Meta, the parent company of Facebook, Instagram, and WhatsApp, has been facing significant losses as it pushes toward expanding into the metaverse. Despite this, the company’s programmers working on the virtual reality suite can earn up to $1 million in total compensation, according to a recent report by the Wall Street Journal, citing anonymous sources.
Reports from the beginning of the year revealed that the company’s metaverse-building division, Reality Labs, lost $13.7 billion in 2022, making it the division’s largest yearly loss recorded. However, Meta’s co-founder and CEO, Mark Zuckerberg, has stated that the company has no plans to change its long-term vision for the metaverse.
Meta was recently given approval by a US judge to acquire a virtual reality company, despite a lawsuit from the Federal Trade Commission against Meta and Zuckerberg in an attempt to block their “ultimate goal of owning the entire metaverse.”
However, two US senators recently wrote to Zuckerberg, urging him to prevent teenagers from accessing the metaverse platform, Horizon Worlds, citing potential harms and “serious risks.”
Furthermore, the head of commerce and financial technologies at Meta tweeted on March 13 that the company is slowly stopping its support for non-fungible tokens (NFTs) on Facebook and Instagram, stating that the move was to focus on other ways to support creators, people, and businesses.
