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Why did the metaverse die? Because Silicon Valley doesn’t understand the concept of fun
(www.fastcompany.com)
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I would argue Zuckerburg had a lot of control over this project, lost a lot of money, and shareholders, due to the structure of Meta as a company, could do fuck all about it.
... But in almost literally every other company on earth, yea this is the case. And meta made these decisions in a world defined by the relationship you just described.