The Metaverse had tremendous hype in 2021 following the announcement of Facebook changing their company name to Meta and focusing their development on the metaverse construction. Since then a lot of the enthusiasm has wained to the point of major companies like Disney and Microsoft completely removing themselves from the industry. This could be due to macro economic conditions forcing them to cut departments that are not currently generating them revenue, or it could be a complete loss of belief in the vision of the metaverse and how valid the idea of it becoming the new way to experience the internet. The infrastructure to make the metaverse a bigger commercial opportunity for these big companies to stick around has yet to be built. Who will be responsible to lay the building blocks of the metaverse? Big tech or the people who believe in the vision.
Links In Video:
1. https://blockworks.co/news/microsoft-culls-metaverse-team
2. https://www.bloomberg.com/news/articles/2023-03-29/meta-s-clegg-insists-the-metaverse-is-still-the-next-big-thing?leadSource=uverify wall#xj4y7vzkg
3. https://techcrunch.com/2023/03/27/disney-cuts-metaverse-division-as-part-of-broader-restructuring/?guccounter=2
4. https://www.coingecko.com/en/categories/metaverse
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