A popular crypto analyst is ranking Cosmos (ATOM) and Algorand (ALGO) among his top five altcoins to invest in during a recession. In a new interview with Altcoin Daily, the pseudonymous host of Coin Bureau known as Guy says the decentralized parallel blockchain network Cosmos is high on his list due to its high staking rewards […]
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Meta will continue to invest in VR (virtual reality) tech in 2023, according to statements made by Andrew Bosworth, head of Reality Labs, the metaverse division of the company. While Meta has made some changes and adapted to the current shaky economic atmosphere, Bosworth states that the company is still committed to its metaverse pivot. […]
Zhejiang, a coastal province of China, has presented a metaverse development plan that seeks to build a metaverse hub in its territory. The plan aims to entice the creation of a $28.7 billion metaverse industry and construct an ecosystem of several companies integrating this tech as part of its operations by 2025. Zhejiang Presents Metaverse […]
Billions of dollars have been poured into Meta’s virtual world with little return on investment, but CEO Mark Zuckerberg says he is holding fast.
Meta CEO Mark Zuckerberg is still hopeful about the company’s Metaverse plans regardless of the billions of dollars it’s sucking up from the company, claiming “someone has to build that.”
Appearing remotely for an interview at the Nov. 30 DealBook Summit in New York, Zuckerberg was asked his thoughts on whether the tech giants’ Metaverse play was still viable given its cost and the doubts cast over the platform, answering:
“I think things look very different on a ten-year time horizon than the zone that we're in for the next few years [...] I'm still completely optimistic about all the things that we've been optimistic about.”
He added part of “seeing things through” in the longer term was “powering through” the doubts held about its ambitions.
Meta's latest earnings, released on Oct. 26, revealed the largest-ever quarterly loss in its metaverse-building arm Reality Labs dating back to the fourth quarter of 2020. Zuckerberg’s virtual reality has cost $9.44 billion in 2022, closing in on the over $10 billion in losses recorded for 2021.
On the earnings call at the time Zuckerberg was unfazed by the cost, calling its metaverse the “next computing platform.” He doubled down on this claim at DealBook:
“We're not going to be here in the 2030s communicating and using computing devices that are exactly the same as what we have today, and someone has to build that and invest in it and believe in it.”
However, Zuckerberg admitted that the plans have come at a cost, Meta had to lay off 11,000 employees on Nov. 9 and the CEO said it had “planned out massive investments,” including into hardware to support its metaverse.
He said the company “thought that the economy and the business were going to go in in a certain direction” based on positive indicators relating to e-commerce businesses during the height of the COVID-19 pandemic in 2021. “Obviously it hasn't turned out that way,” Zuckerberg added.
“Our kind of operational focus over the next few years is going to be on efficiency and discipline and rigor and kind of just operating in a much tighter environment.”
Despite the apparent focus from Meta to build its metaverse, Zuckerberg claimed 80% of company investments are funneled into its flagship social media platforms and will continue that way “for quite some time.”
Investments in Reality Labs are “less than 20%” at least “until the Metaverse becomes a larger thing” he said.
Related: The metaverse is happening without Meta's permission
Of the 20% invested in Reality Labs, Zuckerberg said 40% of it goes toward its Virtual Reality (VR) headsets with the other “half or more” building what he considers “the long-term most important form factor [...] Normal-looking glasses that can put holograms in the world.”
Zuckerberg also took a few jabs at its peer tech company Apple regarding its restrictive App Store policies, the likes of which have placed restrictions on crypto exchanges and nonfungible token (NFT) marketplaces, saying:
“I do think Apple has sort of singled themselves out as the only company that is trying to control unilaterally what apps get on a device and I don't think that's a sustainable or good place to be.”
He pointed to other computing platforms such as Windows and Android which are not as restrictive and even allow other app markets and sideloading — the use of third-party software or apps.
He added its been Meta’s commitment to allow sideloading with its existing VR units and upcoming Augmented Reality (AR) units and hoped the future Metaverse platforms were also open in such a manner.
“I do think it is it is problematic for one company to be able to control what kind of app experiences get on the device.”
Entertainment and electronics giant Sony has recently completed the acquisition of Beyond Sports, a company specializing in using real-world data to produce 3D animation. With this purchase, the company is now reportedly able to offer a full metaverse experience for sports matches, complete with tech from other companies already in its portfolio. Sony’s Beyond Sports […]
Tech and communications giant Apple might be developing its own metaverse, recently posting several job offerings in the fields of virtual reality (VR) and augmented reality (AR). One of the job listings calls explicitly for engineers experienced in the development of a “3D mixed-reality world,” for the Technology Development Group, the virtual reality division of […]
A study from Technavio, a market research firm, has predicted that the area of the metaverse dedicated to entertainment, including virtual concerts, video games, and movies, will grow to $28.92 billion in value from 2021 to 2026. The report states that 33% of this growth will originate in U.S. markets, due to the intersection of […]
A “mixed-reality world” by Apple could be fast approaching as recent job openings show the tech giant is hiring a number of engineers with AR and VR experience.
Technology giant Apple appears to be working towards the development of a metaverse-sounding “3D mixed-reality world,” according to related patent filings and recent job postings.
Since Nov. 1, over 30 jobs have been listed on Apple’s careers page related to augmented and virtual reality (AR/VR) with the Big Tech player seeking a mix of software and hardware engineers to be mostly based in its Technology Development Group (TDG).
TDG is a secretive team within Apple that may reportedly stem as far back as 2017, which is understood to be working on developing AR and VR technology. Apple has never officially confirmed such a device was in the works, though it is widely considered a tech industry “open secret.”
While Apple is currently hiring for over 150 positions according to its careers page, one particular job opening from August makes particular mention to a type of “3D mixed-reality world”.
The job ad is for an AR/VR network engineer, with part of the description reading:
“In this role you will work closely with other developers and build tools and frameworks to enable connected experiences in a 3D mixed-reality world.”
A Nov. 9 Digitimes report citing unnamed sources said an Apple AR/VR headset will be assembled by Taiwanese electronics firm Pegatron — a company Apple currently uses for its iPhone 14 device — with mass production expected in Q1 2023.
A spokesperson for Pegatron told Cointelegraph it was “not able to comment on information related to a specific customer or product due to confidentiality.”
Cointelegraph contacted Apple for comment but did not receive a response.
Meanwhile, patent filings from the United States Patent and Trademark Office (USPTO) reveal in August that Apple trademarked “Reality One” and “Reality Pro”, both described as “photographic and optical apparatus and instruments” and “virtual and augmented reality headsets, goggles, and glasses.”
The filings were made under a Delaware shell company called “Immersive Health Solutions LLC”, a tactic often used by large companies such as Apple in an attempt to keep their future product plans private.
A search of Delaware’s business entities shows the company was created on Feb. 11 by “The Corporation Trust Company” the world’s largest registered agent service firm used by Apple and other well-known companies such as Google, Walmart, and Coca-Cola.
The same firm was used in a trademark application for a “RealityOS” in Dec. 2021 in what’s believed to be Apple’s operating system used for its reported upcoming headset.
Other trademark filings, such as one made in China under Apple Inc., show a haptic “VR glove” tracking the movement of individual fingers which further point to the company’s play at a possible Metaverse space.
Related: Trademarks filed for NFTs, metaverse and cryptocurrencies soar to new levels in 2022
Apple CEO Tim Cook has already stated his thoughts on the Metaverse, on a Q1 2022 earnings call in January when asked about the company’s Metaverse opportunities said “we see a lot of potential in this space and are investing accordingly.”
Multiple reports emerged in Jan. 2022 that Apple was slated to release the headset during its June Worldwide Developer Conference but didn’t come to fruition due to a series of development challenges.
Economic Daily, an economic newspaper run by the Chinese state, has published an article noting problems with investing in the metaverse. The article says that metaverse investments might not be suitable for all regions of the country, comparing the trend to the explosion of new green energies not long ago. Economic Daily Warns of Metaverse […]
Popular crypto trader Luke Martin says six altcoins, including blockchain scaling solution Polygon (MATIC), are the ones to watch this month. Martin tells his 320,900 Twitter followers that after last week’s rally, altcoins won’t go up in a straight line, could endure pullbacks and could “range for a while.” Still, he says the price action […]
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