Reality Labs, Metaverse-focused division of Meta, lost $13.7 billion (about Rs. 1,12,200 crore) last year. Between September and December last year, Meta’s Metaverse unit posted its biggest quarterly loss, which came in at US$4.3 billion (around Rs.35,200 billion). Despite these staggering losses, Mark Zuckerberg’s hopes pinned to the Metaverse remained untouched. The meta boss is poised to advance the technology for the prospects he has in the years to come.
At Meta Result call On February 1, Zuckerberg said he didn’t see any sign of a move meta Strategy for reality labs long-term.
As a matter of fact, Pile of sugar and Susan Li, Meta’s chief financial officer, expect more losses at the Reality Labs unit in 2023, CoinTelegraph reported.
A fully functional virtual universe based on the Decentralized blockchain Networking, the Metaverse will allow people to exist in a parallel world. Metaverse natives can meet, work, party, and play as digital avatars in the virtual world.
Social media, gaming, advertising as well as the automotive industry are expected beneficiaries of the boom in adopting industrial metaverses.
In January this year, Nokia CTO Nishant Batra called In a report by the World Economic Forum, Metaverse technology is expected to see widespread industrial adoption in the coming times.
The market for Metaverse services could reach an estimated $800 billion over the next two years recommend.
Zuckerberg, who revolutionized social networking Facebook In 2004 he testified of his belief in the metaverse renaming Facebook to Meta in 2021.
The head of Meta has decided to give five to ten years before Metaverse blossoms into the promising industry that it looks like in this day and age.
In December 2021, Zuckerberg had revealed that just around this time 20 percent Meta’s functional focus is on developing the hardware and software to support the Metaverse ecosystem.
