Zuckerberg’s metaverse losses, NFT game on Discord, Gods Unchained hot take – Cointelegraph Magazine

Let’s get business out of the way before getting to the fun part: Meta, the parent company of WhatsApp, Facebook and Instagram, is heavily involved in virtual worlds through its metaverse unit, Reality Labs. 

However, its investments have yet to pay off, with the metaverse company reporting collective losses of over $40 billion. 

Despite the losses, investors are optimistic about Meta CEO Mark Zuckerberg’s long-term bet on the metaverse, sending the stock up 7% after hearing Zuckerberg’s reasoning on the Meta Q2 2023 Earnings call.

Meta’s stock price spiked to over $320 after Meta Earnings Call. (Google Finance)

Wall Street seems convinced by his arguments, which are backed by Meta’s improved overall business performance as the platform saw its revenue increase in the second quarter. Zuckerberg aims to cover metaverse costs with the growth from Meta’s family of apps, which has increased by $2 billion, making it just over halfway to covering the $3.7 billion loss from Reality Labs.

I can’t guarantee you that I’m going to be right about this bet. I do think that this is the direction that the world is going in.”

The Meta CEO believes an immersive version of the internet will become the norm. He supported this statement with examples of trends such as smart glasses and immersive communication:

There are 1 billion or 2 billion people who have glasses today. I think in the future, they’re all going to be smart glasses. And all the time that we spend on TVs and computers, I think that’s going to get more immersive and look something more like VR in the future.”

After the launch of Threads — excitement over which faded after a short while but has been reignited — Meta will reportedly release AI chatbots with human-like personalities with a focus on user retention.

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