META Getting Crushed: Someone Should Tell Zuckerberg The Metaverse Is A Long Way Off
We keep hearing about the Metaverse.
Over the last year, since it become a household word, I detailed how the Metaverse is still decades away. This is something that is obvious when we look at the way it is going to operate and what is required.
At present, the technology is not even close to being ready.
In spite of this, Fortune 500 companies invested tens of billions into the "quest for the Metaverse". This was stupidity at its finest and nobody set themselves up for a beating more than Zuckerberg.
Let us be clear: this guy is not stupid. In fact, Zuckerberg is one of the brighter technology minds going. That said, he is totally messing up on this one.
Until we see massive advancement in edge computing, the likelihood of anything close to the Metaverse, or a Ready Player One experience, is far off.
Nevertheless, Zuck and his company, Meta, decided to hit their bottom line with a minus $9 billion for this quarter alone related to Metaverse pursuits.
Meta CEO Mark Zuckerberg reiterated his commitment to spending billions of dollars developing the metaverse. Meta’s Reality Labs unit, which is responsible for developing the virtual reality and related augmented reality technology that underpins its plans for the metaverse, has lost $9.4 billion so far this year.
Source
It Is Important To Keep Building
We cannot blame Zuckerberg for dropping billions. Development costs a lot of money, especially when it is working on something completely new.
Will he be right in the end?
This is a question that many are going to debate. The early results are this guy is off his rocker. To presume that is a mistake. We should not underestimate Zuck's ability to dictate where things are going in the future. The company did, after all, turn a profit of $4.4 billion for the quarter. That is a nice chunk of change even after dropping so much into R&D.
Those who are involved with blockchain and cryptocurrency understand the need to keep building. For this reason, we need more rolling out. Infrastructure is crucial, work that is not glamorous. We can bet that META is working on this for their "world".
Yet this is there the similarities end. Zuckerberg is intent on controlling everything. He is going to usurp all competitors by using the size of his organization. Here is where open source, decentralized system enter. Without that, we do fall victim to his developments.
There Will Be Stages
Even without the Metaverse, there is little dispute we will continue the dive deeper into the digital world. Mixed reality is something that is certainly coming upon us. How this will exactly look, or more specifically be accessed, is still up for grabs. We can presume META with the Oculus headsets is primed to be a player.
Here is where the concern already starts to arise. If you need a Facebook account to access the Metaverse, it is game over. No company should control the on and off ramp. That is exactly what Zuckerberg seeks to do.
Of course, with Twitter now in the hands of Elon Musk, we can only imagine what they plans are.
Over the last year I maintained that we can do a lot of what is being discussed on Hive. It is true we need a great deal more development and infrastructure. However, the basics, such as decentralized account management, are already in place.
We can see there is some major shaking up within the social media realm taking place. It is far too early to count anyone out. Musk has stated some of his plans with Twitter. This is going to be a remarkable turnaround (I believe he will pull it off). It is not Web 3.0 but it will have success.
META is not going to die. It still did generate near $4.5 billion in profit over the last quarter. Nevertheless, there are some cracks beginning to emerge.
Hive is positioned to take advantage of this. To do this, we simply need to increase the efforts a great deal more.
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I don't think we have honestly defined what the metaverse even is right now. It's like those slide shows where they say x% of kids today will work jobs that haven't even been invented yet. Like 90% of the stuff we will do in the metaverse hasn't even been thought of yet. That's my take anyway.
That is true. We are so far from it emerging as a reality that it is almost pointless to try and forecast what is going to happen.
We know the technology to create anything even close to Ready Player One is a long way away. As for what else, who knows?
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One hundred percent!
Seems to me that everything goes through "stages," following its own lifecycle. The early days of pretty much any type of game changer seems to be filled with more hype than reality... and the attendant group of "idea maximalists."
AFTER that, we reach that "unglamorous" stage of building, building, building. No Lambos and Lear Jets there... just an endless grind to build the underpinnings of functional applications for all that hype. You have to be able to come up with the deliverables, and they'd better be something people actually see as having value. Otherwise, you just have vaporware.
Those initial pioneers who run largely on hype seldom have the patience to ground things out in the long run. Just consider Dan Larimer... he's not still babysitting BitShares... he's multiple iterations down the pike.
Zuck strikes me as more of a "grinder" and if Meta has patient shareholders and deep enough pockets, they'll be well-positiond to be a category killer when the technology is ready...
=^..^=
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The new Quest Pro is way too expensive.
If he can somehow manage to bring it down to $499… maybe then the Metaverse will be more populated lol.
Meta won't really die but I think it's slowly being more irrelevant. I just don't think he is on the same page as his investors and I wouldn't be surprised if they decided to drag Zuckerberg off of his position. I just don't think the technology is there yet and his way of trying to gatekeep things isn't working out.
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The Metaverse space is moving rapidly right now and a lot of projects shape the future like Decentraland and Sandbox for example.
I think humanity is not yet ready for the Metaverse as the hardware tech is not inviting enough, nor accessible enough for the masses. That for me is a driving force of the metaverse, someone needs to invent synaptic connections or some new hi-tech in order for people to really want to be and feel in the metaverse.
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Wow. I agree he is a bright and creative businessman and tech mind. I suspect they are having difficulty weaning their company from their current extremely profitable business model despite their current stock poor performance. Facebook is a big ship and difficult to change course. I suspect that he understands the pros and cons of developing a different type of social media business model, but I suspect his hands are tied.
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