Not just Disney: Metaverse fad has "cooled"

Walt Disney Co. has shut down the division that was developing its metaverse strategies, The Wall Street Journal reported this week. Microsoft Corp. recently shut down a social virtual-reality platform it acquired in 2017. And Mark Zuckerberg, who renamed Facebook as Meta Platforms Inc. META to signal his seriousness about the metaverse, focused more on artificial intelligence on an earnings call last month.

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Meanwhile, the price for virtual real estate in some online worlds, where users can hang out as avatars, has cratered. The median sale price for land in Decentraland has declined almost 90% from a year ago, according to WeMeta, a site that tracks land sales in the metaverse.

[“Land sales in the metaverse”? P.T. Barnum was all wet. There are thousands of suckers born every minutes. – Ed]

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