Once the unstoppable god of social media, meta, has fallen into difficult times following deteriorating financial conditions and staggering Metaverse spending. The result was a staggering 13% of his workforce cut by a global tech giant.
Last year, at the height of the bull market, Meta announced a pivot into new territory for the Metaverse, updating its brand to reflect its goal of building a new kind of 3D social media ecosystem.Since then, the media giant has Estimated $36 billion to the project without doing much to show it.
Combined with this massive spending and poor performance, Meta’s stock price has fallen 70% this year alone, forcing it to lay off 13% of its 70,000-strong workforce. Nonetheless, company kingpin Zuckerberg has doubled down on Meta’s ambitions for the Metaverse, indicating he still believes this fledgling technology represents the future of social media.
Behind all this confusion, Web3 could also provide a lifeline to Meta’s market leadership position. Meta recently launched his NFT integration within Facebook and Instagram properties, with the latter poised to add market-wide functionality to the service. For now, Meta’s fate seems intertwined with the emergence of Web3.
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