“Is the metaverse dead?” I’ve been asked that question dozens of times in the past few weeks by industry insiders. The wave of pessimism is not surprising considering that shares of Meta (the company formerly known as Facebook) have lost more than half their value since it entered the metaverse. On top of that, Meta recently announced major layoffs across the company, sending a wave of fear throughout the industry.

The way I see it, the current struggles in Meta reflect problems in their legacy business and do not serve as an indicator that their metaverse strategy is failing. I think it will take another year or two before we can accurately predict if Meta will succeed in this space or if other big players will emerge as the true leaders of the metaverse.

My biggest concern…