Meta Platforms Inc says it still believes in the feasibility and desirability of the Metaverse technology despite experiencing a slump in its stock price. A report from MarketWatch states that Meta is currently trading at $114.4 as against the $323.57 per share it was changing hands at in 2021.
Meta stated in a newsletter that the firm has been having a downturn in terms of trading after its name change in 2021. The company reiterated that the global economic challenges combined with the strains in Meta’s main businesses contributed to the doubt in the firm’s belief in Metaverse.
Andrew Bosworth, the CTO of Reality Labs which is Meta’s metaverse development unit stated that Meta’s conviction of the concept of Metaverse is based on the fact that the firm has previously recorded positive engagements with its family apps such as Facebook, Instagram, and Whatsapp. He, therefore, claims that such acceptance can be transferred to its new ventures.
As per complaints received from investors due to the firm’s low numbers from its share price, Bosworth stated that investors should cut down on their ambitions during the period of shortage because it is easy to make it big during a time of economic boom.
Bosworth went further to say that it has been a tough year for Meta, but the firm is still very optimistic about its vision as it was the day Metaverse was unveiled.
The Concept of Metaverse
The concept of a metaverse refers to a virtual shared space, created by the convergence of virtually enhanced physical reality and physically persistent virtual space, including the sum of all virtual worlds, augmented reality, and the internet.
Mark Zuckerberg, Facebook’s CEO laid out the concept of the Metaverse in October 2021 in a newsletter. Zuckerberg stated that the Metaverse will be defined by social presence, which is the sensation of being present with someone, wherever they may be in the world.
While Meta has not received so much from its investments in the Metaverse, there are still industry stakeholders that still believe in the concept. For instance, Mozilla Firefox gave announcements in December that it is ready to operate fully in the Metaverse by acquiring Active Replica, a software firm based in Canada.
Shytoshi Kusama, widely known as the creator and community leader of the Shiba Inu ecosystem and the SHIB cryptocurrency, also announced that the World Economic Forum (WEF) has made a proposal to his team regarding global policy discussions for the Metaverse, even though the WEF has refuted such claims.
