The Metaverse, which gained popularity in the 3D virtual realm driven by technologies such as virtual and augmented reality, artificial intelligence and blockchains that enable interpersonal communication, seems to be collapsing. Meta’s Metaverse His CEO from India, who manages his project, Vishan Shah, has declared that the “hype” about the Metaverse is over. The Metaverse was one of the most watched cycles and has attracted many investors, but the fad now appears to be over, the report says.

“I think the Metaverse excitement is over. We didn’t invest because of the fuss, we’ve been in this space for years, the Oculus acquisition was in 2014,” Shah said.

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Contrary to the pessimistic view of the metaverse business by outsiders, the recent trend of various companies closing metaverse ventures may seem disheartening. For example, Disney abandoned its Metaverse goals, and Microsoft said goodbye to the social virtual reality platform it acquired in 2017, thereby ending its own Metaverse journey. However, industry expert Shah has a different take on this scenario.

“Last year was both a hype and a valley of disillusionment, so I am really relieved. I do, because it takes it to build something complex enough to iterate and perfect,” he said.

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Meta, meanwhile, has continued its commitment to the Metaverse, having recently announced its next-generation AR/VR headset, the Quest. The device will be available for purchase later this year. Speaking of which, Shah said the company is waiting for avatars in the Metaverse, with more than 1 billion people having created avatars so far.

Apple also entered the field with the Apple Vision Pro headset. It will be priced at $3,499 and will be available later this year.