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    Vishal Shah, Metaverse VP of Metaverse, claims the Metaverse hype cycle is over. The executive added that this is a good thing because now he and other Meta employees can simply “keep your head down and build.”

    The comments came as Shah answered questions about the state of the industry during Fortune’s Brainstorming Tech Convention in Deer Valley, Utah last week.

    The Metaverse Is Alive, But The Hype Is Over

    The mainstream media has run countless columns about the Metaverse since the beginning of the year, many in the form of tributes as media attention shifts from virtual worlds to the shiny new toy of AI.

    Disruptions in the metaverse are considered factual even when they are contrary to factuality. Type “metaverse” into Google News search any day of the week and it instantly reveals the deluge of negative press the industry is currently facing.

    Headlines like “Lessons Learned from the Metaverse’s Catastrophic Failure,” “How Mark Zuckerberg’s Metaverse Gamble Backfired,” and “Doubt, Confusion, and Frustration: Inside Mark Zuckerberg’s Metaverse Struggle” perfectly illustrate the point.

    Taken by Mark Zuckerberg considerable bombardment for him continuous pursuit Even when AI became the new technology product to be lauded in all media, the metaverse remained important.

    So I could have predicted that Meta’s Metaverse Vice President would raise an objection on the subject when he appeared at the conference. brainstorming techniques competition. Is the metaverse dead?

    “I hope that doesn’t happen, because then I would really lose my job,” the Shah joked.

    “I think the Metaverse hype is over,” Shah clarified. “Like anything new, I think we were in a hype cycle. People who invested last year were hyped, so yeah, they lost confidence.

    Shah then reminded attendees that Meta acquired Oculus in 2014, when the company was still called Facebook. The point is clear. Facebook/Meta has been interested in and building the metaverse for quite some time.

    Now is the time to build

    Meta’s long-term investment in the Metaverse has caught the eye of all professionals tracking interest in the company all the way back to the 2021 name change campaign.

    Shah was keen to underscore Meta’s determination to pursue the Metaverse dream.

    “We believe in this next-generation computing and we are investing in it for the long term. So when we rebranded the company in 2021, we always said this was a long-term investment for over a decade,” Shah said.

    “We continue to believe deeply in it, but it’s not going to happen within a year. So I’m actually very happy that last year we had both the hype and the valley of disillusionment.

    Such a long-term vision might be laudable, but such disclosures are unlikely to excite investors looking for returns on their spending. For that, Meta has another trick.

    Meta stocks performed well in 2023. (Source: Google)

    Meta stocks to perform well in 2023

    In November 2022, Meta’s stock fell to $90.79, its lowest level since July 2015.

    The downturn coincided with the launch of OpenAI’s ChatGPT, but given that the stock has been declining since September, it suggests that it would be unfair to say that AI’s launch led to a decline in Meta’s stock.

    Still, the correlation wasn’t a happy one for Meta. To turn its fortunes around, the company said,year of efficiencyearlier this year.

    Despite Meta’s recognition that the Metaverse may still take years to materialize, a program of drastic cost-cutting measures, including job cuts, has gone a long way to appease investors.so far 10,000 staff they lost their jobs. Meta Platforms Inc is currently trading at £310.62, up 149% year-on-year.

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