Web 3.0 Execs: Metaverse Isn’t Dead

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  • Web 3.0 executives led by Epic Games CEO Tim Sweeney have refuted claims that investors are shunning the metaverse
  • The executives were responding to claims made in an article published on Business Insider
  • Sweeney noted that metaverse-based platforms have 600 million combined monthly active users

Web 3.0 executives led by Epic Games CEO Tim Sweeney have refuted claims that the investors are shunning the metaverse. The executives were responding to claims made in a recent article titled “RIP Metaverse, we hardly knew ye,” published on Business Insider. Sweeney noted that platforms offering virtual gaming experiences such as The Sandbox and Roblox have 600 million monthly active users.

From the Metaverse to Generative AI?

According to the article, the virtual world is slowly losing its appeal since investors are abandoning it for generative artificial intelligence (AI). The piece quoted Meta and Yuga Labs’ metaverse projects as examples of failed attempts to deliver virtual worlds that are appealing to the masses. 

The article may also have tapped into Meta CEO Mark Zuckerberg’s recent revelations that his company has invested in AI. However, Sweeney jokingly invited the 600 million users across all virtual world platforms to come out and celebrate the “dead metaverse.” 

His invite was also supported by The Sandbox CEO Sebastien Borget who replied to Sweeney’s post adding that users in blockchain-based games should “play and share [screenshots] of [themselves] in the so-called  ‘dead metaverse’.”

“RIP Meta” Would be More Accurate

Some who commented on Sweeney’s said that the article would be correct if it was titled “RIP Meta” instead of generalizing the entire metaverse world.

Apart from virtual worlds having millions of active users, Sweeney’s strong views that the metaverse isn’t dead may also be backed by conventional entities like Nike, Alibaba, Krafton and Adidas entering the virtual world. Countries like France, Japan and South Korea have also expressed interest in the metaverse.

Despite some entities like Microsoft co-founder Bill Gates saying they prefer AI over the metaverse, the metaverse is still alive and kicking considering the interest from Web 2.0 firms.