The great metaverse stock rout worsens as Roblox plunges

The great metaverse stock rout worsens as Roblox plunges

It wasn’t long ago that Wall Street and Silicon Valley were talking up the metaverse as the next big thing in the tech world. The only question from the likes of über–tech bull Cathie Wood or crypto investment firm Grayscale or Goldman Sachs was: Would the market opportunity be worth billions, or trillions?

Goldman, for one, thinks it will be the latter, likening the metaverse to that seminal moment in 2007 when Steve Jobs unveiled the first iPhone, unleashing upon the world the Web 2.0 era. For those keeping score, metaverse will help unleash Web3, advocates say.

Just don’t mention these predictions to tech bulls this morning. The early investors who jumped onto the metaverse hype train are no doubt cursing the M-word as they watch Roblox futures tumble premarket by more than 16% after the gaming giant reported a top-line miss.