Alas, poor metaverse, we knew thee not well

The stillborn imaginary world failed to become real.

August 22, 2023

Jon Peddie

Around two years ago, the hype over the metaverse was palpable after Facebook’s rebranding to Meta. The concept of a virtual world, including gaming, virtual reality, NFTs, and Web3 technology, gained traction. Brands rushed to invest in the metaverse’s potential, with forecasts of it being worth $5 trillion by 2030. However, as anticipated, the bubble burst due to factors like the crypto market drop and AI’s rising prominence. Brands like Miller Lite and Playboy, initially enthusiastic, distanced themselves from it. Now, with AI as the next big trend, companies lacking foresight are shifting focus again, aiming to catch a wave,

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Alas, poor metaverse, we knew thee not well

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