When I say “metaverse”, you say “…?” The past year’s marketing hype around the word has perhaps been a hindrance as confusion and misconception plagues its existence. However, this doesn’t mean the metaverse is over – far from it. Companies have deployed dedicated metaverse divisions, startups are banking on virtual worlds taking off, and let’s not forget, Facebook rebranded to Meta. And yet, why are there still so many question marks around the topic?
“The problem with metaverse is that there’s been way more hype than substance,” explains Phillip Wang, co-founder and CEO of Gather Town. “It’s just a bit too early for the amount of attention it has received.” Media outlets are not helping the cause either. Fast Company questioned “is the metaverse already dead?” in February, and the Financial Times asked “whatever happened to the metaverse?” whilst stating enthusiasm and investment is depleting from this virtual future in another opinion piece from last month.