In recent years, the interest in multifunctional façade (MF) technology has increased significantly. Recent advances in the integration of active and passive technologies have led to a new concept of building skins with highly flexible and decentralized control. Such an approach is considered capable of tackling environmental challenges and enhancing indoor environmental quality (IEQ). Integrated HVAC systems, dynamic blinds, and renewable energy systems can drastically increase façade responsiveness and efficiency. Although the technical feasibility of active and MF technology has already been demonstrated, market applications are still limited. The goal of this paper is to define the state of the art of MFs and clarify how the integration of IoT technologies, supported by AI, can increase market interest by fully exploiting the value of these systems. Indeed, recent advances in the IoT and data analysis tools are opening up attractive scenarios in optimization process. Starting with an overview of the most interesting EU-funded projects, this paper presents a MF case study in which IoT infrastructures are fully integrated. The prototype, realized within the MEZeroE Horizon project, stimulates a debate on future trajectories (and gaps) for the marketability of MF.