Facebook sees the growing market for digital clothes, tools, and experiences online as the solution to one of its biggest threats: its declining appeal to kids. But the power it could wield in this metaverse is truly frightening.
It is not often that a company like Facebook, which reported revenue growth of 35% to $29 billion in the three months ending in September, with profits rising 17% to $9.2 billion, can be said to be in trouble. But Facebook is in trouble.
During this week’s earnings call with CEO Mark Zuckerberg, Facebook announced its longer-term goal was to invest heavily in its Reality Labs (FRL), developing technologies like virtual and augmented reality. The plan, it was explained, will enable Facebook to become a significant player in and creator of the so-called metaverse – a future online world of immersive, virtual, and shared spaces
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