The $100 billion Metaverse venture raised attention for the first time when the CEO of Meta revealed the avatar for the Horizon Worlds VR platform.
Mark Zukerberg’s rebranding of Facebook as Meta was his latest attempt to maintain dominance in the Web3 social media realm, specifically the Metaverse. Sam Bankman-Fried (SBF), the CEO of the cryptocurrency exchange FTX, expressed his opinions on the rebranding and what it means for the future of Meta on the occasion of Meta completing one year since the redesign.
The $100 billion Metaverse venture raised attention for the first time when the CEO of Meta revealed the avatar for the Horizon Worlds VR platform. The subsequent iterations of the Zuckerberg avatar fell victim to internet memes, although being graphically superior to their predecessors.
According to Bankman-Fried, Facebook’s growth was unaffected by more recent competitors like TikTok. Rather, he contended that the corporation ceased growing because there was no more room for expansion.
SBF thought that Facebook’s rebranding to Meta was an attempt to enhance its reputation through diversion. In addition, the relocation would enhance Meta’s ability to generate a substantial profit upon its success.
However, SBF emphasized the unclear Meta direction and how investors have opted to invest $10 billion annually in the Metaverse. The intention to annually invest $10 billion improves Zuckerberg’s position as a Metaverse believer.
SBF maintained in its conclusion that Facebook had already won by becoming the largest social media network. “What is the next step? Commence development of Social Media 3.0,” concluded SBF.
To combat the increased absenteeism in Japan, the city of Toda, Saitama, implemented a metaverse-schooling service that allows students to visit the campus and study in virtual classrooms.
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