The Metaverse: A Swift Ascension and Sudden Decline

Back in the day, the Facebook family of companies rebranded itself as Meta three years ago.

CEO Mark Zuckerberg envisioned a new era of the internet where users are fully immersed in the experience, rather than just observing it. This concept, known as the metaverse, would be integrated into all their future products, he explained in a letter at the time.

Shortly after, the metaverse became a hot topic. In 2022, well-known brands such as Nike, Absolut Vodka, and Chipotle Mexican Grill announced their plans to enter the metaverse. Macy’s even held a virtual rendition of its Thanksgiving Day Parade within this digital realm.

Corporate leaders frequently mentioned the metaverse in earnings calls and company presentations, while investors poured more funding into related technologies.

However, the metaverse hype soon waned, disappearing almost as quickly as it had emerged.

“Though brands continue to experiment in this space, the focus has shifted from broad, experimental initiatives to more practical, value-driven experiences,” noted Jason Snyder, the chief technology officer at Momentum Worldwide. “While the potential is still present, brands must adopt a practical, consumer-centric, and flexible approach to effectively utilize the metaverse moving forward.”