Introduction Of The MetaVerse (Facebook)

metaverse introduction

Facebook is a worldwide social media platform created by Mark Zuckerberg it is an American online social network service that is part of the company Meta Platforms, and was founded in 2004

Because they saw it wealthy to upgrade it to the meta world, Mark and the team thought of introducing Metaverse which is made up of high and expensive technology. Facebook Expects Metaverse Project Will Cost At Least $10 Billion—In 2021 Alone

Mark Zuckerberg’s got the metaverse on his mind—and it’s a costly consideration.

One starting at the cost of $10 billion this year alone, according to a new forecast on profit and expenses Facebook offered up to investors in its third-quarter earnings report. And that $10 billion figure, Zuckerberg told later analysts in a conference call, will only likely increase in the years to come.

To Zuckerberg, the metaverse, a bleeding-edge Silicon Valley concept positing that future social networks will rely on augmented- and virtually-reality tech, represents a path away from his company’s existing problems: Facebook may be more significant than ever with over 3 billion users worldwide. But its popularity among young people has eroded over the last decade, and increasing anti-trust attention around Facebook means it cannot buy its way out of this problem by picking up some promising new rival (as it did with Instagram and considered doing with TikTok and Snapchat). As a result, Facebook must figure out how to build a new service itself that will help lure back young users.

Zuckerberg acknowledged Facebook’s struggle to maintain popularity with this demographic speaking on that conference call. “We’re retooling our tools to make young adults our Northstar,” he said, while at the exact moment acknowledging this would come at the expense of older users. (The latter is a problematic base of support for Facebook—too aged for advertisers and too prone to sharing the misinformation that has landed the company in boiling-hot water.

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