Although the hype around the metaverse has waned, several major brands are introducing exciting new virtual worlds.
In October 2021, Mark Zuckerberg made a significant announcement that Facebook would rebrand as Meta. This shift was driven by his belief that the metaverse was the future for the tech giant — a realm where people could both work and play. Despite Meta’s investments in building the metaverse, particularly through its Reality Labs division, which lost $3.8 billion in the first quarter of this year, progress has been slow. The focus has now shifted towards artificial intelligence.
Other companies have also ventured into the metaverse with varying degrees of success. Disney, for instance, had ambitious plans for the metaverse, but a department dedicated to this initiative was shut down last year. However, Disney recently invested $1.5 billion in Epic Games to create a “new persistent universe,” although the term “metaverse” was conspicuously absent from the announcement.
While AI has overshadowed the buzz surrounding virtual worlds, reports of the metaverse’s demise are greatly exaggerated, with significant projects still being unveiled regularly.
McDonald’s recently launched a virtual world called My Happy Place within its app, offering users the chance to win prizes and free meals. IKEA is also entering the virtual realm with a universe on Roblox called The Co-Worker Game, where players can experience working at IKEA and even earn a virtual wage.
The Welsh government has also embraced the metaverse, becoming the first European country to establish a presence in this digital realm. The platform allows players to explore Welsh destinations and attractions, showcasing what the country has to offer in real life.
With the continued enthusiasm for building in the metaverse and the increasing accessibility of virtual reality technology, it’s likely that more consumers will be intrigued by this digital frontier.