In September 2022, the company announced that 2.9 billion users could post the digital and NFT collectibles they own on Facebook and Instagram in 100 countries by connecting their wallets. Meanwhile, on October 11, Meta announced a partnership with tech giant Microsoft to bring a range of Microsoft Office 365 products to Meta’s virtual reality (VR) platform to try to convince other companies to work in virtual environments. The company’s Metaverse ambitions.
Last week, the CEO and founder of Altimeter Capital called Meta’s $10-15 billion annual investment in the Metaverse “huge and terrifying” its launch. At the same time, Meta’s VR research and development arm, Reality Labs, posted a cumulative year-to-date loss of $9.44 billion. Many may also remember Meta’s Eiffel Tower fiasco, when an avatar image of Meta’s CEO, Mark, mocked the tower for its mediocre visuals.
It’s been over a year since social media giant Facebook changed its name to Meta at the Facebook Connect conference on October 28, 2021. The name change reflected the company’s growing ambitions to transcend social media and enter the world of Web3, Crypto, Non-Fungible Tokens (NFTs), and the Metaverse: virtual worlds where consumers are likely to spend more time working and playing. The company was busy. While simultaneously opening advertisements for more crypto ads on Facebook.
The project has remained the same since claims in April 2022 that the corporation was exploring an internal digital currency called Zuck Bucks that was being created for use in the Metaverse appeared. The business submitted five trademark applications in May for Meta Pay, a platform for processing payments that supports cryptocurrencies and other digital assets.
Meanwhile, an October 15 report in The Wall Street Journal suggested that the company had cut its monthly active user goal for Horizon Worlds by more than half, suggesting that its flagship product, Metaverse,” had come up short.” Zuckerberg noted during the third-quarter earnings call on October 26 that “we are openly iterating” and that the Metaverse social platform is still an “early release.” It’s evolving fast. However, there’s still a long way to go before it’s what we’re aiming for,” said the CEO.
However, the tech giant continues to press ahead with its push into Web3 and other projects, including artificial intelligence, with Zuckerberg noting in the call that “we’re on the right track with these investments” and that the company “should” do so. Keep Investing The company recently unveiled its latest virtual reality headset, the Meta Quest Pro, along with a partnership with Microsoft and a new computing platform from Reality Labs during an October 11 virtual event. Every year, 200 million individuals purchase new computers, primarily for use at work.
In the upcoming years, Zuckerberg stated, “Our goal for the Quest Pro series is to enable more and more of these people to conduct their work in virtual and mixed reality, eventually even better than on PC.” These are three areas we are focused on, along with the AI discovery engine, our advertisements and commercial messaging platforms, and our future vision for the Metaverse,” he continued.