‘Metaverse Hype Is Dead,’ That’s OK

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    • Meta’s VP of Metaverse said the Metaverse hype cycle is over, and that’s fine.
    • Vishal Shah told Fortune that the Metaverse team can “keep your head down and build the experience.”
    • Facebook’s reorientation and rebranding to the Metaverse has drawn scrutiny and cost billions of dollars.

    No more Metaverse hype, according to Meta’s VP of Metaverse. However, we are not upset about the lack of noise. This allowed the team to focus on cracking the code of ambitious projects.

    Meta executive Vishal Shah said: luck He said the Metaverse hype cycle was “hard to live” followed by “Valley of Disillusionment”, but now his team can “keep their heads down and build”. Shah spoke on Tuesday. Fortune brainstorming techniques Live conference in Utah.

    “I think the Metaverse hype is over. I think we were in a hype cycle,” Shah said at the conference. “We didn’t invest for the hype. We’ve been investing in this space for years,” he added.

    For many people, even the concept of the “metaverse” is confusing, but it generally exemplifies the idea of ​​a virtual world of connected digital experiences that can be accessed via a headset and simulate reality with the ability to work. An umbrella term used to describe , socialize, shop, watch entertainment, and generally hang out.

    “I don’t think it’s like a light switch. You suddenly feel like you’re in the metaverse, even though you weren’t the day before,” Shah told Fortune magazine. It’s been a long process. “

    Mark Zuckerberg’s Metaverse Long Game Faces Backlash

    Mark Zuckerberg is a firm believer in the Metaverse, even rebranding his company Facebook to Meta to reference his view that the future is heading in that direction. But Meta’s in-house metaverse and VR efforts, which lost nearly $14 billion in a single year and have yet to turn a profit, are under scrutiny from Wall Street.

    The composition shows a white sign with a meta "Infinity" Blue logo, address 1 Hacker Way. And Mark Zuckerberg adjusts his cuffs in a black suit and red tie in dim lighting.

    Meta’s new sign outside the Menlo Park headquarters. Replaced Facebook’s “Like” symbol with a new logo that resembles the company’s headset that gives access to the metaverse.

    Noah Berger/AFP via Getty Images.Abdulhamid Hosbas/Anadolu Agency via Getty Images

    Some Meta employees are also hesitant about the initiative.according to Washington PostOnly 26% of Meta employees who responded to an internal survey said they had confidence in Zuckerberg’s leadership since the company pivoted to the Metaverse. The Verge reported in October that staff said the flagship Metaverse app had quality and performance issues, and one memo said the team didn’t really use the software much.

    Zuckerberg has seemed largely unfazed by skeptics in the past, but lately he’s been talking publicly about the company’s AI efforts instead, and less about the Metaverse. This is a big change from last year, as Insider’s Kari Hayes and Ashley Stewart previously reported that his metaverse obsession during conversations “is driving employees crazy.”

    Meta and Zuckerberg are also looking to create big competition in this space. People access Meta’s Metaverse app through Meta’s Quest headset lineup, but Apple recently announced a $3,499 Vision Pro headset. Interestingly, Apple eschews the term metaverse in favor of the term “spatial computing”. CEO Tim Cook said he avoids using the term metaverse because most people don’t understand what it means, and executive Greg Joswiak said: wall street journal This is a word he never uses.

    Meta CTO Andrew “Boz” Bosworth recently answered a jab at the term in an Instagram Q&A when asked if the term did more harm than good. rice field. He disagreed, comparing the confusion around the term to the initial misunderstanding of the term “Internet.”

    “The Internet is really hard to define to this day, but we all know what it is because we use it,” Bosworth said.


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