At Wednesday’s annual shareholder meeting, Facebook CEO Mark Zuckerberg said that the company’s Metaverse project is projected to lose significant amounts of money over the next three to five years, according to Bloomberg. In response to a shareholder’s question about return on investment at Facebook’s annual meeting on Wednesday. He said that his comments come in response to that question
Meta’s products for an “embodied internet”, where users would be immersed in a virtual world, are not likely to be viable for 10 to 15 years, according to its board. However, many people believe that Meta’s products will become increasingly popular as the years go by. Zuckerberg told shareholders that they want the hardware to be as affordable as possible for everyone so that the digital economy can grow.
Meta has invested $10 billion in designing its metaverse since 2021. It now has 10,000 employees working on Zuckerberg’s vision, with plans to hire an additional 10,000. It is anticipated that an economic slowdown will result in a hiring freeze by Meta; however, those plans are likely to be on hold. The Metaverse could generate revenue by becoming a platform for creators and businesses to sell virtual products and services.
At Wednesday’s meeting, 12 shareholder proposals were voted down. Zuckerberg still has a controlling interest in Meta. One proposal would have required Meta to commission a report . And hold a shareholder vote on whether the continued implementation of the metaverse was “prudent and appropriate.”
Zuckerberg is interested in the metaverse but lacks a coherent strategy for the project he regards as the future of the internet, according to former and current Facebook employees.
Other ideas for change included altering Meta’s use of non-disclosure agreements in employment contracts regarding discrimination. And harassment, publishing an independent human rights assessment, and being completely transparent about its lobbying and public policy activity. ( mark zuckerberg metaverse )
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“TO HAVE A COHESIVE SOCIETY, YOU WANT TO HAVE A SHARED FOUNDATION OF VALUES AND SOME UNDERSTANDING OF THE WORLD AND THE PROBLEMS THAT WE ALL FACE TOGETHER”
There’s an insightful essay that venture capitalist Matthew Ball wrote last year about the metaverse. He discusses how “unprecedented interoperability” will be one of the defining features of this metaverse. I’m sure you’ve read it, but it’s worth revisiting. We are living in a time when the biggest tech platforms are barely interoperable. At most, they might let you share some contact data or export some photos. So what you’re saying is that you’re planning to create systems that are more integrated than the ones we currently have on Facebook?
Our mission is to help as many people as possible connect, and we believe that charging a high price to only serve a small number of people goes against that. We’re here to serve as many people as we can. And we don’t want to exclude anyone who could benefit from our services. When you’re designing social systems, you want everyone to be able to participate in them. We want to make our products affordable and unified, which means ensuring they can run on different platforms and talk to each other. There are many questions about how to achieve this. Questions regarding privacy and intellectual property will arise.
I thought Matthew Ball’s essays were excellent. If you’re trying to learn about the metaverse, he wrote a nine-part series on different aspects of what it could be. I highly recommend all of them. I don’t want to say that people are being too idealistic in their assumptions. But I do think that the vision Matthew lays out for interoperability is one that I hope comes to fruition. I think people may be idealistic about assuming this will develop in a certain way. For example, I hope the vision of Matthew, which is to be extremely interoperable, comes about. I believe that there will be some companies who try to create very isolated products and others who will focus on developing products that are more open and work together. ( mark zuckerberg metaverse )
EACH COMPANY SHOULD NOT HAVE ITS METAVERSE
Also Read More: Metaverse Virtual Worlds; The Best Way To Experience the Metaverse
From my perspective, there is no doubt that some companies will try to build siloed things. While others will try to build more open and interoperable ones. Now, in this country, that’s not how it’s working. You have several Big Tech companies or big companies that are investing in building out this infrastructure. And maybe that’s the right way for it to work. The rollout of 5G will be a tough challenge for startups. Who will need to raise billions of dollars to fund the infrastructure required. Verizon, AT&T, and T-Mobile are doing this, which is good, but it may not be enough.
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“As you know, there are a bunch of big technology problems that are going to need to be solved. If we do this right, we’ll unlock hundreds of billions of dollars of value. In the next section, Musk talks about the “metaverse” in more general terms. Suggesting that it can be a massive improvement over the Internet in terms of how it’s shared. How it’s transmitted, and how it’s stored. He also points out that the Internet is not a great way to share videos. And uses the example of his video of his. I think that there are a lot of different things that are related to AI. And I think that a lot of those are more like subproblems in AI than the main problem. Regression tests: I’m not sure that your question is the best one to ask.
I don’t know enough about it. I’ve not looked into it deeply.” Reliability and robustness: “Maybe I’m not explaining it well enough. But I don’t think that that’s what’s happening here. And one of the things that the United States does a lot in our research areas for disease. And one of the things we’re trying to do is understand what that space program does too. We want to understand what it takes to keep people alive when they’re in space. You see a lot of what we’re doing in terms of research understanding the problems that we have on earth. To be able to deal with that in space, where we can do things that we’re not able to do on earth.( mark zuckerberg metaverse )
“You see New York City, for example, with a lot of public spaces. And it’s a sign of a city that’s healthy and thriving. And so investing in public spaces is a good thing. (Hat tip: John Pavlovitz via The Huffington Post.) “But you’re going to have creators and developers with all different motivations, even on the mobile internet and internet today. You have a lot of people who are intereste in doing public-good work. A lot of people are intereste in doing social good and people are intereste in doing private well. (I think this is understate a lot of people are intereste in doing social good, often through private channels. ( mark zuckerberg metaverse )
It is not so much that a lot of people are intereste in doing private well, but that a lot of people are intereste in doing social good, and I think this. Even if they’re not finance directly by the government to do so. And I believe you will see a lot of that here as well. But, yes, I believe there is a long list of questions where, as a society, we should like a big amount of resources and our most skilled technical people working on these futuristic problems, leading and innovating in these areas. And I believe that there is a bit more of a balance of space, where part of this may come from the government, but I believe that startups, the open-source community, and the creator economy will fill in a large portion of this as well.
Last question: If you succeed in building a metaverse, will you at least consider giving it all away to the first person who solves a scavenger hunt?
I like how you made a Ready Player One allusion.
Just to nitpick for a second, I don’t believe that the work that individual companies perform will be referred to as a metaverse in the future. If we succeed in creating a system that is more interoperable and allows you to teleport between objects, it should all be the metaverse, and each corporation should not have its metaverse. Also Asking if a corporation is constructing a metaverse will hopefully seem as silly as asking how their internet is going in the future. So I think just in terms of offering an idea of where things should go but within that… I’m not sure what your question was.
It was a joke question. But look, as always, there’s a lot to think about here and I appreciate you coming on and sharing some of the vision.
I like how you made a Ready Player One allusion.
Just to nitpick for a second, I don’t believe that the work that individual companies perform would be referre to as a metaverse in the future. If we succeed in creating a system that is more interoperable and allows you to teleport between objects, it should all be the metaverse, and each corporation should not have its metaverse. Asking if a corporation is constructing a metaverse will hopefully seem as silly as asking how their internet is going in the future. So I think just in terms of offering an idea of where things should go but within that… I’m not sure what your question was.