Mark Zuckerberg, CEO of Meta, said, “the skepticism doesn’t bother me that much.” He said that he is still optimistic about the metaverse. He said he has a vision of “5 to 10 years Horizon” during Wednesday’s New York Times DealBook Summit.
Mark Zuckerberg’s decision to rebrand Facebook to Meta became the buzzword for the popularity of the metaverse worldwide. He said that the company is doubling down on the bet on an augmented and virtual reality-dominated future and accepted that it had received much criticism for losing billions in building its version of the metaverse. He admitted that the company needs to operate with more discipline and efficiency in the coming future due to macroeconomic laws that forced Meta to scale back on spending.
Meta’s reality labs focus on developing and researching metaverse-related projects that include three broad technology augmented reality, virtual reality, and social media platforms.
Zuckerberg mentioned that Meta is utilizing 80% of its time to develop the company’s legacy social media suite of applications, including WhatsApp, Facebook, and Instagram, with several others. The rest, 20% of the time, is utilized in developing software and hardware for the metaverse. The billionaire CEO also mentioned that he is not disturbed by the criticism the company faces in investing hugely in metaverse development and said, “skepticism doesn’t bother me too much.” He further added, “we had doubters the whole time.”