Meta Platforms Inc.’s Reality Labs, the company’s augmented and virtual reality division, reported a $4.4 billion loss in the third quarter of 2024, marking its third consecutive quarterly loss. Despite the losses, Reality Labs saw a 29% revenue increase driven by strong hardware sales. The company anticipates continued investment and increased losses in 2024 as it pursues its metaverse ambitions.
Meta Platforms (META) exceeded earnings expectations in the third quarter, driven by robust ad revenue growth and the increasing adoption of AI technologies. However, the company’s plans for substantial AI investments, particularly in Reality Labs, sparked mixed reactions from analysts, with some expressing concerns about the long-term return on investment.
Versity, a leading innovator in the metaverse real estate space, has made a significant move by acquiring INEUF.com, France’s largest real estate platform. This strategic partnership aims to bring Versity’s cutting-edge 3D modeling and Web 3 technologies to a wider audience, transforming the real estate experience in France.
This week’s episode of The TT Show dives into exciting news from the world of gaming, technology, and beyond. From NVIDIA’s potential foray into handheld gaming and the speculated price of the GeForce RTX 5090 to a surprising discovery at the Nintendo Museum, Kosta and Jak unpack the hottest topics. Tune in for discussions on the future of the metaverse, scientific breakthroughs, and a surprising twist on a gaming industry giant.
Mark Zuckerberg, CEO of Meta Platforms, made a statement with his choice of attire at Meta Connect 2024. His custom shirt, featuring the Latin phrase “aut Zuck aut nihil” (all Zuck or all nothing), highlighted his unwavering dedication to his vision for the metaverse and virtual reality. The event saw the unveiling of new products like a cheaper Quest VR headset, Orion augmented reality glasses, and advanced AI features, all contributing to Zuckerberg’s long-held vision for the future of computing and human connection. The shirt, a nod to his love for the Roman Empire, seems to be a declaration of his belief in Meta’s path forward.
The Metaverse is revolutionizing the hospitality sector in Saudi Arabia, offering immersive virtual experiences, operational efficiency, and new revenue streams. From digital twins for hotel management to virtual reality tours and interactive events, the Metaverse is paving the way for a future where guest experiences are personalized and technology-driven.
Roblox announced a series of updates at its Developers Conference aimed at increasing user engagement and revenue. These changes include new pricing tools for creators, physical merchandise sales, a creator affiliate program, a new communication system called ‘Party,’ and a rebranded ‘Communities’ feature.
BloomZ Inc. (BLMZ) announced a strategic partnership with CrossVision Inc., a Japanese Web 3.0 specialist, to integrate blockchain and metaverse technology into animation and VTuber experiences. The collaboration aims to enhance fan engagement through interactive digital content, virtual communities, and ownership of digital assets. This news sent BLMZ shares soaring over 50% in pre-market trading.
Meta Platforms is attracting top virtual reality developers with exorbitant salaries, potentially exceeding $1 million annually. The company’s aggressive hiring strategy reflects its commitment to building its metaverse, despite significant financial investments and losses. This move contrasts with Apple and Alphabet’s pay packages for similar roles.
Milk Partners, AirAsia rewards, and The Sandbox have announced a groundbreaking partnership to drive Web3 adoption through innovative metaverse experiences and reward programs. The collaboration will leverage MiL.k’s loyalty platform and global network, AirAsia’s extensive travel rewards program, and The Sandbox’s immersive metaverse platform to create unique user engagement opportunities.
