Meta is known for wanting to get involved in the anticipating metaverse ecosystem, but unfortunately things haven’t been going too well for Meta as there has been lots of losses from the company’s side. I guess people are not ready to trust their digital identities with meta right, but meta is still persistent about its metaverse plans. A year ago their cryptocurrency plan was halted after so much work was put into the project, now we are seeing some not so successful results from the metaverse aspect.
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Meta is currently known as the the king of social media platforms as it owns a lot of most used social media platforms, for the social media aspect, meta had a progressive increase in their revenue, above 10% which was a great news for the company, at least no every aspect from the company was going through losses. Seeing this massive loss it’s no surprise that the company had to let go of 11,000 staff, because $13.72 Billion is a lot of money for a company to lose.
They have to be a way to minimize these losses I guess, just may be, they will consider giving up on their metaverse plans because I don’t know what other signs they need to get to know that it’s time to let go of the project. I think mark Zuckerberg is approaching the metaverse from a Web 2.0 point of view while others are approaching it from a Web 3.0 point of view. $13.72 Billion, if invested in a lot of genuine metaverse Web 3.0 crypto projects would go a long way and set these projects steps ahead in the metaverse journey. But its obvious that Mark Zuckerberg is not ready to back down, this seems interesting because I will like to see how long he is ready to go with this, and how many failures does he have to experience to accept that metaverse should only be built on a Web 3.0 foundation and not trying to force Web 2.0 into metaverse.
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