Vishal Shah, an executive of Indian descent in charge of Meta’s metaverse project, has made news with statements about Meta, the organisation formerly known as Facebook. Shah claims that the hoopla surrounding the metaverse has subsided, according to an interview with Fortune. He contends that a hype cycle that drew lots of investors included the metaverse.
Shah was quoted saying, “I think the metaverse hype is dead. I think we were in a hype cycle. Like any new thing, and those invested last year, because it wasn’t the hype. We didn’t invest for the hype, we have been investing in the space for years; the Oculus acquisition was 2014.”
The metaverse market has faced setbacks and challenges, leading some to believe that its prospects are gloomy. Recent events such as Disney abandoning its metaverse ambitions and Microsoft shutting down a social virtual-reality platform it acquired in 2017 have cast a shadow on the industry.
Despite these setbacks, Shah offers a different perspective. He states, “I’m actually pretty happy that there was both a hype and a trough of disillusionment last year; it was tough to live through that, of course, ourselves. But now we have our heads down and built because that’s what it takes to build something difficult to iterate and do it.”