Just a couple of years back, the entire cryptocurrency industry revolved around cryptocurrencies such as Bitcoin, Ether, Litecoin, and more.
However, the situation surrounding the cryptocurrencies has continued to change and things are now looking much more complicated in the crypto-verse than they were in the past.
Cryptocurrency Industry has Continue Evolving
Just like any other sector and industry, the cryptocurrency industry has continued evolving with time. Over the course of time, the cryptocurrency trends have continued changing.
There was a time when the cryptocurrency industry was filled with reports surrounding individual cryptocurrencies running on their own ecosystems.
Then came the time of decentralized finance that changed the concept of the cryptocurrency industry. With the introduction of the DeFi industry, came the beginning of non-fungible tokens (NFTs).
Metaverse is the Future of Crypto
For a long time, there were news surrounding the above mentioned digital assets and spaces. Now, the trend has changed and over time, people have started moving to the future.
People have started taking notice of the metaverse news as almost everyone finds it interesting. People like the idea of moving around in different worlds and galaxies, and do things they could only imagine a few years back.
It was just a year back when the concept of the Metaverse was fully realized. Since then, all major mainstream company has tried getting their hands into the technology.
Even the states such as Dubai have adopted the metaverse on a government level, opening up an office in the virtual world for the public.
Even the Big Five technology players have realized the importance of the metaverse. They have also spent huge stakes in the world of metaverse.
However, these companies are doing justice to their reputation and status in the global market. They want to do things in the largest way possible.
Meta is Investing Tremendously into Metaverse
Among all the major tech companies investing in metaverse, it is Meta with the highest stakes invested into the technology.
The company has been into metaverse since 2021 and has been doing whatever it can to gain the top ground in the particular sector.
So far, Meta has invested billions into the metaverse but it has started to generate no profit from the sector. As of now, Meta is investing billions into the research and development (R&D) of the metaverse.
Meta is Facing Losses in the Metaverse
Meta has recently shared its earnings report for the third quarter of 2022. In the report, Meta has revealed that it has incurred a $3.67 billion loss in the third quarter for the metaverse sector.
Meta has gone onto reveal that their losses would continue taking place even in the fourth quarter and in 2023. Surprisingly, Meta has predicted that their losses would deepen in the upcoming year.
Biggest Losses Reported by Meta
For the third quarter so far, Meta has reported that it has faced the highest losses in the metaverse R&D. However, the company has predicted that it would continue facing the losses and the situation would get only worse.
Reality Labs is the metaverse arm that is currently operating under Meta. For the third quarter, Reality Labs revealed that it only managed to generate a revenue worth $285 million.
The company has revealed that for now, their revenue is too less because they are not proceeding with all-out initiation of their metaverse projects.
Reality Labs is currently undergoing research and development, and it will not go all out until it has completed an ample amount of research in the space.
However, with the amount of investments Meta has made in the metaverse sector, it is safe to say that Meta is aiming to shoulder the entire industry.
Once it has launched itself entirely, it would eventually become one of the largest players in the metaverse industry.
According to statistics, metaverse has reported a total of $9.44 billion in losses in the metaverse technology. With one more quarter to go, it is expected that the overall losses in 2022 would cross the $10 billion mark.