When Facebook rebranded to Meta in 2021, there was a surge in hype surrounding the metaverse. Many predicted this as a breakthrough signaling the future of the internet.
Fast forward to 2023, and we see Meta repositioning a focus to AI. And with a lack of major breakthroughs in large scale virtual events inside a metaverse environment one could easily ask, is the metaverse dead?
The simple answer is no. The metaverse has just gotten started.
History shows there is a consistent lag between the arrival of major new tech and mass scale adoption.
Remember not that long ago, many experts predicted the internet to be a buzzword that would not catch on. One quote stands out:
The truth is no online database will replace your daily newspaper, no CD-ROM can take the place of a competent teacher and no computer network will change the way government works.
Can you imagine a world today without the internet? So what happened?
Over time, technology improved while costs dropped, easing entry and powering mass adoption. Broadband became more powerful, while hardware improved to the point where almost everyone carries their own fully portable computer in their pocket.
Additionally, creating a website used to require skilled coders and developers. Now the average consumer can create one in a matter of minutes.
Fueling this development was a surge of projects going through a stage of entrepreneurial trial and error. And for the last couple of years, we have seen some very public metaverse projects going through a similar phase of trial and error.