The metaverse economy: Is it real?

The brief (recent) history of reversing metaverse bets:

• January 2023: Microsoft shuts its virtual workspace AltSpaceVR.
• February 2023: Microsoft ends its industrial metaverse project a mere four months in, and fires 100 people. It also slashes staff from its VR headset HoloLens’ team.
• Also in February 2023: Chinese internet giant Tencent ditches plans to make VR hardware as a mature market for it appears to be many years off.
• March 2023: Meta pivots toward generative AI in its “year of efficiency.”
• Also in March 2023: Walmart shuts down a six-month-old branded space in the gaming world Roblox called Universe of Play.
• March 2023, again: Disney eliminates its Metaverse team, comprising of 50 people.
• June 2023: Google scraps its Project Iris for AR glasses, choosing to focus instead on AR software.