Mark Zuckerberg on the Metaverse
Mark Zuckerberg, the CEO of Meta Platforms, formerly Facebook, talked about the metaverse in an interview with Mad Money host Jim Cramer on Wednesday.
The Facebook co-founder explained that he expects the metaverse to be massive and become a major part of his company’s business over the next decade.
Commenting on Meta’s metaverse efforts, Zuckerberg said:
Our course over time has been to create services, to try to serve as many people as possible – you know, to serve a billion, two billion, three billion people, and then we put scale monetization after that.
“We’re hoping to get to about a billion people in the metaverse doing business for hundreds of dollars each,” he continued, adding that people could “buy digital goods, digital content, different things for s ‘express’ in metaverse.
Examples of what people can buy include “clothes for their avatar or different digital goods for their virtual home or items to decorate their virtual conference room,” Zuckerberg listed. He added that people can also buy “utilities to be more productive in virtual and augmented reality and across the metaverse.”
He admitted, however, that there was still a long way to go:
I still think it will take a while to scale to hundreds of millions or even billions of people in the metaverse, just because things take a long time to happen.
“So it’s the pole star. I think we will get there. But, you know, the other services that we run are already on a bit larger scale now,” he said.
Zuckerberg envisions experiences in the metaverse that would be more immersive than text, photos or video, noting that people can even make eye contact when meeting in the metaverse. The technology “adds up to give that realistic sense of presence,” the Facebook co-founder added.
“We’re at this point, you know, a company that can afford to make big investments in long-term research, and that’s a big point,” the CEO of Meta said.
Last week, Meta, Microsoft and 31 other companies formed a Metaverse Standards Group. In March, Meta filed eight trademark applications for its logo and Meta Pay, which cover metaverse and crypto services.
Several large companies have estimated the size of the metaverse. McKinsey & Company said last week that the metaverse could generate $5 trillion by 2030. In March, Citi predicted that the metaverse could represent a $13 trillion opportunity with five billion users by 2030. Global investment banks Goldman Sachs and Morgan Stanley both see the metaverse as an opportunity 8 trillion dollars.
Meta Pay: Meta’s digital wallet dedicated to the metaverse
Farewell Facebook, welcome… Meta Pay!
Everyone knows Meta and its Facebook Pay feature. Launched many years ago, the platform has grown rapidly and has become one of the most widely used in the world. Formerly Facebook, the social network changed its name recently with the development of the metaverse. So Meta like metaverse is pretty easy to understand. The purpose of this change? Troubleshoot value interactions and transactions in the metaverse.
When the app was still Facebook, it had a payment system called Facebook Pay. When it launched in November 2019, it was only available on Messenger and Facebook in the US. Just like Samsung Pay or Google Pay, it allows mobile payment but only on the social network. Users could therefore buy products on Marketplace or reimburse their friends via Messenger. With technological development, the world suddenly becomes larger and the needs greater.
With this in mind, Meta recently announced the launch of a new digital wallet, Meta Pay. The latter will aim to support the economy of users in the new iteration of the metaverse of Meta. Thus, it will be an evolution of the old version and will offer many services in line with the expectations raised by technological developments.
Indeed, the new wallet will not only support payments like the old version, but it will also put a new emphasis on proof of ownership and digital identity. According to Mark Zuckerberg, CEO of Meta, this development will provide the solution to two major problems of the metaverse. Namely: proof of ownership and accessibility of digital assets. Both of these features will allow owners to take some of their items to various departments.
Foster interoperability within the metaverse
The metaverse is vast and traversing it is next to impossible. With the multitude of digital products appearing every day, interoperability is rapidly becoming an essential point. Indeed, more and more universes are created every day in this parallel world. If many people equate the metaverse to Facebook, it’s time to disabuse them, since there are several. The media coverage of NFTs allows a little more the explosion of this digital space.
Individuals or companies, everyone is keen to acquire a property in the metaverse. Whether it’s clothing, artwork, music or land, you can find it all and everyone wants to make history. Thanks to its notoriety, the products become more and more expensive. The expansion of this concept creates difficulties that can harm owners as well.
Zuckerberg has detected these flaws and offers interoperability that could overcome certain difficulties. Indeed, standardization and portability in the metaverse would make it possible to enjoy its products on all platforms. Thus, Meta Pay is a path to Web3 interconnectivity. To carry out its projects, the company has partnered with other companies operating in digital technology. By collaborating with Epic and Microsoft, Meta hopes to make the metaverses more interoperable.
Meta Pay, the new digital wallet from Meta promises many surprises. If you already liked Facebook Pay, the improved version will probably appeal to you more. What if we made the metaverse more accessible and interoperable? This is the goal of the platform. Connectivity between different metaverses as well as a universal payment method will be an asset for creators. Indeed, a certain degree of standardization will attract new consumers who will value their work. Proof of ownership is also an important point.
One billion people in the metaverse by 2030
Mark Zuckerberg has shown his belief in Meta’s metaverse project. The boss of the parent company of Facebook, Instagram and WhatsApp predicts that by the end of the decade, there will be “about a billion people in the metaverse” and that “each of them will spend hundreds of dollars to buy digital products and content. The boss of Meta, who has already spent 10 billion dollars for these immersive universes in the last quarter of 2021 and will launch a metaverse academy in France, gave the example of virtual clothes to personalize his avatar, digital goods to decorate his house. virtual or its conference room, or even “services to be more productive in augmented reality and virtual reality through the metaverse”.
During the interview, Mark Zuckerberg, who recently showed off a slew of headset prototypes, also said his company may be forced to create a new operating system for the various platforms and products of his metaverse-related business is working properly.
Recent figures from the firm McKinsey & Co published in its report “Value Creation in the Metaverse” seem to support the optimism of the boss of Meta. According to the consulting firm, the metaverse could generate a market of up to $5 trillion by 2030.
The Oculus Quest 2 headset is not comfortable to wear, unless you add 50 euros
Sold as an option, the Elite strap of the Meta virtual reality headset radically improves its use. After trying it, we don’t understand how Meta dares to settle for poor rubber bands in the basic pack.
In March 2022, Numerama wrote a long article about the Meta Quest 2 (ex-Oculus Quest 2) and the first “metaverse” experiences. This report had aroused many reactions, both from people worried about the abuses we had observed in these virtual worlds and from others angry at our criticisms, even though they themselves are VR users. We have read these feedbacks very carefully.
If we do not agree with everything we have read (difficult to legitimize a semblance of sexual assault in the name of the freedom to do what we want in a virtual world), one remark particularly challenged us . Many of you let us know that the nausea effects we were complaining about were due to the strap provided by Oculus when purchasing the headset. These people advised us to buy the Elite strap (50 euros), we listened to them.