When Facebook rebranded as Meta a year ago, the metaverse hype bubble created a trillion-dollar market with unbelievable opportunities out of thin air. Consulting firms did not hesitate to claim it was the next big thing and dragged thousands of companies into it. Like all bubbles, it burst when reality took over, expelling the heathen tourists and leaving the builders to build.

Since then, there has been no shortage of articles and comments that have instilled fear, uncertainty, and doubt in Mark Zuckerberg’s metaverse vision and current status with Horizon Worlds. These comments are by no means groundless, as a quick glance at the current headsets, avatars, and platforms available paints a bleak picture of the metaverse’s present state.

The metaverse vision is not here yet, and to unlock it, a number of factors must come into play first. Having said that, the speed, conviction, and resources being poured into “the metaverse” are unprecedented. Given how quickly things are progressing, it’s easy to dismiss current half-baked versions in favour of the long-term vision. Big tech is doing so, betting heavily on a future where VR, AR, or the Metaverse reach widespread adoption.

This is in part because we will not interact with current computing platforms (primarily PCs, laptops, and smartphones) for the rest of human history. They will undoubtedly evolve over time, and VR/AR are poised to become the dominant platforms somewhere in the future. The question is: when. Could Meta be too early? Can they continue to bleed? Will a “new” Facebook spawn in the metaverse era? We’ll find out soon enough.

Meta’s Metaverse Metacritics was originally published in AR/VR Journey: Augmented & Virtual Reality Magazine on Medium, where people are continuing the conversation by highlighting and responding to this story.