Meta, the parent company of Facebook, Instagram, and WhatsApp, is facing significant financial losses as it ventures into the metaverse. Despite this, a recent report by the Wall Street Journal, citing anonymous sources, reveals that the company’s programmers working on the virtual reality suite can earn up to $1 million in total compensation.
At the start of the year, Meta’s metaverse-building division, Reality Labs, experienced a staggering loss of $13.7 billion, marking the division’s largest yearly loss on record. Nevertheless, Meta’s co-founder and CEO, Mark Zuckerberg, remains firm in the company’s long-term vision for the metaverse and has no plans to deviate from it.
Despite ongoing legal challenges, including a lawsuit from the Federal Trade Commission aimed at thwarting Meta and Zuckerberg’s “ultimate goal of owning the entire metaverse,” a US judge recently granted Meta approval to acquire a virtual reality company.
However, two US senators have expressed concerns and written to Zuckerberg, urging him to prevent teenagers from accessing the metaverse platform, Horizon Worlds, citing potential harm and “serious risks.”
In addition, Meta’s head of commerce and financial technologies announced via Twitter on March 13 that the company is gradually withdrawing support for non-fungible tokens (NFTs) on Facebook and Instagram. The decision was made to redirect focus towards alternative ways of supporting creators, individuals, and businesses.
