Amid the ebb in interest, global private equity and venture capital investments in metaverse companies have slowed down. The result is just 12 deals during the first three quarters of 2024, down from a high of 83 in 2021.

On that note, the total amount of money raised has dwindled alongside the declining rounds of funding.

What happens next?

Despite all these declines, the metaverse is still here. By some metrics, it’s expanding—at least in one dimension.

In its latest earnings report, Roblox revealed revenue had climbed 29% to $919 million. Average daily active users also increased to 88.9 million, up 27% compared to the same time last year.

Both Snyder and Olaye believe there’s potential for the metaverse to rise again as the technology becomes more available and brands focus on more practical, value-driven experiences.

As Olaye put it, “I see opportunities for a resurgence.”