Meta’s Indian-origin executive Vishal Shah claims Metaverse hype is over, focus on building the future

Meta, the company formerly known as Facebook, has made headlines with statements from Vishal Shah, an Indian-origin executive overseeing Meta's metaverse project. According to a Fortune interview, Shah believes that the hype surrounding the metaverse has died down. He suggests that the metaverse was part of a hype cycle that attracted numerous investors.

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.

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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."

In addition, there are exciting developments on the horizon for Meta's metaverse. Meta Quest 3, the company's next-generation VR/MR headset, is set to be released later this year, bringing advanced virtual and augmented reality experiences to consumers. Furthermore, Apple has entered the AR headset market with its Apple Vision Pro, scheduled to be available early next year at a price of $3,499.

Shah also mentioned that Meta is preparing to unveil long-awaited legs for its Metaverse avatars later this year. This development is expected to enhance the immersive experience and engagement within the metaverse. It is worth noting that more than 1 billion people have already created avatars within the Meta platform.

Meta has made another significant move by launching Threads, a social media platform aimed at rivalling Twitter. Impressively, within just one week of its launch, Threads has garnered over 100 million user sign-ups, indicating a strong initial interest in the platform.

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