Early Enthusiasm from Media and Wall Street

In October 2021, Mark Zuckerberg stood in front of the world and announced that the future of human interaction would be something called the metaverse. He was so confident about this that he renamed his three-billion-user company after it. Over the following four years, Meta spent $88 billion building a virtual world that almost nobody visited, featuring avatars that — for reasons that were never fully explained — did not have legs. Wall Street predicted five billion users. Consultants declared it too big to ignore. A man paid $450,000 to become Snoop Dogg's virtual neighbour. The metaverse peaked at around 900 daily users. This is the story of what went wrong, and what it cost.

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