With the new year comes a need for reflection. This week, alongside more immediate news, we highlight analytic reviews of 2022 and its place in the long-term trajectory of web3 and the metaverse.
For crypto, the year has been an unambiguous disaster. After two quarters of inflated valuations and hype, the sector experienced a sudden collapse – and Sam Bankman-Fried, one of its most famous representatives, was charged with wire fraud and money laundering. However, the year has shown promise in key industries for the metaverse sector. The art world has embraced digital marketplaces and NFTs; gaming firms are leading the virtual reality charge; training providers offer more hybrid, virtual-physical programs for the US army and private corporations. Peggy Johnson, chief executive officer of the AR gear company Magic Leap, recently said that immersive AR reality for consumers could be no more than five years away.
As investors hope for a return to stability, entrepreneurs continue to make a case for the first-principles value of tomorrow’s internet.