Meta Platforms CEO Mark Zuckerberg told the news, Jim Kramer on Wednesday that Metaverse could become an essential part of the social network operator's business in the second half of the decade.
"We hope to reach approximately one billion people in the metaverse by exchanging hundreds of dollars, each buying digital goods, digital content, and things to express themselves, whether its clothes for their avatars or various digital goods for their virtual." Homes trade items for decorating their virtual conference rooms, utilities for being more productive in virtual and augmented reality and across the metaverse as a whole," he said.
Investors halved the company's market cap this year as growth slowed and daily active users fell for the first time in two quarters. Zuckerberg is increasingly aligning the company with next-generation content, a virtual world where people can buy and sell digital goods for avatars that can communicate with one another. As a result, the company's ticker symbol changed from FB, a relic of its history as a pure social media provider, to META.
However, the company's investments in augmented and virtual reality began in 2014, when it paid $2 billion to headphone maker Oculus VR. The range of headphones does not exceed the capacity of a computer or smartphone. Zuckerberg is optimistic about the performance of his current-gen Meta Quest 2, which starts at $299.
"I'm just happy with how it went. It exceeded my expectations. But I still think it will take time to get to the scale of a few hundred million or even billions of people in the metaverse just because it takes time to get there. So this is the North Star. I think we'll make it. But you know what other services we offer are on a slightly larger scale these days."
Meta universe experiences can be more immersive than text, photos, or videos, which are shared widely on Meta's Facebook and Instagram, so it will be a big theme for Meta over the next decade, Zuckerberg said.
