Metaverse Dreams Take a Backseat As Generative AI Funding Takes the Lead

Meta Platforms, one of the leading tech companies in the world, has shifted its focus from their metaverse initiative to generative AI funding.

Meta, formerly known as Facebook, has announced a massive second round of layoffs, reflecting a new focus on generative Artificial Intelligence (AI). This shift comes one and a half years after the firm rebranded itself to reflect its ambitious metaverse initiative.

The move aligns with many large companies cutting headcounts and side projects during this economic uncertainty. In addition, CEO Mark Zuckerberg has shifted his attention away from the metaverse dream and towards AI advancements.

This week, Meta announced that it had closed its Portal platform, which will allow it to focus more resources on developing generative AI technologies. These technologies are expected to drive augmented reality (AR), virtual reality (VR), computer vision, robotics, and machine learning breakthroughs.

Metaverse and web3 companies have seen a meteoric rise in funding, jumping from $586.7 million this year to almost double that of generative AI startups, which raised only $612.8 last year. However, Mark Zuckerberg's recent announcement involving 10,000 job cuts brings the metaverse to an "also" - exposing the immense potential for growth within the realm of artificial intelligence technology instead.

In October 2021, Facebook made a brave step by changing its name to Meta in the face of rising criticism and investor anticipation for the metaverse. Although some initial hope surrounded this change, it ultimately failed as user numbers dropped and generative AI platforms gained notoriety. Many people wonder where Meta's virtual reality products follow because current circumstances have been challenging.

Meta continues to toil in pursuing a fully realized metaverse while remaining silent about the situation. Plans for virtual reality (VR) headsets, augmented reality (AR) glasses, and even a "neural interfaces watch" with cutting-edge AI technology are among the items on their hardware roadmap. They're not the only ones, though; Sony just made the PlayStation VR 2 available, and Apple is also expected to unveil a stunning mixed-reality headset this year. It's obvious: At the nexus of technology and fantasy, an exciting hardware conflict is building that could change humankind for all time!

Meta is placing a big bet on generative AI with this move. The firm's engineers and researchers have already achieved impressive results across several research areas, including natural language processing (NLP) and computer vision-based navigation systems.

Meta's dedication to pushing beyond the boundaries of traditional technology is inspiring. With their newfound focus on generative AI funding, they could be at the forefront of significant breakthroughs in AR/VR technology and other exciting fields. We can't wait to see what they come up with next!

H/T: Axios

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