Share this article
The Metaverse Is Facing a ‘Cooldown Moment’ Amid Crypto Winter
That isn’t necessarily a bad thing, Cathy Hackl, chief metaverse officer at Journey, told "First Mover."
Mar 29, 2023, 7:58 p.m.
Make us preferred on Google
After being hot for a good part of last year, the metaverse is, at least for now, facing a “cooldown moment,” said Cathy Hackl, chief metaverse officer at innovation and design consultancy Journey and a speaker at Consensus 2023.
“I don’t think that’s necessarily a bad thing,” Hackl told CoinDesk TV’s “First Mover” on Wednesday about those who got into the hype of the metaverse but have since left.
STORY CONTINUES BELOW
“A lot of us are continuing to build,” she said. The metaverse is a longer-term vision and one that she said is “going to be the future of the internet.” That’s despite brands deciding the metaverse is not for them. Most recently Disney shuttered its metaverse team as part of a company-wide contraction.
Catwalk in the metaverse
On Tuesday, the second annual Metaverse Fashion Week (MFW) kicked off. Unlike last year’s event, which took place only in Decentraland, this year’s event is a multi-platform affair. Spatial, a metaverse platform, and Over, an augmented reality (AR) platform that combines the use of virtual assets with the physical world, are among the collaborators.
Luxury brands including Dolce & Gabbana, Balmain and Tommy Hilfiger are also participating in the virtual four-day event, which Hackl said is making room for “opportunities to create virtual couture.”
She said the event opens the door for brands and participants to see forthcoming changes in culture and fashion.
But barriers persist, she said, adding that the need to have a virtual wallet may be keeping some users from getting the full experience. Additional stress points, including servers crashing, are among the technical issues developers are trying to iron out.
“If we see this next year, going into broader [platforms] like Roblox … or into Fortnite or some of these more mass market platforms, it’ll be more accessible,” Hackl said.
Read more: Web3 Builders Need Better Funding Programs, Not Just Funds / Opinion
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
Tristan Thompson launches prediction market turning NBA stats into stock
NBA veteran Tristan Thompson launched basketball.fun, a new prediction market platform that turns top athletes into tradable assets.
What to know:
How it works: The platform differentiates itself from standard betting by treating the NBA's top 100 players as individual financial assets to collect.
- Users can buy and open "packs" of players, mimicking the nostalgic experience of buying physical trading cards.
- Player "share prices" luctuate based on real-time performance, rising if a player records a triple-double or dropping if they struggle after an injury.
- Users can trade these player shares on a secondary marketplace.
Top Stories
