Metaverse
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- sheep3
-$700 Billion
Meta shares tumbled 24% on Thursday to its lowest level in nearly four years following an earnings report that one Wall Street analyst described as a "train wreck." It's a far cry from the company's position nearly a year ago, when CEO Mark Zuckerberg on October 28, 2021, announced with great fanfare that Facebook was changing its name to Meta Platforms to emphasize its focus on the "metaverse."
Last fall, Facebook was still riding high: Its market value reached a peak of more than $1 trillion in September 2021. Revenue and profits were surging as advertisers flocked to Facebook and Instagram to reach their billions of users.
To be sure, practically the entire tech industry has taken a beating this year, but Meta's stock plunge has far outpaced the overall sector, with its shares down 67% from a year earlier compared with the tech-heavy Nasdaq's 31% slide over the same period. Meta's plunge translates into an eye-popping loss of about $700 billion in market value.
On Thursday, Meta's market value sank to $268 billion, down from more than $1 trillion in September of 2021. The shares regained some ground on Friday morning, rising $1.72, or about 1.8%, to $99.66 per share.
The company's travails raise questions about its all-in bet on the metaverse, as well as whether the social media company could suffer the fate of other major businesses whose gambles on the future failed to pay off. In the near-term, Meta's core Facebook business is facing challenges as the economy slows and advertisers trim spending.
- Continuity0
So, uh ... I haven't *really* been paying attention to this. But — from what I've been able to tell so far — how is Metaverse stuff any different than, say, Second Life? And why should I give a fuck?
- It's not. They conjoined a new term to an old thing. All MMORPGs are also metaverseBeeswax
- So, what you're saying is Mark Zuckerberg wants me to waste my valuable time on an MMORPG/ad-bombardmen... platform he owns? He can eat a bag of fried dicks.Continuity
- MMORPG + in-game purchases. Maybe including nfts, but not really sure how that works in practice.monNom
- More likely, it will just be the internet, except with even more subscriptions and paywalls in front of everything.monNom
- neverscared2
- This, yes. I feel like i’m going crazy or somethingscarabin
- mort_-1
- PhanLo1
Made the base for this in Womp, then doodled all the shapes in Gravity Sketch around it, then you can jump around in the world in VR or in the browser.
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https://www.spatial.io/s/elphs-N…
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- neverscared2
RIP Metaverse
An obituary for the latest fad to join the tech graveyardThe Metaverse, the once-buzzy technology that promised to allow users to hang out awkwardly in a disorientating video-game-like world, has died after being abandoned by the business world. It was three years old.
The capital-M Metaverse, a descendant of the 1982 movie "Tron" and the 2003 video game "Second Life," was born in 2021 when Facebook founder Mark Zuckerberg changed the name of his trillion-dollar company to Meta. After a much-heralded debut, the Metaverse became the obsession of the tech world and a quick hack to win over Wall Street investors. The hype could not save the Metaverse, however, and a lack of coherent vision for the product ultimately led to its decline. Once the tech industry turned to a new, more promising trend — generative AI — the fate of the Metaverse was sealed.
- Noggin0
- no one is going to want to do that photo realistic avatar thing. Mii style, super low poly is the way to go.shapesalad
- besides the possibly uncanny valley creepout effect, why?jagara
- tank022
It is the new buzzword on Linkedin by 55-year-old marketeers.
- drgs1
- Only a matter of time before Putin invades them all.shapesalad
- Nairn2
Face first, into the propellor
- shapesalad0
No idea how to embed a instagram video, this is hilarious:
https://www.instagram.com/p/CiS4…
- yuekit0
Company Documents Show Meta’s Flagship Metaverse Falling Short
Horizon is designed to be a sprawling collection of interactive virtual spaces, or worlds, in which users appearing as avatars can shop, party and work.
Yet there are rarely any girls in the Hot Girl Summer Rooftop Pool Party, and in Murder Village there is often no one to kill. Even the company’s showcase worlds, such as Questy’s, a virtual arcade featured in a Super Bowl commercial earlier this year, are mostly barren of users.
According to internal statistics, only 9% of worlds built by creators are ever visited by at least 50 people. Most are never visited at all.
“An empty world is a sad world,” said one document summarizing the company’s efforts to herd users toward venues where they would encounter others.
- robotinc0
while the metaverse is stupid, the display tech being developed for future VR/AR headsets is pretty dope.
- Universal Scene Description (USD) https://graphics.pix…
the new VRML!uan
- Universal Scene Description (USD) https://graphics.pix…