In reality, Horizon Worlds, the company’s virtual 3D social-media app, continues to lack many of the features needed for massive adoption.Īccording to internal communications obtained by The Verge, Horizon Worlds continues to present many technical issues, including bugs and poor graphics quality. Yet for the time being, the company is still struggling to make the metaverse happen.įacebook’s portrayals of the metaverse often include unrealistic representations of 3D avatars interacting seamlessly inside virtual worlds. Whether Zuckerberg’s high-stakes bet on the metaverse will get his company back on track in the medium- to long-term is still to be seen. That call, as history shows, was a success. Zuckerberg has been criticized in the past for his risk-taking history, which includes a far-from-obvious decision to acquire Instagram for $1 billion in 2012, at a time when that figure equaled Facebook’s entire net income for the previous year. But in the same letter announcing the layoffs, Zuckerberg reaffirmed the company’s “long-term vision for the metaverse” as one of Meta’s high-priority growth areas where the reduced workforce will now be focusing. The jury is still out on whether the internet of the future will revolve around 3D avatars and VR devices. Zuckerberg is usually content to describe a less ambitious metaverse, one in which digital communication is enhanced by virtual reality and augmented reality. He added that based on his life experience, transitioning to a four-day work week all the time would not be productive.Yat Siu, co-founder and executive chairman of Animoca Brands, a VC in the VR/AR space, defines the metaverse as “an open, decentralized network of systems and environments connected by true digital ownership, interoperability, and community governance.” He also encouraged exhausted employees to use their vacation days. The social media giant is thinking of extending existing three-day holiday weekends, Zuckerberg said, responding to a question on burnout. Meta is already talking about ways to retain staff amid the stock rout. Zuckerberg's own wealth dropped by $31 billion. Others fretted about what a continued decline might mean for their net worth, according to people familiar with the matter. Some were discussing buying shares during the dip, believing in Zuckerberg's long-term vision for the metaverse, an immersive version of the internet. Facebook lost a record $251 billion of value in a single day. Meta's Instagram app has a copycat of TikTok called Reels, which the company is now prioritizing. Zuckerberg echoed his remarks of a day earlier to investors, telling employees that the social networking giant faced an "unprecedented level of competition," with the rise of TikTok, the rival viral-video platform. It is important to focus on growing Facebook's short-video product, he said. At a company-wide virtual meeting, Zuckerberg explained that the historic stock drop was a result of Meta's weak forecast for revenue in the current quarter, according to a person who attended and was not authorized to speak about it. His red, teary eyes were the result of a scratched cornea, the Facebook founder said Thursday, attempting to lighten the mood as Meta Platforms' stock price lost more than a quarter of its value. An anonymous reader shares a report: Mark Zuckerberg quipped that if he started to cry, it wasn't because of the day's news.
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