The beginning of the VR year was highlighted by Facebook’s rebranding and shift in focus toward the metaverse.
The metaverse is a perplexing concept that can be understood in a variety of ways. Certain components are already in place. Some of these are far-fetched science fiction fantasies that don’t necessarily call for VR or AR.
Even the most knowledgeable professionals can’t agree on what exactly it is, let alone regular people. An initial surge of activity swept throughout the business, which brought back unwelcome memories of the year 2016. The Metaverse fizzled away in a short amount of time. The excitement eventually gave way to tiredness caused by the metaverse.
In a blog post that was written by Meta’s chief technology officer reflecting on the previous year, “the M-word” was not used even once. Instead, he discusses what he calls “the future.” This future is at least a decade or more away, and technology, as it exists today, cannot compete with it.
A tough year for Meta
Meta, the most crucial driver of the virtual reality and augmented reality sector, had its most challenging year to date.
The combination of intense competition from TikTok, Apple’s app tracking measures, the current state of the economy, and Zuckerberg’s fascination with the Metaverse caused a precipitous drop in Meta’s stock price. Projects were canceled, and a significant number of employees were let go.
Meta had failures not only in its primary business but also in the virtual reality and augmented reality markets. Horizon Worlds was Meta’s prestige project, but it was poorly attended and garnered news for all the wrong reasons.
Most recently, Zuckerberg’s lifeless avatar photo (see article image) became a meme and may continue to plague Meta for years to come. The release of mobile and browser-based virtual worlds was delayed until next year.