On October 28th 2021, Mark Zuckerberg announced Facebook’s rebrand into Meta, which received a lot of criticism due to the overwhelming amount of investment money planned into this foray, with a reported $10B/year. One year later and the company is hemorrhaging money, losing $3B in the last quarter and a ~$9B loss overall. The company is apparently still full steam ahead, with Zuck claiming the losses are part of growing pains as the metaverse is unfurling. However, investors are less than stoked about the losses and aren’t fully accepting of Meta’s vision, at least not quite yet. With Decentraland seeing some success, investors are hoping it trickles down to other portions of the metaverse. 

Personally, I’ve never been a fan of Zuck trying to rebrand using the name Meta, it assumes as though he’s creating the metaverse, when there are other services that have come before it. However, even with my lack of enthusiasm with Meta, I believe the metaverse is already taking hold. Fashion and real estate are the two industries seeing some success and I believe over time, we’ll see even more industries enter with specific use cases.

Written by: nikethereum.eth / Medium / Mirror