The state of the metaverse

Apple tries to save the metaverse

Together with

The Future. Even though investment in the metaverse has dwindled since Facebook’s name change in late 2021, the launch of the Apple Vision Pro has renewed interest in the space over the past month. Because Apple has created some of the most successful and game-changing tech, it could be the company that brings venture dollars back to the metaverse.

That was then, this is now
The venture market has seen a huge downturn since 2021, with little chance of bouncing back.

  • Funding to metaverse startups dropped 77% from $2.2 billion in Q4 2021 to $526 million in Q1 2023.
  • More than 160 deals were announced in Q4 2021 — such as the $500 million investment in AR startup Magic Leap — while an additional 46 have been reported in the current quarter (which has seen only $284 million in investments).

Rome wasn’t built in a day
… and the metaverse won’t be either. The infrastructure alone could take years to build. Still, Apple might be the one to transmute such an intimidating concept into a device that’s easy to use and accessible to everyone — not to mention affordable.

Kait Cunniff

Kait is a Chicago-raised, LA-based writer and NYU film grad. She created an anthology TV series for Refinery29 and worked as a development executive for John Wells Productions, Jon M. Chu, and Paramount Pictures. Her favorite color is orange.


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