Top 5 metaverse moments you need to know about right now

The second annual Metaverse Fashion Week was hosted inside Decentraland, bringing together a host of well-known traditional marketers, from Adidas to Balenciaga and Coach, as well as upstart Web3 brands. In total, around 60 different brands made an appearance at the four-day event, many of which exhibited virtual booths selling NFT wearables.

Despite the high corporate turnout, consumers were apparently lacking. Roughly 26,000 unique users attended this year, as compared to over 100,000 last year, according to MarketWatch. These spectators only spent a total of $26,000.

However, these users also claimed around 76,000 free wearables during the event. What this means is that an event like Metaverse Fashion Week may still be worthwhile for brands as long as they aren’t depending on large numbers of sales. If, instead, brands treat the event as an opportunity to engage with young consumers in a burgeoning space, such as through giving away free items, success may be more achievable.

No. 1: Disney, Meta ease off metaverse

The biggest news out of the metaverse this month is not good news. Meta announced it would be winding down NFT functionality on Instagram and Facebook, ending an experiment that barely lasted one year. Two weeks later, Disney shuttered its entire metaverse team.

The two reversals do not bode well for continued metaverse investment. Meta, of course, has rebranded its entire company behind the virtual vision, but that it couldn’t find a way to fit in basic Web3 tools such as NFTs is a sign that mass adoption is still quite far away. The decision comes amid greater issues at Meta, which recently laid off 11,000 employees, or roughly 13% of its workforce, as well as terminated underperforming projects.

“[We’re] going to focus on areas where we can make impact at scale, such as messaging and monetization opportunities for Reels,” wrote Stephane Kasriel, Meta’s commerce and financial technology lead, in a Twitter thread.

As for Disney, the elimination of its metaverse plans is perhaps more surprising. The media company, according to industry watchers, stood to benefit greatly from the metaverse due to its large pool of IP, which could be translated into all kinds of NFTs and virtual experiences. But the reversal shows that despite these potential boons, Disney views the metaverse as expendable investment, especially now that times are tough.

More: What Disney’s metaverse exit means for Web3 marketing