The developer of the largest American social network explained the reason for the long development of the concept of the metaverse
The Meta* company (recognized as extremist by the Russian authorities and banned in the country) does not expect a return on investment in the metaverse before the 2030s due to a technological barrier. This was stated by the head of Meta products Chris Cox, speaking at the World Economic Forum in Davos, writes Reuters.
According to him, the industry of virtual worlds is now at the very beginning of its development.. The main problem that Meta is trying to solve is adequate graphics quality with a fast Internet connection.. Earlier, Metaverse CEO Mark Zuckerberg said that the company does not expect a return on investment in the metaverse before the 2030s.. As Cox predicts, by the beginning of the next decade, society will adapt to virtual realities as it has already adapted to videoconferencing.
However, the technology giants believe that the problem of the development of the metaverse lies elsewhere.. The head of the American company HP Enrique Lores doubts that users will fall in love with the metaverse, which is controlled by only one company. According to him, the value of the metaverse will increase only if the virtual world is based on the principle of decentralization.
Meta aims for the long term
Earlier, Meta's CTO Andrew Bosworth said that the company will continue to invest in the development of the metaverse despite skepticism from critics about the technology's potential in the short term.. According to him, the company still intends to spend up to 20% of its capital on the development of the metaverse in 2023.. That percentage of investment makes sense for a company looking to stay at the forefront of “one of the most competitive and innovative industries in the world,” he added.
Some Meta investors don't share the company's obsession with virtual worlds. Hedge fund Altimeter Capital Management, which owns a 0.1% stake in META, called on the American company to regain investor confidence and also limit spending on Reality Labs. According to Altimeter Capital CEO Brad Gerstner, Meta's investment in “an unknown future is oversized and terrifying, even by Silicon Valley standards.”
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