Bitcoin News
Latest Crypto from multi News Outlets
  • bitcoinBitcoin (BTC) $ 17,121.56 0.77%
  • ethereumEthereum (ETH) $ 1,271.35 0.06%
  • tetherTether (USDT) $ 1.00 0.01%
  • bnbBNB (BNB) $ 291.24 0.23%
  • usd-coinUSD Coin (USDC) $ 0.999493 0.05%
  • binance-usdBinance USD (BUSD) $ 0.999902 0.07%
  • xrpXRP (XRP) $ 0.392133 0.83%
  • dogecoinDogecoin (DOGE) $ 0.104092 1.73%
  • cardanoCardano (ADA) $ 0.323352 0.43%
  • matic-networkPolygon (MATIC) $ 0.919316 0.05%
  • polkadotPolkadot (DOT) $ 5.57 0.21%
  • staked-etherLido Staked Ether (STETH) $ 1,256.04 0%
  • okbOKB (OKB) $ 21.89 0.24%
  • litecoinLitecoin (LTC) $ 76.70 0.48%
  • shiba-inuShiba Inu (SHIB) $ 0.000009 0.79%
  • daiDai (DAI) $ 1.00 0.01%
  • solanaSolana (SOL) $ 13.57 0.26%
  • tronTRON (TRX) $ 0.053340 1.39%
  • uniswapUniswap (UNI) $ 6.21 0.62%
  • avalanche-2Avalanche (AVAX) $ 13.67 0.42%
  • chainlinkChainlink (LINK) $ 7.38 0.11%
  • wrapped-bitcoinWrapped Bitcoin (WBTC) $ 17,050.33 0.61%
  • leo-tokenLEO Token (LEO) $ 3.78 0.47%
  • cosmosCosmos Hub (ATOM) $ 10.19 0.71%
  • ethereum-classicEthereum Classic (ETC) $ 19.47 0.65%
  • the-open-networkThe Open Network (TON) $ 1.81 0.7%
  • moneroMonero (XMR) $ 143.77 2.04%
  • stellarStellar (XLM) $ 0.088114 0.52%
  • bitcoin-cashBitcoin Cash (BCH) $ 110.57 1.03%
  • quant-networkQuant (QNT) $ 129.03 1.31%
  • algorandAlgorand (ALGO) $ 0.241129 0.07%
  • crypto-com-chainCronos (CRO) $ 0.064655 0.42%
  • filecoinFilecoin (FIL) $ 4.56 1.05%
  • apecoinApeCoin (APE) $ 3.98 0.55%
  • nearNEAR Protocol (NEAR) $ 1.70 0.13%
  • vechainVeChain (VET) $ 0.019333 0.3%
  • hedera-hashgraphHedera (HBAR) $ 0.047857 0.67%
  • internet-computerInternet Computer (ICP) $ 4.32 2.73%
  • flowFlow (FLOW) $ 1.13 3.75%
  • terra-lunaTerra Luna Classic (LUNC) $ 0.000175 3.53%
  • elrond-erd-2MultiversX (Elrond) (EGLD) $ 43.10 2.15%
  • trust-wallet-tokenTrust Wallet (TWT) $ 2.45 1.48%
  • fraxFrax (FRAX) $ 0.998451 0.06%
  • eosEOS (EOS) $ 0.927440 0.5%
  • the-sandboxThe Sandbox (SAND) $ 0.589315 0%
  • tezosTezos (XTZ) $ 1.01 1.21%
  • aaveAave (AAVE) $ 64.04 0.25%
  • theta-tokenTheta Network (THETA) $ 0.894127 0.55%
  • chilizChiliz (CHZ) $ 0.166760 1.1%
  • lido-daoLido DAO (LDO) $ 1.10 0.58%

Will Zuckerberg’s big metaverse bet kill Meta?


Mark Zuckerberg’s big bet on virtual worlds was supposed to help his company dominate the next era of computing. He was so sure of his vision that in 2021 he changed the company’s name from Facebook to Meta, and adopted the ticker symbol META as a nod to the metaverse he believes we will all soon inhabit. Barely a year later, Zuckerberg’s bet looks set to bring about the company’s downfall.

I’ve covered tech earnings for 12 years but can’t recall a horror show like what took place on Wednesday when Meta announced third-quarter results. While the company is still making a profit, the market retched at the news Meta will lose more than $10 billion this year alone on Reality Labs—the unit devoted to VR and the metaverse—and that it plans to double down and spend even more on the unit in 2023. Meta lost 25% of its value and, after years as one of the five most valuable companies in the world, is now barely among the top 30.

Analysts didn’t mince words. As “IBM symbolizes dinosaur tech 1.0…so Meta faces the risk of being the next-generation fossil,” said one, while another tech watcher quipped “Facebook stock price has no legs to stand on”—a jab at the company’s widely mocked legless avatars.

Meanwhile, a tech columnist declared that “Mark Zuckerberg is going to kill his company,” and predicted Meta will introduce even more annoying advertising to its core products, Facebook and Instagram, in order to keep paying for the CEO’s metaverse ambitions.

All of this also raises the question of whether the much-hyped idea of the metaverse itself is doomed to fail. If a tech giant like Facebook can’t figure out the platform even after investing tens of billions of dollars, how is a blockchain startup supposed to solve it?

My view is that the problem is less the metaverse itself (though the tech has a long way to go) but rather Zuckerberg’s vision. Instead of building a platform based around the decentralized ideals of Web3, the Facebook CEO set out to build a walled garden where he could have control over every element of the experience. In Zuckerberg’s conception of the metaverse, his company is a gatekeeper and tax collector—the same mentality that informs the original Facebook, and one that consumers are increasingly rejecting. His decision to double down on that vision will only accelerate his company’s decline.

Jeff John Roberts
jeff.roberts@fortune.com
@jeffjohnroberts

DECENTRALIZED NEWS

Elon Musk now has full control of Twitter, taking the company private with the help of a $500 million investment from Binance.

The giant Bitcoin miner Core Scientific‘s stock is down 97% as the company warns it may file for bankruptcy.

The new U.K. Prime Minister Rishi Sunak, who sought to make the country a crypto hub as exchequer, is expected to embrace stablecoins and pursue regulations to bring clarity to the industry.

The price of Dogecoin has soared because of Elon Musk’s Twitter takeover.

Hong Kong is introducing policies to facilitate crypto retail trading even as China maintains a hardline anti-crypto stance.

MEME O’ THE MOMENT

How bad were Meta’s earnings? Jim Cramer apologized on air for backing the company.

This is the web version of Fortune Crypto, a daily newsletter. Sign up here to get it delivered free to your inbox.





Read More: Will Zuckerberg’s big metaverse bet kill Meta?

Disclaimer:The information provided on this website does not constitute investment advice, financial advice, trading advice, or any other sort of advice and you should not treat any of the website’s content as such. NewsOfBitcoin.com does not recommend that any cryptocurrency should be bought, sold, or held by you. Do conduct your own due diligence and consult your financial advisor before making any investment decisions.

Leave A Reply

Your email address will not be published.