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- 1 Metaverse is still the main focus of the company, top executive at Facebook.
- 2 Reality Labs widened its losses by $1 billion year-on-year basis.
- 3 Generative AI and machine learning will help the company build Metaverse.
According to one of the executives at Facebook, reports related to Metaverse’s demise have been exaggerated more than they needed to be.
Meta still interested in Metaverse
Meta hosted a press event in New York on 11 May announcing a new AI generative Sandbox tool for advertisers. Nicola Mendelsohn who is Meta’s Head of Global Business expressed that they are still very much interested in the Metaverse and reinstated that Mark Zuckerberg is very clear about that.
Responding to various reports by news media organizations showing how Meta is not interested in the Metaverse, Nicola explained that they are really interested in the Metaverse. He addressed the attendees saying that this whole Metaverse thing can take 5-10 years before they realize the vision of what they’re talking about.
Mendelsohn’s comments come as a defense against the growing speculation that Meta is focusing on artificial intelligence more than Metaverse in recent months during the period when the social media giant, Facebook Inc rebranded itself as Meta and couldn’t stop talking about the Metaverse.
The recent surge in reports suggesting Meta is moving away from the Metaverse is because of AI tools dominating headlines. Speculations rose that Meta’s rebranding and announcement quickly faded as soon as artificial intelligence started making headlines and it made some analysts and critics think that Meta is moving towards the latest buzz trend and farther away from Metaverse.
The stance by Mendelson comes despite the fact that Meta’s Reality Labs lost $3.9 billion in the first quarter of 2023 which is $1 billion more than the first quarter of 2022.
New Generative AI Tools can help create Metaverse
Meta explained that to build the Metaverse and to make Quest virtual reality headsets, generative AI will play a huge part and will be used by brands and creators.
The newly launched AI Sandbox by the company will leverage generative AI to create text for ad copy aimed at different demographics, automatically crop photos and videos, and turn text prompts into background images for ads on Facebook and Instagram. Andrew Bosworth, CTO of Meta previewed the first incoming tools in March.
Nicola Mendelson explained that if you want to build a virtual world as a company it’s very difficult to do that but he said that with the help of machine learning and Generative AI, this can be done. John Hegeman, VP of Monetization at Meta said that the AI will help them to build the Metaverse more effectively. He further added, “The Metaverse will be another great opportunity to create value for folks with AI.”
Oncyber, which is a 3D world-building platform, launched an AI tool powered by OpenAI’s ChatGpt that lets users customize their digital environments via text commands. Mendelson feels that the full vision of the company in relation to the metaverse could be challenged by Apple’s mixed reality headset, which is set to be announced soon.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
