Humanity’s dream of a virtual universe is shaking like never before.
According to information just published by market research firm Revelio Labs, the number of jobs in the field of Metaverse (virtual universe) is declining rapidly. Compared to the fourth quarter of last year, the number of jobs and recruitment information related to Metaverse has decreased by 81%. Along with that, companies and projects related to Metaverse are also downsizing their operations and reducing human resources.
During a meeting in July, Meta – the parent company of Facebook, decided to limit investments in the Metaverse field. The reason is because the revenue deficit is too large and has not seen any positive signs from the market.
Previously, in the first quarter of 2022, Reality Labs, the unit that develops Metaverse and virtual reality for Meta, recorded a record deficit of nearly $2.9 billion. Reality Labs’ spending is mostly focused on human resources, research and development, and selling expenses.
While Meta reported billions of dollars in losses because of Metaverse projects, their rival, Apple, is quite conservative in this area. Apple said it will not ignore Metaverse, but will consider more carefully in pouring investment capital and recruiting.
For smaller companies and projects, the situation is becoming increasingly hazy. Just about 6 months ago, potential projects like Decentraland or The Sandbox have attracted billions of dollars of investment from many sources of capital. However, nowadays, in the market downturn, no one mentions these projects anymore. Metaverse is in decline. Humanity’s dream of a virtual universe is shaking like never before.