Is the metaverse dead? We asked the experts

remember when we kept hearing the term metaverse over and over and over again the word has appeared on billboards and tv ads and one of the biggest companies in the world Facebook renamed itself to meta to show their commitment to everything the metaverse represents which is a virtual interactive world that was supposed to be the future of shopping socializing working and so much more this year however the hype has faded especially after job losses at companies like meta where the company laid off 10 000 people in March and Disney which recently slashed 7 000 workers as part of its plan to save billions of dollars by eliminating its metaverse unit so if Disney and meta are backing off from the metaverse then you'd think that other brands that were using it as a form of marketing are two right well not exactly there have been plenty of recent examples of brands that are still pushing ahead with making Virtual Worlds and interacting with users in them even though enthusiasm for the metaverse by some measures has died down for example the central land which we've talked about on this channel before when we went to their Samsung store held its second annual metaverse Fashion Week and though their numbers were down from last year with only 26 000 unique visitors instead of a hundred thousand the year prior tons of big Brands were represented DKNY Vogue Singapore Adidas Tommy Hilfiger were among them and users spent around twenty six thousand dollars on wearable skins for their avatars and downloaded around 76 000 free wearables on the platform you might be thinking 26 Grand is not a lot of money especially when compared to the billions that some of these companies bring in normally but it's indicative of the potential that these gaming platforms hold and as a result a lot of companies small and large are still moving ahead with plans to focus on the metaverse like House of blueberry for example a company that makes digital skins for platforms like The Sims and second life I asked Catherine Manuel who's the chief operating officer at House of blueberry if the recent cooling enthusiasm for the metaverse has hurt their business and here's what she said if that impacted our business I think that we had some good foresight and intelligence around letting some of the bubble around web free died down so in my everybody has different definitions web three for me is anything of watching and using that technology capability we focus squarely in web 2 or some people call it web 2.5 where it's truly like creators are getting to build and sell their products because of that they're still it's 250 give or take monthly active users on Roblox that's not shifting and changing there are a lot of people still playing these games we're still communicating and building community in these Realms and that's really the area where we focused our marketplace with the gaming industry still growing and exceeding 300 billion dollars in value Brands marketing efforts in the metaverse to connect with younger users aren't going away anytime soon thanks so much for watching this video and I'll see you next time [Music] thank you foreign

Channel: Anushree | MarketWatch

Views: 5,414

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Id: vBxIod0S7r4

Length: 3min 36sec (216 seconds)

Published: Thu Apr 27 2023