Meta will continue to push metaverse investment in 2023 according to Reality Labs head – Metaverse Bitcoin News

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Meta will continue to invest in VR (virtual reality) technology in 2023, according to statements by Andrew Bosworth, head of Reality Labs, the company’s metaverse division. While Meta has made some changes and adapted to the current precarious economic atmosphere, Bosworth says the company is still committed to its metaverse hub.

Meta will continue to push Metaverse and VR in 2023

Meta, the social metaverse company, plans to continue developing metaverse and virtual reality related projects in 2023. In an article written on December 19, Andrew Bosworth, head of the metaverse division called Reality Labs, explains that company has suffered major inconveniences due to the economic downturn, it will continue to push forward its new vision.

Bosworth said:

I can say with confidence that after one of the toughest years in the company’s history, Meta remains as committed to our vision for the future as we were the day we announced it.

Facebook’s rebranding to Meta was announced on October 28, 2021, changing the company’s scope and focus to make the Metaverse a true place for individuals to socialize, find communities, and grow businesses. Bosworth thinks it’s the right thing to do to overcome short-term thinking which he sees as disastrous.

Investments and achievements

Meta’s level of commitment to the Metaverse is affected by the recent round of layoffs the company announced on November 9, when 11,000 employees were laid off. Nonetheless, the company still spends 20% of its budget on Reality Labs, its main metaverse division.

While several investors have called on Meta to exit its Metaverse business, Bosworth said this level of investment “makes sense for a company that is committed to staying at the forefront of one of the most competitive industries and the most innovative in the world”.

This level of investment will continue to fuel the advances Meta aims to bring to the industry in 2023, which will be centered around AR (augmented reality) research and development processes. According to Bosworth, about half of Reality Labs resources are currently directed to this type of initiative.

2023 will be a year of big Metaverse developments for the company, Bosworth concludes, as Meta aims to ship the successor to the Meta Quest 2 headset, and it focuses on growing and improving the communities that are part of Horizon Worlds. , its flagship metaverse experience. .

What do you think of Meta’s commitment to the Metaverse? Tell us in the comment section below.

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late in the game, entering the cryptosphere when the price spike happened in December 2017. Having a background in computer engineering, living in Venezuela and impacted by the cryptocurrency boom at the social, it offers a different point of view. on the success of crypto and how it helps the unbanked and underserved.

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