Meta, the parent company of popular platforms such as WhatsApp, Facebook, and Instagram, has been heavily invested in virtual worlds through its metaverse unit, Reality Labs. However, these investments have resulted in collective losses of over $40 billion. Despite the losses, investors remain optimistic about Meta CEO Mark Zuckerberg’s long-term bet on the metaverse, which led to a 7% increase in the company’s stock after hearing Zuckerberg’s reasoning on the Meta Q2 2023 Earnings call. This resulted in Meta’s stock price spiking to over $320.
Zuckerberg aims to cover the costs of the metaverse through the growth of Meta’s family of apps, which has increased by $2 billion. This puts them just over halfway to covering the $3.7 billion loss from Reality Labs. However, Zuckerberg acknowledges that there are no guarantees and states, “I can’t guarantee you that I’m going to be right about this bet. I do think that this is the direction that the world is going in.”
Zuckerberg believes that an immersive version of the internet will become the norm, citing trends such as smart glasses and immersive communication. He predicts that smart glasses will replace traditional glasses, and that the time spent on TVs and computers will become more immersive, resembling virtual reality.
In the gaming industry, a new blockchain game called Alchemy: Battle for Ankhos is gaining attention. The game will be hosted on Discord, a popular platform for gamers, and will combine text-based role-playing with AI and NFT elements. The game’s developers are utilizing generative AI tools, such as OpenAI and Midjourney, to create art and give non-playable characters (NPCs) custom behavior. Alchemy: Battle for Ankhos allows players to mint their in-game assets as NFTs, providing true ownership to the players.
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Another development in the gaming world is the rise of Web3 esports platforms. Professional Dota 2 player Erik “Tofu” Engel has expressed interest in the Web3 stage, joining a growing industry with an audience of over half a billion people worldwide. Crypto gaming startup Ultra has announced the launch of its own esports tournament platform called Ultra Arena, which will allow players and brands to organize tournaments and leagues with NFTs and platform tokens as prizes.
Gods Unchained, one of the oldest and most popular Web3 games, has recently gained attention with its release on the Epic Games Store. The turn-based card game differentiates itself by presenting the cards as tradeable NFTs and hosting a player-focused marketplace. Despite its popularity, the game has some bugs and lag issues that need to be addressed.
In summary, Meta’s investments in the metaverse have resulted in significant losses, but investors remain optimistic about the long-term potential. The gaming industry is seeing the emergence of blockchain-based games and Web3 esports platforms, offering new opportunities for players and developers. However, it’s important to address issues and bugs in existing games to ensure a seamless user experience.
