Slow user adoption, driven in part by expensive hardware requirements and glitchy technology, as well as deteriorating economic conditions, has forced Disney and Microsoft to shut down their Metaverse projects.
The metaverse, the virtual world that was the hot thing in tech less than two years ago, is facing a harsher reality.
Walt Disney Co. has shut down the division that was developing its metaverse strategies, The Wall Street Journal reported this week. Microsoft Corp. recently shut down a social virtual-reality platform it acquired in 2017. And Mark Zuckerberg, who renamed Facebook as Meta Platforms Inc. to signal his seriousness about the metaverse, focused more on artificial intelligence on an earnings call last month.
Meanwhile, the price for virtual real estate in some online worlds, where users can hang out as avatars, has cratered. The median sale price for land in Decentraland has declined almost 90% from a year ago, according to WeMeta, a site that tracks l...
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