Corporations invested more than $6 billion in crypto industry in the last 10 months DeFi-platform Velodrome accuses crypto sleuth of stealing $350k S&P Global dropped Coinbase rating to a speculative level BitGo will seek $100 million for Galaxy Digital refusal to acquire crypto platform Brazilian crypto exchange blocked customer accounts and fired staff Celsius Network’s debts is more his assets for $2,8 billion Monero underwent a successful hard fork First acquisition agreement crypto project for $1,2 billion terminated due financial statements OpenSea allowed reselling stolen NFTs

Meta will spare money on the metaverses

Meta will spare money on the metaverses

Meta intends to cut costs on its own Reality Labs metaverse development division.

According to Reuters, Andrew Bosworth, the company's CTO, has warned Reality Labs employees about the upcoming changes. However, it is not supposed to be a case of layoffs. Instead, Meta plans to cease work on a number of projects and suspend others. So far, there is no information specifying which projects are at risk.

Meta had previously made public statements about its plans to cut costs and long-term investments in 2022, but hardly anyone expected that the company would decide to economize on the very division that it had previously considered highly promising.

Recall that in 2021, Facebook decided to change its name to Meta and announced that it was "developing exciting new technologies to help people communicate and explore metaverses." To do this, it plans to spend more than $10 billion to develop its own Reality Labs meta-universe. The Reality Labs division was involved in the development of applications for virtual space, as well as related hardware products.

Subscribe to our Telegram channel for the most relevant, interesting, and informative news from the crypto industry.

Is there an error in the article?
To report