The virtual world of the Metaverse is in the decline before its release. Despite being a focus of numerous tech giants, hiring in that specific field has taken a nosedive. But what’s causing this drastic loss in hiring?
Metaverse jobs drop by 81%
In a report by Bloomberg, via a Revelio Labs study, it’s revealed that Metaverse job openings are plummeting. Instead of going all-in on the technology, many are ramping down initial expectations for what the virtual world can offer.
Between April and June, an 81% drop in Metaverse jobs issued occurred. Across Google, Facebook, and more, jobs in the sector are plummeting, despite major investment in the industry.
The crash in hiring comes after a rough quarter for Big Tech. As (yet another) global recession comes, all of the largest tech companies are slowing down hiring to cut back on losses. Even Meta, the leaders of the Metaverse push, are issuing layoffs.
Despite this, the marketing of The Metaverse continues. There are still Metaverse initiatives like churches, banks or real estate firms coming to the virtual world, but how long will it last?
Read More: Facebook’s Metaverse will spectacularly fail, says Ethereum founder
Trouble in Metaverse?
The collapse of hiring for an entire industry would spell trouble for it in most cases. However, as the past year has shown, humanity is not entirely ready for a Metaverse.
This gives companies like Meta and Google a lot of room to work with. The deadline for a Metaverse project isn’t today tomorrow, it’s when it’s ready.
Nevertheless, it’s not exactly a positive for the future of The Metaverse. With this in mind, it may take even longer than expected for the virtual world to become reality. Will it be like The Oasis from Ready Player One? Or something even more cringe?