Vishal Shah, an Indian-origin executive at Meta overseeing the metaverse project, has acknowledged that the hype surrounding the metaverse has subsided. Shah stated that the metaverse experienced a typical "hype cycle" that attracted numerous investors. However, he believes the hype has died down, and the metaverse market appears bleak with divisions shutting down at an alarming rate.
Shah's perspective differs from an outsider's view, as he sees the downturn as an opportunity for progress. He expressed satisfaction that the hype and subsequent disappointment occurred, as it allowed them to focus on building and iterating to overcome the challenges associated with developing a metaverse.
Despite the apparent setbacks, Meta has exciting developments planned for its metaverse. The company is set to release Meta Quest 3, its next-generation VR/MR headset, to consumers later this year. Additionally, Apple is entering the AR headset market with the Apple Vision Pro, scheduled to be available in early 2024. Meta is also preparing to introduce long-awaited legs for metaverse avatars, a highly anticipated feature. Shah mentioned that over 1 billion people have already created avatars in the metaverse.
In other news, Meta recently launched Threads, a Twitter rival, which has gained significant traction with over 100 million user sign-ups within a week of its launch.
While the metaverse may have experienced a decline in hype, Meta remains committed to advancing its metaverse ambitions. With the upcoming releases of new hardware and features, Meta aims to continue shaping the future of the metaverse and providing users with immersive and engaging experiences.
Inputs from IANS
