Three years ago, the Facebook family of companies changed its name to Meta.
The idea, as CEO Mark Zuckerberg explained, was to usher in a new era of the internet where people were “in the experience, not just looking at it,” he wrote in a letter at the time. “We call this the metaverse, and it will touch every product we build.”
Soon after, the metaverse was everywhere. In 2022, brands from Nike to Absolut Vodka and Chipotle Mexican Grill announced their intentions to enter the metaverse. Macy’s even hosted a virtual version of its Thanksgiving Day Parade in the metaverse.
Executives mentioned the metaverse during earnings calls and company presentations at increasing rates. Private equity and venture capital firms invested more money in the technology.
But then, almost as suddenly as metaverse excitement flourished with hopes of a next version of the internet, it disappeared.
“Brands are still experimenting in the space, but focus has shifted from broad, experimental activations to more practical, value-driven experiences,” said Jason Snyder, chief technology officer at Momentum Worldwide. “There’s still potential here, but brands need a pragmatic, consumer-focused, and adaptable approach to actually leverage the metaverse effectively going forward.”
