In recent years, Meta, the parent corporation of Facebook, Instagram, and WhatsApp, has indicated interest in expanding into the metaverse. This interest comes as a result of the rapid growth of all three of these platforms. Even though the company’s section responsible for developing the metaverse, Reality Labs, is projected to incur enormous losses of $13.7 billion over the period of 2022, Facebook’s chief executive officer, Mark Zuckerberg, is unwavering in his dedication to the company’s long-term ambition.
In spite of the company’s financial woes, a recent article published in The Wall Street Journal revealed that total remuneration for Meta’s virtual reality programmers may reach up to one million dollars. According to the claim, which cites unnamed persons with knowledge of the situation as its source, salary packages for metaverse developers at Meta vary from around $600,000 to roughly one million dollars annually.
The intentions that Meta has for the metaverse have been greeted with opposition from several parties, including the Federal Trade Commission, which has filed a lawsuit against Meta in an effort to prevent the latter from acquiring a virtual reality firm. Because of the “serious risks” involved and the potential for damage, two senators from the United States have also asked Zuckerberg not to provide teens access to the metaverse platform Horizon Worlds.
In spite of the difficulties, Meta is carrying out its ambitions in the same manner as before. A court in the United States gave the business in question permission to go through with the purchase in February of 2023. Additionally, on March 13, the head of commerce and finance technologies at Meta made an announcement that the company will be discontinuing its support for nonfungible tokens on Facebook and Instagram for the time being. This decision was made in order for the company to concentrate on finding alternative methods to promote artists, individuals, and companies.
The fact that Meta is so focused on the metaverse brings a variety of possibilities and difficulties to the table for the organization. The company’s high compensation for virtual reality programmers may raise doubts about the company’s spending priorities, given the enormous losses that have been incurred in the company’s metaverse-building section. Despite this, it seems that Meta is resolved to go through with its plans for the metaverse in spite of Zuckerberg’s unflinching commitment to the long-term vision.