FTX CEO dissects Mark Zuckerberg’s intent to pump $10B/yr into Meta

Facebook’s rebranding into Meta was Mark Zukerberg’s newest try to retain dominance within the social media world of Web3, particularly, the Metaverse. On the event of Meta finishing one yr on the rebrand, Sam Bankman-Fried (SBF), the CEO of the crypto trade FTX, shared his ideas on the rebranding and what it means for the way forward for Meta.

Zuckerberg’s $100 billion Metaverse experiment first raised eyebrows when the CEO launched the avatar for Meta’s Horizon Worlds VR platform. Subsequent releases of the Zuckerberg avatar fell prey to web memes, though every new iteration appeared visually higher than its predecessor.

According to Bankman-Fried, Facebook’s development was not impacted by newer rivals corresponding to TikTok. Rather, he argued that the corporate “stopped growing because, well, there was no more room to grow.”

SBF suspected that rebranding to Meta was a method for Facebook to enhance its popularity by way of distraction. Moreover, the transfer would strengthen Meta’s narrative for producing excessive earnings upon its success.

However, SBF highlighted “the vague Meta guidance” and the way the traders have determined to spend $10 billion per yr within the Metaverse. The intent to infuse $10 billion yearly strengthens Zuckerberg’s place as a believer within the Metaverse.

On an finish observe, SBF reiterated that Facebook had already received by changing into the most important social media community. “So what’s next? Start building Social Media 3.0,” concluded SBF.

Related: Facebook is on a quest to destroy the Metaverse and Web3

The metropolis of Toda, Saitama, adopted a metaverse-schooling service to curb the rising absenteeism throughout Japan, permitting college students to discover the campus and examine in digital lecture rooms.  

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