Zuckerberg’s statement about renaming Facebook’s parent company Meta brought the Metaverse to the front pages of newspapers. Since then, various metaverses such as The Sandbox or Decentraland have gained in popularity. Zuckerberg’s Metaverse is still a long time coming. However, investors and users are already disappointed. Advance screenshots of the Metaverse look unappealing and the project is swallowing billions. Does the Metaverse mean the end of Facebook? Is the Facebook crypto project a failed venture?
Behind the competition
For Q2 2022, the former Facebook group reported a decline in sales for the first time. It’s not just the expensive meta project that’s swallowing up billions, the advertising revenue for the entire group is declining. The reason for this are more attractive offers from the competition. Platforms like TikTok attract users, while Instagram and Facebook annoy users with new, unpopular features. Users are spending less and less time on the group’s social media platforms. This reduces advertising sales. Even features like “Reels”, which Meta copied from TikTok, cannot be monetized as well as the original posts. Most recently, the Instagram platform made negative headlines when some big influencers and celebrities went on the barricades against recent updates.