Facebook Dove Into the Metaverse a Year Ago - Was it Worth It?

2 min read
29 October 2022

 

Facebook is betting that a metaverse is the next big thing in social technology. The idea is to create a world where people can share immersive experiences even if they are physically separated. Facebook has already hired over 10,000 people to work on the idea. It has also backed the project with tens of billions of dollars. Mark Zuckerberg, Facebook's chief executive, said he's excited by the potential for the metaverse.

However, the project has drawn some criticism from analysts. The fact that virtual reality has not yet become a popular industry has created a lot of skepticism about its potential. Some analysts do not believe the metaverse will catch on, and say that it is a high-risk, expensive gamble. Meanwhile, the social media aspect of the project has also come under fire. Facebook is facing intense competition from the likes of TikTok and Instagram.

The company's stock isn't doing so well, and it's not gaining much ground in the market. Its quarterly revenue outlook is less than impressive. Its stock price has dropped more than 25 percent. It's a far cry from the $277 billion market cap it reached a year ago. It has even been forced out of the top 20 largest companies in the world.

It has a shaky history and has struggled to attract users. For example, its VR platform, Horizon Worlds, has a low user base. It has also faced pressure from both state and international regulators. In Washington, the social media giant was fined $25 million for failing to disclose its political investments. Moreover, the British government forced it to sell its GIF hosting platform, Giphy.

Mark Zuckerberg sees the metaverse as the future of the internet, but it's not yet in its most mature form. The company recently changed its name from Facebook to Meta. In addition to a name change, Facebook has also started working on the idea.

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