The metaverse, which doesn’t yet exist, became the “next big thing” in 2021 and 2022. However, the end of lockdowns outside of China has reduced consumers’ appetite for spending time in online spaces, and Economic hurdles have already exposed the vulnerabilities of a supposed experience revolution that has yet to capture the interest of mass consumers.

For example, between April and June 2022, the number of job postings with “metaverse” in the description dropped by 81%. As economies slow further in 2023, the irrational exuberance of the metaverse will give way to a focus on core infrastructure, backlogged product features, and improving immersive experiences on existing platforms, laying the groundwork for the future metaverse. Specifically, in 2023, we predict that:

• Metaverse…