Mark Zuckerberg recently said in a TV interview that Meta Platforms is going to put in a lot of money for long-term research. He is of the opinion that the Metaverse will usher in a huge spending economy. This uptick is expected in the timeframe of 2025-2030.
According to Zuckerberg, the hope is to get a billion people or more to boost commerce in the Metaverse. This activity will include buying content, digital goods, finding self-expression and much more. All of this activity will revolve around digital avatars and other spaces in the virtual sphere. Whether it is clothing or furniture for a home or office, these activities will be supported by AR and VR across the gamut of the metaverse.
It is a fact that Meta’s market cap has been cut due to slow growth. User numbers have declined over in the last two quarters. This seems like it has happened for the first time in a while. As CEO, Zuckerberg has been trying to push the company in a different direction – to encourage people to buy and sell in the digital sphere. As part of the change, the company’s stock symbol has been changed from FB to META at the beginning of June.
The firm’s investment in alternative technologies started as far back as 2014 when it bought Oculus – a VR headset producer. Though headset purchases have not kept pace with smartphone or PC sales, Zuckerberg seems optimistic about prospects in the future. He expects that people will be excited about Metaverse experiences as it will be more immersive. Zuckerberg said that all the changes will help foster a sense of togetherness, regardless of location. He hopes that the Metaverse economy will grow and expects massive participation.