Mark Zuckerberg, despite facing significant losses in the Meta metaverse division, has reiterated faith in next-generation technology. The head of the Meta decided to give five to ten years before the metaverse blossomed into the promising industry it seems at present. Right now, only 20% of Meta’s functional focus is developing hardware and software to support the metaverse ecosystem, Zuckerberg noted in a recent speech. On the other hand, 80 percent of Meta’s focus is still on the family of social media platforms – Facebook, Instagram, and WhatsApp.
Zuckerberg, 38, was speaking virtually at the New York Times DealBook Summit when he noted that his company needs to work more efficiently in order to hone the technology metaverse on a larger scale. The technology mogul said that Metaverse technology It makes communication more interactive and richer overall.
Zuckerberg joined US journalist Andrew Ross Sorkin for the Metaverse, as the two avatars discussed Meta’s future plans for interactions via a screen that’s “more immersive and feels more human.”
Before being interviewed about the company’s challenges and future, Meta CEO Mark Zuckerberg joined Andrew Ross Sorkin in the metaverse (where he had a bout of hiccups). Watch the interaction. #DealBook pic.twitter.com/CpSJRZfRjk
– DealBook (dealbook) November 30, 2022
metacurrently has a dedicated unit called Reality Labs, which focuses on research and development around its metaverse initiatives.
On Meta’s second-quarter earnings call in July, Zuckerberg had a comeback announce The company’s Reality Labs division reported huge losses of $2.81 billion (roughly Rs. 22,410 crores).
The division’s year-to-date losses came to $5.77 billion (roughly Rs. 46,016 crores) in July this year. In fact, last year, Reality Labs posted an alarming annual loss of $10.2 billion (roughly Rs. 81,346 crores).
The billionaire has, time and again, been dragged under the spotlight for renaming Facebook to a file Web3 centric In the past year, it has caused financial declines for the company.
In October, for example, Sam Bankman Fried It was “anatomy” Zuckerberg plans a metaverse that says the company’s rebranding was just a ploy for Facebook to squeeze out billions by presenting itself as a space that’s “vague, opaque, and futuristic enough.” Bankman Fried was the leader of the now collapsed party FTX crypto exchangewhich has been adding huge investments to the Web3 industry.
Despite the reported losses, Zuckerberg has shown confidence that all the trial and error that currently costs the company billions of dollars in the coming years will improve the metaverse technology for the better.
“Skepticism doesn’t bother me much. We’ve had skeptics all along,” the Meta head noted.
Facebook was rebranding to Meta last year, as part of Zuckerberg’s strategy to rally the metaverse sector before the technology exploded into its full potential.