"The metaverse got more than its 15 minutes of fame. There was a steady rise of hype in 2021 capped by Facebook's renaming as Meta. Many marketers had a massive case of Fomo fever and felt pressured to jump in. 2022 was going to be the year of the metaverse. Crypto advertisers were all over the Super Bowl. Mass audiences were supposed to jump in, but as the year progressed, audiences didn't show up quite as predicted."
"The metaverse was and is full of promise and possibility. But it's a work in progress: the promise of 'interoperable' 3D worlds that are connected to our real world. The prospects of web3 and decentralization promise to unlock new models and value. But those are forward-looking statements and not a guarantee of future performance. The metaverse is a paradox. Many of the technologies powering it are quite mature, but the standards and norms of the metaverse are not."
The metaverse experienced intense hype in 2021, peaking when Facebook renamed itself Meta, which pressured marketers to join quickly. Expectations that 2022 would bring mass adoption were unmet as mainstream audiences failed to engage, NFTs declined in value and FTX collapsed. The metaverse offers promise through interoperable 3D worlds and web3 decentralization that could enable new business models and value creation, but those outcomes remain uncertain. Many supporting technologies are mature, yet standards and norms are immature, resembling early internet and mobile eras. The hardware will become smaller and cheaper, and underlying technologies will continue improving, making focus on enablers essential.
Read at The Drum
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