The concept of Metaverse is a trending aspect of recent times. This concept got its much-awaited hype after Facebook altered itself to Meta and is now known by this name. The owner of this giant brand, Mark Zuckerberg is a huge fan of the Metaverse. With this craze, the company has been increasing its share of investment in this technology. You can get more details on this URL.
But, with this huge investment in this fresh technology, the brand’s Reality Labs sector has faced a loss of around 3.672 billion USD! After this loss, the shareholders of Meta are expressing their unhappiness with the investment decision of Meta.
After the massive loss of the tech giant in recent times, the shareholders are against the brand’s idea of huge investment in a particular sector. After the conversion of Facebook to Meta of today’s time, there has been a focus on the Metaverse space. The company wants to shift its focus toward better connectivity between the physical and virtual worlds. These will be executed with the help of augmented reality.
The major investment of this platform is turning towards the Metaverse technology. With this, the shareholders are becoming more concerned. As this experiment has led to other huge losses like the recent one.
A shareholder even issues a letter in this matter addressing the CEO of Meta. According to this particular shareholder, the entire investment behind the Metaverse space is terrifying and oversized!
All these concerns of shareholders turned out to be a reality soon. The brand published its financial results in October. These third-quarter results indicate that the Metaverse section of the company is underperforming. The amount of loss is around 3.672 billion USD, which is quite similar to the loss of the first quarter!
This is the result of running into the unresearched territory. Although the entire concept of Metaverse is surrounded by hype, these fresh social spaces are quite unexplored and blank in most cases! And, whether Meta will be able to fill up this blank will be worth watching.
Into The Unexplored Metaverse Space
With the help of the Blockchain network, there has been the rise of Web3 or the Metaverse space. These spaces are virtual worlds that have their base on the Blockchain network. You can find the Metaverse space in the form of different gaming worlds, customized lands, NFT galleries, virtual streets, and others.
People are calling these new releases the next generation of the internet. Almost every famous brand, social media company, famous personality, and many others has a strong presence in this new space.
There are no particular owners of the Metaverse. But it is a result of the collective efforts of many developers and stakeholders out there! So, you will be able to find a room here for yourself as well.
To get access to the Metaverse world, you need to figure out which space you want to get enter. With more spaces being developed every day, there is a wide range of options to choose from! Also, you need to pay a definite amount to enter these spaces. You can also buy the tools that will let you enter through their protocol.
This concept got ever-increasing hype after Facebook converted itself to Meta!
$100 Billion Investment Experiment of Mark May Fail
Meta is now shifting its entire focus to investments in the Metaverse space. Mark Zuckerberg’s investment plan of 100 billion USD seems giant and terrifying at the same time. A shareholder of the company shared this view in the context of the huge investment decision.
The CEO of Altimeter Capital, Brad Gerstner addresses a letter to Mark. He has a total stake of 0.11% in the company. In this letter, he speaks of the huge annual investment of Meta for the Metaverse technology. Also, he calls such a huge investment terrifying. He adds that the firm should cut down its budget of annual investment for the Metaverse.
Though Mark may ignore the warnings raised by the stakeholders, the issue is real. The huge loss of the Metaverse section of the platform is proving similar. Also, with a budget of 10 billion USD for the technology related to Metaverse alone, the company may face more losses in the future.