Crypto Biz: Is Zuckerberg’s $100B metaverse experiment doomed to fail?
Meta's Reality Labs division lost $3.672 billion in the third quarter. Some shareholders aren't happy with the company's oversized investment in metaverse technology. Not everyone is convinced that Mark Zuckerberg’s massive metaverse experiment is a good idea. Since Facebook rebranded to Meta in 2021, the social media giant’s focus has increasingly shifted to connecting the digital and physical worlds through augmented reality. However, a shareholder of the company recently issued a letter to the CEO calling the metaverse investment “super-sized and terrifying.”It didn’t take long for....
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Zuckerberg’s $100 billion Metaverse experiment first raised eyebrows when the CEO released the avatar for Meta’s Horizon Worlds VR platform. Facebook’s rebranding into Meta was Mark Zukerberg’s latest attempt to retain dominance in the social media world of Web3, specifically, the Metaverse. On the occasion of Meta completing one year on the rebrand, Sam Bankman-Fried (SBF), the CEO of the crypto exchange FTX, shared his thoughts on the rebranding and what it means for the future of Meta.Zuckerberg’s $100 billion Metaverse experiment first raised eyebrows when the CEO released the avatar....
In an open letter, Altimeter Capital's CEO and founder recommended the tech giant cut its Metaverse investments from $10-15 billion a year to $5 billion. A shareholder’s open letter to Meta CEO Mark Zuckerberg has labeled the tech giant's investment into the Metaverse as “super-sized and terrifying.”The shareholder has urged the company to scale down its investment in the Metaverse and its related technology arm amid a significant fall in its stock price over the last 18 months. The open letter was published on Oct. 24 and was directed at Zuckerberg and the board of directors. It was....
Editor’s Note: The following story was written by Neomi, an author from China with experience covering art, music, culture, tech, and travel. Bitcoin.com News sent her into the field of blockchain-based metaverse experiences to capture the feeling of a pioneer entering this new reality.
Decentraland, Day One: I Need a Hat
Upon entering Decentraland for the first time I wanted to lay low, so I created my avatar: a bald guy with a black suit and a pair of black sunglasses. Within just ten minutes of beginning my exploration, however, I came across ten other players that....
As of the end of September, Meta had more than 87,000 employees — a large proportion of which is said to work in the Reality Labs division. Social media and tech giant Meta is reportedly gearing up for “large-scale layoffs” this week amid rising costs and a recent collapse of its share price.According to Wall Street Journal (WSJ) report on Nov. 6 citing people familiar with the matter, the planned layoffs could impact thousands of employees in a broad range of divisions across Meta’s 87,000-strong workforce.It is not currently understood whether the firm's Reality Labs division, which....
NFTs are here to stay and the arrival of the metaverse is only set to make their appeal and use even more popular. Even as nonfungible token (NFT) transactions have taken off and made headlines, to most people outside the crypto world, they’re just a gimmick. The metaverse will change that.There’s always a tipping point when new technologies go from incomprehensible fringe interest to, suddenly, part of life. That point usually comes from the confluence of a number of drivers and, right now, we’re experiencing what happens when two such trends hit the inflection point together.Mark....