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Mark Zuckerberg Aims to Restore Trust as Metaverse Losses Hit $40B

Meta Faces Losses in the Metaverse

by coinbrit
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Meta, the parent company of popular platforms like WhatsApp, Facebook, and Instagram, has invested heavily in virtual worlds through its metaverse unit, Reality Labs. However, these investments have resulted in collective losses exceeding $40 billion.

Optimism Among Investors

Despite the losses, investors remain optimistic about Meta’s long-term bet on the metaverse. After Mark Zuckerberg, the CEO of Meta, provided his reasoning during the Q2 2023 earnings call, the stock surged by 7%. Wall Street seems convinced by Zuckerberg’s arguments, especially given Meta’s overall business performance improvement, with increased revenue in the second quarter.

Zuckerberg’s Vision for the Metaverse

Zuckerberg firmly believes that the future of the internet will be immersive. He predicts smart glasses will replace conventional ones for the 1-2 billion people using them today. Furthermore, he envisions a shift toward more immersive experiences, akin to virtual reality, during daily interactions with computers and TVs.

Financial Strategy for the Metaverse

To cover Metaverse costs, Zuckerberg aims to rely on the growth of Meta’s existing family of apps. The platform’s revenue has already increased by $2 billion, bringing them halfway toward offsetting the $3.7 billion loss from Reality Labs.

“I can’t guarantee you that I’m going to be right about this bet,” Zuckerberg humbly admits. “I do think that this is the direction that the world is going in.”

(Fig:- Meta Share Losses)

The Emergence of Alchemy: Battle for Ankhos

In the realm of blockchain games, Alchemy: Battle for Ankhos has emerged for text-based role-playing enthusiasts. The game, running on Discord, adds spice with a combination of crypto and AI elements.

Developed with the support of generative AI tools like OpenAI and Midjourney, Alchemy: Battle for Ankhos features an art style reminiscent of the popular game Darkest Dungeon. The AI is utilized to create art and give Non-Player Characters (NPCs) custom behavior.

Easy Minting and Asset Ownership

As a winner in Solana’s NFT Showdown, the game offers players the ability to mint their in-game assets from menus without requiring extensive blockchain knowledge. Nearly all earned or purchased in-game assets will be optionally mintable, offering players greater ownership and control over their virtual possessions.

The future of the metaverse and blockchain gaming seems promising, with Meta’s ambitious vision and Alchemy: Battle for Ankhos combining AI and NFTs to provide immersive and interactive experiences for users.

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