The notion that Metaverse is the technology to be widely used in the future has been frequently mentioned in the previous days throughout the industry of cryptocurrency. In the recent 2 months, the respective subject has acquired considerable attention across the companies of the mainstream.
In addition to this, the authorities throughout the world have been investing their funds in the very field. Hence, it is quite obvious that Meta (known as Facebook previously) was determined to enter the respective sector. The surprising thing is that the platform has gone through losses for nearly 7 consecutive quarters in terms of its Metaverse partition even then it is firmly attached to its goals.
The founder and CEO of Meta – Mark Zuckerberg – led the Reality Labs, the Metaverse as well as the virtual reality department of the venue while experiencing losses of nearly $2.8B. This was disclosed in this year’s 2nd quarter when Meta made an earnings call. Reality Labs’ cumulative revenue was approximately $452M. it is significant to be noted that the respective division of the social media giant has collected almost $695M during the 1st quarter of this year in its earnings.
Meta Founder Still Expecting the Venue to Grow in the Metaverse
Apart from this, the economy around the globe underwent a substantial decline during the previous two months. Notwithstanding the respective collapse, the Meta CEO was not shaken at all. He constantly expressed positive expectations in the terms of the Metaverse space. Zuckerberg recommended during the earnings call that the recently occurring losses were obvious and they would prolong for some years.
He moved on to assure the community that such hindrances would be witnessed until the platform finds its place in the mainstream industry along with having maturity in its operations. He also mentioned that there are a lot of opportunities within the world of the Metaverse and that they can unlock an economy comprising several hundreds of billions in dollars at a minimum during the coming times.
He added that such initiatives would appear to be expensive during some of the impending years. He was of the view that the thing making him glad is that the role played by them as well as their venue in pioneering this sector.
Apple and Meta to Compete in the Metaverse-Based Race
The whole world appears to be racing toward the Metaverse sector. Japan, Dubai, and South Korea are the leading countries in the respective race at the moment. Nonetheless, Zuckerberg is confident that Apple and Meta were engaged in an unfathomable race. According to him, the nature of this competition is ideological and philosophical where they intend to integrate unique technology along with bettering the customer experience.
Zuckerberg proposed that many efforts are to be done by them throughout diverse firms, to permit for the existence of a much broader ecosystem. As per the reports, Apple has been operating on both AR as well as VR models. Nevertheless, Zuckerberg considers that this does not determine future progress as their present preference is research.
