Late last year, Meta confirmed it would effectively be abandoning the metaverse, a nebulously defined project that spurred the company’s 2021 rebrand and has cost it over $70 billion since. At a strategy meeting at Mark Zuckerberg’s Hawaii compound, Reality Labs, the division responsible for the metaverse, was told to cut its budget by 30%, versus only 10% across the rest of the company. Reality Labs’ fate was arguably a long time coming: The division has never turned a profit, with cumulative losses these past five years totalling $73 billion. Wall Street reacted positively to the news, adding $69 billion to its market capitalization. 

You remember the metaverse, don’t you? The next stage of the internet’s evolution: a virtual reality full of legless avatars, sprawling, lifeless, digital malls, and nausea-inducing headsets. Upon the inception of the metaverse, its enthusiasts looked at vast swaths of the economy—gaming, online retail, digital advertising, compulsory Zoom meetings—and said: Imagine we did more of........

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