Metaverse losses top $3.6B for Meta with spending set to increase
The tech giant is just over $500 million away from topping its more than $10 billion Metaverse department losses in 2021, but it said its spending will only grow next year. Big Five technology player Meta is still burning cash through its Metaverse research and development arm Reality Labs with a $3.67 billion loss posted for the third quarter of 2022, stating those losses will further deepen next year.The company’s Q3 2022 earnings released on Oct. 26 show the biggest-ever quarterly losses for Reality Labs from earnings dating back to the fourth quarter of 2020, the business also made....
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Meta, the metaverse-based platform, has announced the launch of a new wallet directed to support value interaction in the metaverse. Meta Pay, a rebrand of the former Facebook Pay service, will keep fulfilling the same functions that Facebook Pay did in the past, but will be developed as a universal way of paying for goods and services using digital identities in the metaverse.
Facebook Pay Rebrands to Meta Pay
Meta is trying to solve the problem of transaction and value interactions in the metaverse. The company announced the launch of a new digital wallet that will support the....
Meta (formerly Facebook) officially declared its entry into the metaverse space last year with the Reality Labs division. Its announcement had understandably triggered the popularity of metaverse projects and their tokens during this time, as a lot went on to rally to billions of dollars in market cap. However, while Meta had been able to trigger positive growth for other metaverse projects, it has been unable to do so for itself as it reports another quarter of massive losses. Meta’s Reality Labs Records Losses Since Meta’s entry into the space via its Reality Labs division, the tech....
Metaverse has now traversed the mainstream. On May 9, Meta Platforms Inc. will be opening its first-ever physical metaverse-themed retail store in the San Francisco Bay Area. Samsung has opened up their first physical Meta store – and Meta is following through. Suggested Reading | Samsung Throws In $25 Million In South Korean Startup DoubleMe […]
Meta’s VP of Metaverse, Vishal Shah, acknowledged that Horizon Worlds, the flagship app that Meta uses to show the potential of its metaverse, still has many problems affecting its usability. In a recent memo, Shah explains that even Meta’s employees are not using the app so much, and hints at the establishment of time quotas for the presence of employees on the platform.
Horizon Worlds Buggy, Meta’s Executive Recognizes
Meta’s metaverse push is facing some trouble, with executives now criticizing Horizon Worlds and the state of the flagship metaverse....
One of the most significant applications of virtual reality and metaverse technology involves education and the prospect of incorporating virtual reality classes. Social media giant Meta is implementing this concept by aiding 10 universities in launching campuses that will be built on metaverse “soil.” As part of its $150 million Immersive Learning Project, Meta (formerly Facebook) […]