Chief Executive Officer is made for the company "Meta" previously known Pfispock, Mark Zuckerberg, financial and human resources to carry out his new project Almitaavirs Metaverse, at a cost of 10 billion dollars this year 2021, according to a report Facebook third fiscal quarter ended September 30.
Economists and technology specialists believe that this project will contribute to a major change in social media platforms, taking them to a new stage enhanced by the enormous potential of the virtual world, and investments that will cost billions and are expected to generate huge sums.
Technology researchers considered that the founder of Facebook is taking a proactive step to preserve the users of the application, and make them more attached to it, after many challenges that Facebook faced during the recent period.
Facebook (NASDAQ: FB ) recorded revenues of $29 billion, and profits of about $9.1 billion, compared to analysts' expectations of recording revenues of about $29.6 billion, in the third quarter of this year ending on September 30, 2021, in light of what Facebook is facing from the Difficulties with changing Apple's (NASDAQ: AAPL ) programs affecting its advertising revenue.
Facebook's share price reached $340.89 in today's trading, bringing the mar
ket value of the company, which was founded in 2004, to $948.27 billion.
Mechanisms needed to achieve the world of metaphysics
Head of the Technology Transformations Unit at the Future Center for Research and Advanced Studies in Abu Dhabi, Ihab Khalifa, said in a statement to Forbes, that the world of metaverse is based on three main elements: VR and augmented reality AR, supported by metaverse applications and software.
This trilogy represents the keys to entering the world of metaphysics. Whoever can develop it will have the first to enter this world.
Khalifa adds, because all human interactions that will take place during the world of metaverses are three-dimensional, that is, they take place in an industrial environment that completely simulates the natural environment, as individuals are themselves inside it and create events with their actual movements inside it, not only through keyboards and video cameras.
It was necessary to find a very powerful medium that allows the transmission of all this giant data in real time and at a very high speed, and here comes the importance of the fifth generation of wireless communications, or what is known as 5G, which is the medium that guarantees the creation of this new world, and without it it cannot be created.
Last October, Facebook revealed plans to hire 10,000 people across the European Union to implement the Metaverse project, and is willing to pay billions of dollars to implement it, according to Facebook's chief financial officer, David Weiner.
Expected financial gains from behind the metavirs
“The Metaverse project is an investment in the right direction, which Mark Zuckerberg is distinguished by, which brings us back to the step that Zuckerberg took when he bought the WhatsApp application in 2014 in a deal worth 19 billion dollars at the time, and he considered Many believe that this amount exceeds the actual value of the application, while the subsequent years showed the correctness of the step with WhatsApp dominating the electronic messaging market in the world, and therefore if the Metaverse plan succeeds as the WhatsApp deal succeeded, Zuckberg will achieve huge profits and impressive success that pushes him towards establishing a more massive digital conglomerate. and more.”
Mark Zuckerberg presents his new project, Meta, as a long-term project, saying in his statements to analysts: "
If you are in the metaverse world, you will need digital clothing, digital tools and different experiences... Our goal is to connect this world to a billion people and make billions of dollars in the next decade."
Meta is looking into opening physical stores around the world to show people the devices developed by the company's Reality Labs division, which builds augmented and virtual reality products, according to people familiar with the plans and documents reviewed by The New York Times.
US legislation the biggest challenge
Basil Al-Khatib explains that the greatest danger to the Metaverse project may result from the laws that the US authorities will impose if they notice that the company is imposing more control over the data in the world, as we have recently witnessed moves in the US Congress to confront Facebook.
Facebook faced a major crisis in October, after whistleblower Frances Hogan revealed publicly in testimony to Congress, and through leaked internal documents, that Facebook is struggling to contain disinformation and other harmful content on its applications, and the Facebook, Instagram and WhatsApp applications also crashed on October 4 2021, for more than 5 hours worldwide, affecting about 2.7 billion users.
Fierce competition to enter the world of metaphysics
The technology giant Facebook has so far submitted nearly 1,500 patents related to augmented reality and virtual reality, while companies such as Samsung, Microsoft and Sony have submitted about 2,000 patents each in the same field.
Regarding the competition in entering the world of metavirs, economic and technology analyst, Basil Al-Khatib, confirms that several companies have previously touched on this field, most of which are electronic game companies, which makes the competition fierce.
But after Meta announced its willingness to cooperate with its rival Microsoft (NASDAQ: MSFT ) in enterprise applications, this is an indication of a change in the competition mechanism between them.
It also opened the door to the possibility of future cooperation in the Metaverse project, through the integration of ideas, projects and plans to reach the provision of services that attract users, whether individuals or companies.
And Meta, previously known as Facebook, announced on Wednesday, November 10, a partnership with Microsoft, which will allow customers to integrate the Meta's Workplace program with its counterpart Microsoft Teams network, which allows customers to access the content of the two programs, and users can view Teams video meetings in Workplace app.
The number of users of the “Meta” application, formerly known as Facebook, reached 1.9 billion daily users, while the number of monthly active people reached 3.58 billion users around the world, as of September 30, 2021, an increase of 12% on an annual basis, according to the financial report for the third quarter of the current world.