2022 was a tough year for the tech industry, but it was a particularly tough year for Meta. Since changing its name in October 2021, the company’s stock price has fallen 60% from his, trading at $323.57 per share for him. Meta is currently trading at $114.74, according to. market watch.
“Meta kicked off in 2022 with a new name and a new vision for the future. At Reality Labs, it’s our job to bring that vision to life,” said Andrew Bosworth, CTO of Reality Labs. It is written as company post“I didn’t expect it to be easy and easy, but this year has been harder than I expected.
“The economic challenges around the world, combined with the pressure on Meta’s core business, have created a complete storm of skepticism about the investments we are making,” Bosworth explained.
Meta, followed by Facebook launch Facebook Reality Lab September 2020. Reality Labs, which created the Oculus Rift VR headset in 2016, was tasked with developing Meta’s Metaverse project. This was announced when the company changed its name last year.
“The long-term value of these technologies will come from how they are adopted by the ecosystem of developers, creators and builders formed around these devices,” Bosworth wrote.
In October Meta reality lab The Metaverse segment lost more than $3.6 billion in the third quarter of 2022, compared with $2.63 billion in the same period last year. According to Bosworth, 20% of his overall Meta investment went into Reality Labs and the remaining 80% into Meta’s core businesses, his Facebook, WhatsApp and Instagram.
“We believe this is a logical investment level for a company committed to staying on the cutting edge in one of the most competitive and innovative industries on the planet,” said Bosworth. is writing
In November, Meta CEO Mark Zuckerberg said despite the $3.6 billion loss and subsequent layoffs: 11,000 employeeshe still has a long-term vision of the metaverse.
of metaverse is a buzzword used to describe the next iteration of the Internet. A persistent, shared virtual world where people interact as 3D avatars.Much of the crypto space is looking specifically at blockchain Non-fungible token Or NFTs, as a factor in what the metaverse will be.
Reality Labs was tasked with developing their metaverse project. horizon world.
The project struggled to gain traction. In October, it was published in “”.quality lockdownInternal communications revealed that even Meta’s employees weren’t logged in. Comes with fake leg.
On the other hand, other players focused on the Metaverse object to the Metaverse’s potential domination of the field.of Open Metaverse AllianceMembers such as Dapper Labs, The Sandbox, Animoca Brands, Alien Worlds, Decentraland, MetaMetaverse, and Unstoppable Domains have joined to drive an interoperable blockchain-powered metaverse.
In November, Meta began rolling out plans. integration To NFT’s more than 2 billion monthly Instagram users, we’re calling it a digital collectible instead of the often-villained term NFT.
If Meta’s current stock price is any indicator, investors are unhappy with Zuckerberg’s Metaverse strategy. But while the numbers may seem staggering, Bosworth sees it as a test.
“In boom times, it’s easy to make big, ambitious investments in what’s coming next,” says Bosworth. “But when economic conditions change, it’s just as easy to head in the opposite direction. Cut back on your ambitions, stick to what’s safest and most profitable today, and squeeze as much out of it as you can.
“These are the moments that really test people’s beliefs about the future,” he said.
