A Meta executive has disclosed that Mark Zuckerberg’s ambitious $47 billion investment in the metaverse is anticipated to take at least a decade to ‘fully materialize.’
Nicola Mendelsohn, President of Meta’s Global Business Group, stated that approximately 10 years would be needed for the company to realize its complete vision for the metaverse. This revelation was made during a panel session at the World Economic Forum in Davos on Tuesday.
Mendelsohn also mentioned that Meta is channeling its investments into both artificial intelligence and hardware to build out the metaverse infrastructure.
LOST $47 BILLION
An analysis by Business Insider previously revealed that Meta’s Reality Labs division, which encompasses the company’s VR and metaverse initiatives, has incurred a total loss of $47 billion since 2019.
Nicola Mendelsohn commented on this, saying, “We have been on a journey for over 10 years, encompassing the work in our Reality Labs and our investments in artificial intelligence.”
Addressing investors, she noted, “A narrative has emerged suggesting that we are shifting our focus away from the Metaverse vision.”
In 2021, Zuckerberg rebranded Facebook as Meta, announcing in a promotional video the company’s intention to become a ‘metaverse company.’
Zuckerberg faced criticism after sharing an avatar of himself in the metaverse, positioned in front of the Eiffel Tower, which was compared to graphics from 1990s video games like Zelda or Quake. Observers also pointed out the avatar’s lack of legs, leading to a subsequent update.
According to Bloomberg, a designer involved in creating Zuckerberg’s avatar disclosed that the team went through approximately 40 iterations of his face before finalizing the version.
You may also like this content
- The Metaverse: What it is, How to Enter, and Its Potential Impact
- Metaverse 5 Reasons Why its Awesome
- Metaverse Coins Buying Guide
-
-
-
-
-
-
-
-
-
-
