Current Events > The metaverse is dead

(+) Yeah! (+)

https://www.businessinsider.com/metaverse-dead-obituary-facebook-mark-zuckerberg-tech-fad-ai-chatgpt-2023-5

The people who run our economy are no brighter than anyone here.

Didn't people spend a bunch of money for virtual land in the metaverse?

lmao

https://www.getyarn.io/yarn-clip/d5e8ddc4-1302-4229-a5b6-9f32c880909b

CableZL posted...

Didn't people spend a bunch of money for virtual land in the metaverse?

If they did

Lol

lol

He was a fool to declare the metaverse when technology wasn't there yet.

So will they keep Meta as the name of the parent company?

Billion dollars company wants to beat vrchat. Failed miserably lol

https://www.youtube.com/watch?v=UVza9-PShsc&pp=ygUoaSBqdXN0IGJvdWdodCBtb3JlIGxhbmQgaW4gdGhlIG1ldGF2ZXJzZQ%3D%3D

Thank you Phantom Thieves.

Gonna quote some fun bits from the article

Microsoft CEO Satya Nadella would say at the company's 2021 Ignite Conference that he couldn't "overstate how much of a breakthrough" the Metaverse was for his company, the industry, and the world. Roblox, an online game platform that has existed since 2004, rode the Metaverse hype wave to an initial public offering and a $41 billion valuation. Of course, the cryptocurrency industry took the ball and ran with it: The people behind the Bored Ape Yacht Club NFT company conned the press into believing that uploading someone's digital monkey pictures into VR would be the key to "master the Metaverse." Other crypto pumpers even successfully convinced people that digital land in the Metaverse would be the next frontier of real-estate investment. Even businesses that seemed to have little to do with tech jumped on board. Walmart joined the Metaverse. Disney joined the Metaverse.

Companies' rush to get into the game led Wall Street investors, consultants, and analysts to try to one up each other's projections for the Metaverse's growth. The consulting firm Gartner claimed that 25% of people would spend at least one hour a day in the Metaverse by 2026. The Wall Street Journal said the Metaverse would change the way we work forever. The global consulting firm McKinsey predicted that the Metaverse could generate up to "$5 trillion in value," adding that around 95% of business leaders expected the Metaverse to "positively impact their industry" within five to 10 years. Not to be outdone, Citi put out a massive report that declared the Metaverse would be a $13 trillion opportunity.

If you were this wrong at your job, how quickly would you lose it?

CableZL posted...

Didn't people spend a bunch of money for virtual land in the metaverse?

lol

Facebook's Metaverse is an even lamer version of Second Life.

Surprised it took this long

K-driver posted...

https://www.youtube.com/watch?v=UVza9-PShsc&pp=ygUoaSBqdXN0IGJvdWdodCBtb3JlIGxhbmQgaW4gdGhlIG1ldGF2ZXJzZQ%3D%3D

I like how getting paid cash is literally decimals on the penny

zuckerbergs avatar is what should have killed it back then

Just its career

Antifar posted...

Gonna quote some fun bits from the article

If you were this wrong at your job, how quickly would you lose it?

Immediately.

jajajaja

Are my apes safe??

YellowSUV posted...

lol

Facebook's Metaverse is an even lamer version of Second Life.

Metaverse is Second Life without any of the, uhh... "appeal" of Second Life.

The biggest failure of Metaverse is the huge price point for the headsets. If it was cheaper/affordable I could've seen it take off easier.

Wow who could have seen this coming? No one that gets paid the big bucks it seems. Yet they won't get fired for being so terrible at their jobs.

If he offered free headsets to everyone and launched it a month into covid, it would've had a chance to blow up

Antifar posted...

The people who run our economy are no brighter than anyone here.

I feel targeted

The funniest shit was all those commercials acting like it was going to be a virtual way of life. They basically wanted Meta to be synonymous with virtual reality, probably so they could file a bunch of patents to cockblock others from entering the space once it's actually viable. Their main problem is that they spent like $40 and a pack of mints developing the infrastructure for it.

I'm genuinely confused at this entire thing. I feel like executives are living in a parallel reality so totally separate from most people because it seems unfathomable that they'd go this hard in on something this unoriginal and bizarre.

We're talking 90s-00s era games. Metaverse was just a shittier version of Worlds, a game so old that it's plastered in urban legends. Even in terms of monetization, why not look at Second Life? Do they even know that game exists? Do they know about the really cool roleplay games & stuff Gmod was able to be used for?

It's crazy because their ideas are decades old, successful models exist, roadmaps for why X thing failed exist, etc. They really must just be entirely out of touch with gaming history and even common sense. I'm glad it failed, but it's baffling it ever got here.

I work at a very large company, and in one of our town halls the execs were all like "metaverse is gonna be how we conduct some essential business in the near future".

Lol.

It was never alive.

They invested an insane amount of money into this, and it was seriously less robust and advanced than Second Life.

FFS, the avatars didn't even have legs.

When you want to sell microtransactions but making a real game is too much work.

We're in an age where almost all "new revolutionary tech" are just scams to pump and dump or provide overly optimistic temporary bumps in valuations. Don't know what to make of it, other than endstage capitalism.

Wow, I'm shocked that the thing that nobody wanted or asked for and for which a meaningful reason for its existence for consumers was never really given is dead.

[LFAQs-redacted-quote]

VR is awesome, but it will probably always be fairly niche. The problem here is they tried to establish VR communities as the future of socialization and is going to be mandatory, when it's actually just going to be a supplement for best.

There's always going to be room for it, just don't try to expect your entire clientele to jump on.

https://www.youtube.com/watch?v=EiZhdpLXZ8Q

Folding Ideas video essays seem to be the only thing keeping us from particularly obnoxious tech dystopias. He's the reaper of bad hypercapitalist tech bs. He's 2-0.

You love to see it, rip in piss, rip bozo etc.

COVxy posted...

We're in an age where almost all "new revolutionary tech" are just scams to pump and dump or provide overly optimistic temporary bumps in valuations. Don't know what to make of it, other than endstage capitalism.

100%

There's no real innovation at any large scale, just more ways to exploit labor and sell shit no one needs or even wants

Hayame_Zero posted...

VR is awesome, but it will probably always be fairly niche. The problem here is they tried to establish VR communities as the future of socialization and is going to be mandatory, when it's actually just going to be a supplement for best.

There's always going to be room for it, just don't try to expect your entire clientele to jump on.

Some day we'll end up with something like the ARI from Heavy Rain and this alternate VR universe might be successful then.

They purposefully made it a no fuck zone. People will spend all day virtually fucking and instead Zuck decided that he wasn't interested in their business.

CableZL posted...

Didn't people spend a bunch of money for virtual land in the metaverse?

Probably a different Metaverse. The crypto scam Metaverse where you can play at being a virtual landlord is different from Facebook's thing.

hockeybub89 posted...

Wow who could have seen this coming? No one that gets paid the big bucks it seems. Yet they won't get fired for being so terrible at their jobs.

Nah theyll just fire the workers trying to get their dumbass vision to work for them

a friend of mine is obsessed with the metaverse and basically celebrates the retreat of big money from the metaverse since he believes it's a distraction from organic community development

which is honestly pretty reasonable, you don't need to throw billions of dollars at virtual worlds or try to make them "happen" on a large scale - they develop at their own pace and on their own terms.

Where did you learn to metaverse?

https://gamefaqs.gamespot.com/a/user_image/9/2/5/AABhrNAAEdoF.jpg

CableZL posted...

Didn't people spend a bunch of money for virtual land in the metaverse?

Uta posted...

Probably a different Metaverse. The crypto scam Metaverse where you can play at being a virtual landlord is different from Facebook's thing.

most recently i think it was decentraland which raised a ridiculous amount of money and sold a lot of virtual land for high prices despite being a virtual world with almost no active users.

but it didn't start with crypto. second life has seemingly had a pretty thriving virtual economy for the past twenty years. wouldn't be surprised if vrml had its own equivalent bubble back in the 90s.

Hes probably gonna get a huge tax rebate on his failure or write it off as a business expense or something

COVxy posted...

We're in an age where almost all "new revolutionary tech" are just scams to pump and dump or provide overly optimistic temporary bumps in valuations. Don't know what to make of it, other than endstage capitalism.

this seems to have come hand in hand with the post-gfc central monetary regime. money's been cheap for a long time, driving all kinds of venture-based speculative shenanigans and downstream hype-pump-dump cycles. tricky to tell what's organic and what's not a part of that matrix in some way. probably more appropriate to call it another symptom of the latest manifestation of keynesian-flavored neoliberalism though, rather than some endgame of capitalism in general as an abstract process.

Zero_Destroyer posted...

I feel like executives are living in a parallel reality so totally separate from most people

Wealth will do that to you.

whats sad is those of us where smart enough to call web3 crypto NFTs ect a scam

are gona get lumped in with these idiots in a decade or so no one will believe we where smart enought o call it out