Meta Platforms will stay the course in 2023 with investment in its metaverse division Reality Labs expected to account to 20 per cent of its overall expenses. Reality Labs Chief Technical Officer, Andrew Bosworth, disclosed in a blog post yesterday that the company planned to spend about as much on the metaverse division next…
Metaverse is defined as a spatial computing platform that provides digital experiences as an alternative to or a replica of the real world, along with key civilisational aspects like social interactions, currency, trade, economy, and property ownership – founded on a bedrock of blockchain technology.
According to MobileWorldLive, the Reality Labs unit posted losses of $3.7 billion in Q3, up $1.1 billion year-on-year, as the company invested 18 per cent in the metaverse division in that quarter.