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Agenda-setting intelligence, analysis and advice for the global fashion community.

The Metaverse Crash Is Exactly the Moment to Take the Metaverse Seriously

Many of the high-flying concepts and companies that led the charge into the metaverse and web3 have come crashing down to earth. Ironically, this makes it exactly the right time to take these visions of the future seriously, argues Doug Stephens.
Many of the very same technologies concepts and companies that were leading the charge into the metaverse have coming crashing down to earth.
Many of the concepts and companies that led the charge into the metaverse have coming crashing down to earth. (Shutterstock)

It wasn’t long ago that the global business community was transfixed by the metaverse and web3, the buzzy hypothesis that the next generation of the internet would give rise to a collective, persistent, virtual reality built on a blockchain-based foundation. Now, another kind of reality is settling in: many of the high-flying concepts and companies that drove this vision have coming crashing down to earth.

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Further Reading

Fashion’s Metaverse Reality Check

The marketing value of digital fashion and NFTs may now be clear, but fashion brands will need to separate hype from the concrete opportunities to generate sustainable revenue streams from the metaverse.

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