![]() In October, it was placed on ' quality lockdown,' as internal communications revealed that even Meta employees were not logging in. The project has struggled to gain traction. Reality Labs was tasked with developing the company’s metaverse project, Horizon Worlds. ![]() Many in the crypto space see blockchain, particularly non-fungible tokens or NFTs, as factors of what the metaverse will be. The metaverse is a buzzword used to describe the next iteration of the internet: a persistent, shared virtual world in which people interact as 3D avatars. In November, Meta CEO Mark Zuckerberg said that despite the $3.6 billion loss, and subsequent layoff of 11,000 employees, he still has a long-term vision for the metaverse. "It’s a level of investment we believe makes sense for a company committed to staying at the leading edge of one of the most competitive and innovative industries on earth," Bosworth wrote. According to Bosworth, 20% of Meta’s overall investments went to Reality Labs, with the other 80% going to Meta’s core business, Facebook, WhatsApp, and Instagram. In October, Meta revealed that its Reality Labs metaverse division lost over $3.6 billion in the third quarter of 2022, compared to $2.63 billion at the same time the year before. “The long-term value of these technologies will come from how they’re adopted by the ecosystem of developers, creators, and builders that has formed around these devices,” Bosworth wrote. ![]() Reality Labs, who created the Oculus Rift VR headset in 2016, was tasked to develop Meta’s metaverse project, which the company announced when it changed its name last year. Meta, then Facebook, launched Facebook Reality Labs in September 2020. “Economic challenges across the world, combined with pressures on Meta’s core business, created a perfect storm of skepticism about the investments we’re making,” Bosworth explained. ![]()
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