As soon as unstoppable god of social media, Meta, has fallen on laborious instances following poor financials and phenomenal Metaverse spending. Consequently, seeing the world spanning tech behemoth slash its workforce by a staggering 13%.
Final 12 months, on the top of the bull run Meta introduced a pivot into the new-fangled realm of the Metaverse, even updating its firm model to replicate its objective of constructing a brand new form of 3D social media ecosystem. Since then, the media goliath has spent an estimated $36 billion on the venture and not using a nice deal to indicate for it.
This huge spending coupled with poor monetary outcomes has precipitated Meta’s share worth to tumble 70% this 12 months alone, leaving the beleaguered firm no selection however to chop 13% of its 70k robust workforce. Regardless of this, firm kingpin, Mr. Zuckerberg, has doubled down on Meta’s ambitions for the Metaverse, indicating that it nonetheless believes that this fledgling expertise represents the way forward for social media.
Within the shadow of all this turmoil, Web3 may additionally present a lifeline for Meta’s place as a market chief which not too long ago noticed the corporate launch NFT integration inside its Fb and Instagram properties, with the latter on the point of add a complete market characteristic to its providers. For now, plainly the destiny of Meta stays intertwined with the emergence of Web3.
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