Things are moving fast in the metaverse, and in the wider world of web3 as a whole. Here’s what you need to know from this past week:
Meta Platforms plans to terminate the lease at its 225 Park South office location in New York City, per reports. News of the upcoming closure arrives on the heels of a grim milestone for Meta: Last week, the company’s founder and chief executive Mark Zuckerberg announced the first major budget cut in the nearly 20-year history of the company (which was originally founded as Facebook in 2004), plus a hiring freeze and expected layoffs that will likely leave the company with a smaller workforce in 2023 than it has currently, according to Bloomberg.
Meta has recently been spending vast amounts of capital in its efforts to be a prime mover in the metaverse, a gamble which may or may not yet pay off. In the final days of September, the company’s stock hit its lowest point since 2019.
Tim Cook casts doubt on the future of VR, underscores enthusiasm for AR
Apple chief executive Tim Cook has some doubts about the long-term appeal of the metaverse and virtual reality (VR). The tech billionaire told Dutch publication Bright that “it’s important that people understand what something is … I’m not sure the average person can tell you what the metaverse is.” While he acknowledges that VR is “something that you can really immerse yourself in,” he adds that he doesn’t “think you want to live your whole life that way.”
Instead, he’s placing his bets on augmented reality (AR), which he described in the Bright interview as “a profound technology that will affect everything.” Apple is expected to release its much – anticipated AR headset – which reportedly will also include some VR capabilities – as soon as next year.
Cook isn’t the only tech magnate who has rained on the metaverse parade. Snap CEO Evan Spiegel, who’s also been pushing his…
