October 28, 2022
According to Canalys, despite Mark Zuckerberg’s unshakable belief in the Metaverse, most metaverse projects will be shut down in the next few years, more precisely in 2025.
Reality Labs, Meta’s hardware and metaverse ambitions division, has lost about $16 billion since the beginning of last year and is making cuts as a result. Some cuts include the closure of the dual-camera smartwatch and others.
Zuckerberg, however, continues to believe that the metaverse will generate hundreds of billions, if not trillions, of dollars over time, though half of all teens and some meta employees are skeptical.
When asked whether the metaverse could be considered “the next digital frontier” or “an overhyped money pit,” Matthew Ball, chief analyst at Canalys, said Meta’s convoluted project—and all its somewhat pitiful snags—can be considered a barometer of Metaverse’s overall success. He went on to say that he believed that most metaverse projects will have closed by 2025.
Adding that “tens of billions of dollars have already been invested, costs and delays to Meta’s own progress is a barometer.”
Despite billions invested in the platform, Meta, the largest player in the metaverse space, is having trouble getting its version of the metaverse off the ground. Metaverse even has to force its own employees to use its flagship metaverse product, Horizon Worlds, and their refusal to use Horizon Worlds is proof that Metaverse has problems that have led to the discontinuation of other services within the metaverse.
The sources for this piece include an article in TechSpot.
