TL;DR
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Meta’s metaverse division, ‘Reality Labs,’ posted $3.7 Billion in operating losses (just in the last 3 months).
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But, Zuck said the company has no plans to halt development of the metaverse.
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Work seems like a great use case for the metaverse – a place where people can go from anywhere in the world, with a clear reason to be there, for 8ish hrs, 5 days every week?
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Damn. Did we just agree with Zuck? That might be a first for us.
Turns out we have some similar views when it comes to Web3 and AI.
It’s Q2 earnings time, and it was Meta’s turn to discuss their second quarter results on Wednesday.
The results look pretty rough at first glance – Meta’s metaverse division, ‘Reality Labs,’ posted $3.7 Billion in operating losses (and remember, that’s just for the last 3 months).
(Oooooft!!)
But here’s where the good news (for Web3) comes in, and why we may be more like Zuck than we thought.
While he admitted that’s a big loss, Zuck said the company has no plans to halt development of the metaverse.
“As our investments in AI continue, we remain fully committed to the metaverse vision as well… We’ve been working on both of these two major priorities for many years in parallel now, and in many ways the two areas are overlapping and complementary.”
Now here’s a quote from a piece we wrote about a week ago:
Of late, we’ve been forcing ourselves to take our ‘blockchain-die-hard’ hats off, and take an objective look at which technologies will define the third generation of the web.
Here’s our guess at what will define this ‘new generation of the internet’ that we all refer to as ‘Web3’:
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Blockchain (as infrastructure)
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AI (powering software and platforms)
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Augmented/Virtual Reality (as a computing medium)
Spooky right?
What’s important here is that Meta’s investment into Web3 is a positive sign for the space in general.
It might be a hot take, but work actually seems like a great use case for the metaverse – a place where people can go from anywhere in the world, with a clear reason to be there, for 8ish hrs, 5 days every week?
Combine other related technologies like AI and VR – and hey, it just might be the next evolution of work.
Great to see Zuck’s commitment to the vision (even if his metaverse still kinda sucks)🔮