward trend in Metaverse. Four short months later, we hit peak Metaverse.
Like many of us, I, too, was captivated by the allure of the Metaverse, believing it to be the next big thing. We were all caught up in the NFT mania, a collective frenzy that further stoked the fires of the Metaverse hype as NFTs soared in value.
Both NFTs and the Metaverse resemble the Swiss Alps. There is a massive run-up, followed by a drop-off shortly after, which resembles a Swiss mountain peak. It's easy now to see the enormous peak, but how do we spot future fads versus technology that can sustain a hype cycle?
Will we see Metaverse projects continue? Sure. In Matthew Ball's book "The Metaverse", Ball defines the Metaverse as an extensive online realm that integrates virtual and augmented realities, creating interconnected experiences that span various digital platforms. The Metaverse would be a connector between platforms and experiences. So, according to this definition, the Metaverse should live on.
