Tag: Meta

Meta Files for Debt Shelf Offerings

by Blockchain News

Tech giant Meta, formerly known as Facebook, has submitted a filing to the United States Securities and Exchange Commission (SEC) for new debt shelf offerings. The company filed the prospectus on May 1, stating that it “may, from time to time, offer and sell debt securities in one or more series.” The provision grants the issuer, Meta, the ability to register a new issue of securities without the need to sell the entire issue at once.

Debt securities may be offered and sold to or via underwriters, brokers, dealers, or agents as designated from time to time, directly to one or more other purchasers, or through a combination of such methods. The filing did not disclose the exact amount of debt securities being offered.

Shelf offerings have the potential to be helpful to investors by occasionally giving insights into a company’s game plan for raising capital. However, new shares could also potentially negatively impact the price of current shares. On Twitter, the community responded by trying to connect the dots to Meta’s recent spending on AI development and buybacks as a potential reason for the new alternative funding sources.

Meta’s latest earnings report revealed a nearly $4 billion loss from its metaverse unit, following a deficit of $14 billion over the last year. Despite this, sources close to Meta recently shared that the company offers its metaverse developers salaries of anywhere from $500,000 to $1 million a year. This filing also comes shortly after Meta’s first-ever bond offering in August 2022, which raised $10 billion to fund share buybacks and business investments.

Meta’s move to file for debt shelf offerings could suggest that the company is looking to raise additional capital. The filing did not disclose the specific use of the funds, but Meta’s recent investments in AI development and the metaverse could provide some clues. Additionally, the nearly $4 billion loss from the metaverse unit could indicate a need for additional funding to support the development of this technology.

Overall, Meta’s filing for debt shelf offerings is an interesting development for the company and could provide some insights into its plans for raising capital. The impact of the new debt securities on the price of current shares remains to be seen, but investors will be watching closely for any updates on Meta’s use of the funds.

Source

Tagged : / / / / /

Trump NFTs Generate Over $1.2M in Trading Volume

by Blockchain News

The latest round of digital non-fungible token (NFT) trading cards have dropped, featuring former US President Donald Trump. Polygon minted 38,001 cards, which were launched at a price of $99 each on April 18. According to data from NFT marketplace OpenSea, the Trump NFTs currently have a floor price of 0.0659 ETH ($145) and have generated over $1.2 million in trading volume. With a 10% creator fee, the sales have generated over $100,000. The initial subscription generated $3.76 million in revenue based on a sale price of $99.

Posting on Instagram, Trump revealed that he kept the price of the NFTs the same as the first series “because I want my fans & supporters to make money, & have fun doing it.” He added, “I could have raised the price MUCH HIGHER, I believe it still would have sold well, with a lot more money coming to me, but I didn’t choose to do so. I WILL BE GIVEN NO ‘NICE GUY’ CREDIT?”

The initial series, which was launched on December 15, has seen its floor price drop by 61% in the last 24 hours according to OpenSea, although the trading volume has increased by 1,011%.

In other news, Big Tech firm Meta has allowed teens from the US and Canada to use its virtual reality (VR) app, Horizon Worlds, after previously restricting access to people aged 18 and over. The decision follows a shortfall in monthly active users for the app in 2022, recording an average of just 280,000 over the year, compared to its target of 500,000, according to Statista. However, various advocacy organizations and safety groups have urged Meta CEO Mark Zuckerberg to halt plans to allow minors into its metaverse. An open letter published on April 14 argued that Meta should wait for more peer-reviewed research on the potential risks of allowing youths in the metaverse, claiming minors will face harassment and privacy violations on the VR app, which is still in its early stages. Meta has attempted to address these concerns by emphasizing its plans to mitigate risks through features such as parental supervision tools and limiting interactions between teens and adults they don’t know.

Global sportswear brand Nike also entered the NFT market, launching its first collection through its Web3 community platform, .SWOOSH. The collection features a digital version of its “iconic” Air Force 1 sneaker from 41 years ago. The Polygon-based NFTs are priced at just under $20 and are available to all .SWOOSH members. According to Nike, the NFTs will provide a range of perks such as “special access to physical products and experiences.” Nike added that it will “introduce other new utilities and benefits” to its virtual creations in the near future. 

Source

Tagged : / / / / /

Safety Groups Urge Meta to Halt Minors from Joining Metaverse

by Blockchain News

Meta, formerly known as Facebook, has faced backlash from safety groups and advocates for its plans to allow minors into its metaverse app, Horizon Worlds. In a letter addressed to CEO Mark Zuckerberg, safety groups including Airplay, the Center for Countering Digital Hate, and Common Sense Media, among others, urged the company to scrap its plans until potential risks have been assessed.

The letter cited concerns over the safety and privacy of minors who may face harassment and privacy violations on the virtual reality app. According to a report by Bloomberg, the letter highlighted the need for Meta to wait for more peer-reviewed research on the potential risks of the metaverse before allowing children and teens to join.

The Center for Countering Digital Hate released a report in March that found users under the age of 18 have already been facing harassment from adults on the app. During 100 visits to the most popular worlds within Horizon Universe, the study documented 19 episodes of abuse directed at minors, including sexual harassment. These incidents further reinforce the concerns expressed by safety groups and experts.

Meta’s decision to allow minors into the metaverse raises questions about online safety and privacy. While the company has stated that it plans to impose safety measures to protect young users, safety groups argue that more needs to be done. The letter called for a more in-depth assessment of the risks involved and the implementation of stricter safety measures before allowing minors into the virtual reality app.

The debate around online safety and privacy for children and teenagers is not new. Over the years, social media companies have faced scrutiny for their handling of online safety for minors. The addition of virtual reality apps like Meta’s Horizon Worlds adds another layer of complexity to the issue. While virtual reality apps offer a unique experience, they also pose unique risks that must be addressed.

In conclusion, the call by safety groups and advocates for Meta to halt its plans to allow minors into the metaverse app, Horizon Worlds, highlights the importance of online safety and privacy for young users. While the company has promised to implement safety measures to protect minors, further assessment of potential risks and stricter measures are necessary to ensure the safety and well-being of young users.

Source

Tagged : / / / / /

Meta Urged to Halt Metaverse App for Minors

by Blockchain News

Meta, previously known as Facebook, is under pressure from online safety organizations and advocates to abandon its plans to let kids join its metaverse program, Horizon Worlds. These groups want Meta to stop allowing minors to join Horizon Worlds. However, critics have claimed that the potential hazards of inviting teens and young people into the virtual reality platform have not been thoroughly studied. The corporation has previously declared its plans to welcome teenagers and young adults onto the platform.

The CEO of Meta, Mark Zuckerberg, received a letter on April 14 that was signed by representatives from a number of prominent safety organizations. These organizations include Airplay, the Center for Countering Digital Hate, and Common Sense Media, amongst others. In the letter, Meta was urged to abandon its intentions and instead wait until more study into the possible dangers faced by children and teenagers when using the app has been carried out.

The campaigners voiced their worries over the metaverse’s potential for youngsters to be subjected to hazards such as bullying and invasions of privacy by suggesting that children would likely be more susceptible to these dangers in the virtual world. They referenced to a study that was published in March by the Center for Countering Digital Hate. In the research, incidences of abuse and harassment aimed at juveniles on the site by adults were recorded. During the course of 100 trips to the most popular planets in Horizon Universe, the study discovered 19 instances of inappropriate behavior.

In its answer to the letter, Meta emphasized that it was dedicated to protecting the health and safety of all of its users, including those who were under the age of 18. The business highlighted a variety of safety measures that were already available on the app, including as mechanisms for user reporting and content control. In addition to this, it underlined its continued efforts to collaborate with industry experts and safety professionals in order to enhance safety standards and decrease hazards for all users.

As virtual reality technology grows more widespread and user-friendly, it is expected that discussions over the participation of children and adolescents in virtual worlds will continue. Companies like Meta will need to strike a balance between the need for innovation and expansion and the need for responsible and ethical use of their platforms in order to safeguard vulnerable users. Advocacy organizations will likely continue to advocate for stricter safety measures and increased monitoring in order to protect vulnerable users. As the metaverse develops, it will be very necessary to find solutions to these problems and guarantee that all users may take part in an environment that is free from risk.

Source

Tagged : / / / / /

Meta’s Virtual Reality Programmers Earn $1 Million

by Blockchain News

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.

Source

Tagged : / / / / /

Meta offers lucrative pay packages for metaverse developers

by Blockchain News

Meta, the parent company of Facebook, Instagram, and WhatsApp, has been actively pursuing expansion into the metaverse, despite facing challenges and significant losses. The company’s metaverse-building division, Reality Labs, reportedly lost a staggering $13.7 billion in 2022, the largest yearly loss recorded for the division. Despite this setback, Meta has continued to offer lucrative pay packages to its metaverse developers, with compensation ranging from $600,000 to almost $1 million, according to anonymous sources familiar with the matter, as reported by The Wall Street Journal.

The move to attract top talent to work on its virtual reality suite comes at a time when Meta has been facing legal challenges. The company was served with a lawsuit from the Federal Trade Commission against Meta and CEO Mark Zuckerberg, in an attempt to block “its ultimate goal of owning the entire ‘metaverse.'” However, a judge in the United States approved Meta’s acquisition of a virtual reality company at the beginning of February 2023, indicating the company’s commitment to its long-term vision for the metaverse.

Despite concerns raised by U.S. senators in a letter addressed to Zuckerberg urging the Meta CEO not to allow teenagers access to the metaverse platform Horizon Worlds, citing “serious risks” and a “digital space rife with potential harms,” Zuckerberg has remained committed to the company’s vision for the metaverse.

Meta’s recent decision to slowly stop its support for non-fungible tokens (NFTs) on Facebook and Instagram was made to “focus on other ways to support creators, people, and businesses,” according to the head of commerce and financial technologies at Meta in a tweet on March 13. The move may be a signal that the company is exploring other ways to monetize its products and services, in addition to NFTs.

As Meta continues to invest in the development of the metaverse, the company’s ability to attract and retain top talent will be crucial to its success. With salaries ranging from $600,000 to almost $1 million, the company is offering its metaverse developers some of the most competitive compensation packages in the industry. Despite significant losses, Meta’s commitment to its vision for the metaverse remains steadfast, and it will be interesting to see how the company navigates the legal and regulatory challenges that lie ahead.

Source

Tagged : / / / / /

Bitcoin’s Market Cap Surpasses Meta’s Despite Turbulent Week for Crypto

by Blockchain News

Bitcoin, the world’s most popular cryptocurrency, has managed to flip the market cap of tech giant Meta, despite a turbulent week for the crypto market following the downfall of Silicon Valley Bank (SVB) and Signature Bank. According to Companies Market Cap, Bitcoin’s market cap has reached $471.86 billion, surpassing Meta’s $469 billion.

Companies Market Cap provides real-time monitoring and ranking of market caps for cryptocurrencies, public companies, precious metals and exchange-traded funds. Only 24 hours earlier, BTC’s market cap was nearly $37 billion below Meta’s, sitting at $433.49 billion. However, Bitcoin’s market cap rose 9.7% in the past 24 hours, pushing the cryptocurrency to sit in the 11th spot among top assets by market cap, just below electric vehicle maker Tesla.

The crypto market has been experiencing a lot of turmoil lately, with the downfall of SVB and Signature Bank causing significant drops in the market. SVB, a key player in the cryptocurrency space, announced that it was shutting down all of its crypto-related accounts, while Signature Bank was sued by the New York Attorney General for allegedly facilitating money laundering for a cryptocurrency exchange.

Despite these setbacks, Bitcoin has managed to bounce back and surpass Meta’s market cap. The gap between the two market caps is now more than $20 billion, though it still is quite a distance from gold, which sits in first position with a $12.59 trillion market cap, followed by Apple in second place with a $2.380 trillion market cap.

Bitcoin’s price has risen 8.72% in the past 24 hours, sitting at $24,441. This price surge could be attributed to various factors, such as increased institutional adoption of Bitcoin and positive sentiment around the crypto market in general.

Bitcoin has been gaining popularity among investors and companies alike, with Tesla investing $1.5 billion in the cryptocurrency earlier this year. Other major companies, such as Square and MicroStrategy, have also invested heavily in Bitcoin as a hedge against inflation and a potential store of value.

Despite its popularity, Bitcoin still faces significant challenges, such as regulatory uncertainty and concerns around energy consumption. Many countries are still grappling with how to regulate cryptocurrencies, which could impact the market’s growth and adoption.

Additionally, Bitcoin’s energy consumption has been a topic of controversy, with some critics arguing that the amount of energy used to mine and transact the cryptocurrency is unsustainable and harmful to the environment. However, proponents of Bitcoin argue that its energy consumption is necessary to maintain the security and decentralization of the network.

In conclusion, Bitcoin’s market cap surpassing Meta’s despite the turbulent week for crypto is a positive sign for the cryptocurrency market. However, it still faces significant challenges that could impact its growth and adoption in the future.

Source

Tagged : / / / / /

Meta to Launch Text-Based Content App Supporting Decentralized Social Networking

by Blockchain News

Meta, formerly known as Facebook, is reportedly working on a new app that will support the decentralized social networking protocol ActivityPub. The new text-based content app, codenamed P92, will be Instagram-branded and allow users to log in with their existing Instagram credentials, according to a report by TechCrunch. The P92 team plans to follow the “fork” approach in the initial product version, with users’ profiles populated with their Instagram account details, such as name, username, bio, profile photo, and followers.

The move comes as technology companies and startups are looking to take advantage of the growing trend of Twitter users seeking alternative platforms. In recent months, several rival platforms such as Mastodon, Post.news, and T2 have either launched or gained traction in their efforts to attract these users. The new app by Meta is expected to compete with these platforms and provide an alternative for users who are looking for a decentralized social networking experience.

The current plan for the minimum viable product (MVP) is to enable users to broadcast posts to people on other servers. However, it is still undecided whether users can follow and view people’s content on other servers. The app’s initial version will include tappable links in posts with previews, user bios, usernames, verification badges, images, and videos that can be shared. It will also have functionalities such as followers and likes, but it is uncertain whether commenting and messaging features will be included in the product’s first version.

The development team is also discussing the possibility of allowing content to be reshared like Twitter, but only for business and creator accounts. The MVP will integrate a rights manager for first-party content from the beginning but not third-party content from other apps and servers. The app will adhere to the company’s current privacy policy, but it will also have a supplementary privacy policy and terms of service that specifically address cross-app data sharing.

The move by Meta to support ActivityPub is a significant development in the decentralized social networking space. ActivityPub is an open standard that allows users to share content across different platforms, creating a more decentralized and interoperable social networking experience. Mastodon, a decentralized social networking platform, is one of the most popular platforms that use ActivityPub.

The new app by Meta is expected to provide users with a decentralized social networking experience while leveraging the existing user base of Instagram. The app will enable users to broadcast their posts to people on other servers, creating a more interconnected and interoperable social networking experience. The app’s initial version will include basic functionalities such as followers and likes, but it remains to be seen whether more advanced features such as commenting and messaging will be included in future versions.

Overall, Meta’s move to support ActivityPub is a significant development in the decentralized social networking space. The new app, codenamed P92, will provide users with a decentralized social networking experience while leveraging the existing user base of Instagram. With the growing trend of users seeking alternative platforms, the new app is expected to compete with other decentralized social networking platforms and provide users with an alternative social networking experience.

Source

Tagged : / / / /

The Metaverse: The Future of Social Life?

by Blockchain News

During the course of the last year, the cryptocurrency and Web3 markets saw a contradiction consisting of very volatile markets and strong hopes for the future of the field.

Users and investors have both continued to pour their resources into the business, particularly in sectors that are concerned with the metaverse.

A recent study conducted by CoinWire in December 2022 among over 10,000 crypto investors indicated that user attitude towards the metaverse has digital reality positioned to affect all aspects of social life. The survey was conducted to find out how users feel about the metaverse.

69% of respondents feel that the metaverse would redefine social lifestyle with a new approach to entertainment, and 65% of respondents believe that the metaverse will bring about a new approach to social activities.

The opinions of 61.2% of people about how it would influence their income, 49.6% of people regarding how it will effect businesses, and 45% of people regarding how it will affect education were likewise high.

Microsoft has been awarded 158 patents linked to the metaverse over the course of the last five years, putting it ahead of other major tech companies such as Meta, Tencent, and Epic Games.

As the metaverse continues to advance, it will be in a position to have the potential to influence social life in a more discernible way.

At the Consumer Electronics Show 2023, for instance, it was recently announced that new metaverse capabilities would include the ability to touch and smell virtual objects.

In addition, the poll found that more over half of the respondents who are involved in the metaverse hold some type of cryptocurrency. This percentage was calculated as 53%.

The results of the poll put the United States of America in first place when it comes to innovation in the metaverse.

According to the data shown above, the countries of China and India have the most favourable attitudes regarding regular participation in the metaverse: 78% and 75%, respectively.

In addition, the report found that even though almost nine out of ten respondents had heard of the term “Web3,” 52% of them still had some kind of uncertainty as to what it actually entails when something is termed “Web3.” In line with the uncertainty that many investors feel, more than sixty percent of investors said they want more regulations to be applied to the industry.

Around the course of the last year, regulatory agencies all over the world have started adopting and debating new regulations for the business.

Despite this, aspects of Web3 such as the metaverse continue to be towards the top of the priority list in many countries.

The South Korean government has just made its test city in the metaverse accessible to the general public.

According to a research published by McKinsey, it is anticipated that the value of the metaverse would reach $5 trillion during the next seven years.

Source

Tagged : / / / / / / / /

Coinbase Says Goodbye to Over 60 Employees

by Blockchain News

Crypto exchange Coinbase Global Inc has announced a fresh job cut of over 60.

shutterstock_1951441918 (2) b.jpg

The job cut from its recruiting and institutional onboarding teams has come during a time when the crypto market has gone silent due to the dramatic financial crisis of crypto exchange FTX that involved more than one party.

Furthermore, this is the second round of job cuts at Coinbase this year, which has come about a week after “crypto market headwinds” contributed to the US-based crypto exchange’s net loss of $544.6 million for the three months ended September 30. In comparison to last year, the company had made a profit of $406.1 million.

According to a spokesman from Coinbase, the company believes that the job cuts will help smoothen the operation as efficiently as possible.

Coinbase cut off a total number of 1,100 jobs or 18% of their workforce in June. The move had come about a week after the company had announced an extension of the hiring freeze and a rescinding of accepted offers.

Previously, CEO Brian Armstrong had said that Coinbase had “overhired” and had to purge its workforce accordingly.

The crypto industry has suffered this year due to the higher interest rates and worries of an economic downturn. Major crypto companies such as Voyager Digital, Three Arrows Capital and Celsius Network have already collapsed and are facing bankruptcy.

The crypto exchange seems to be struggling in this year’s bear market. Its quarterly revenue is down 28%, and trading volumes fell 27% during Q3 in 2022. While the company’s stock is also down nearly 80% this year and down 27.4% this month alone.

Another top company involved in the web3 space has cut off a big number of jobs. Facebook parent company Meta Platforms Inc has confirmed the cut of 11,000 jobs or 13% of its global workforce as it seeks to focus on its core business areas. 

Its metaverse engagements have taken a big hit since the company started investing in the space. As reported by Blockchain.News, Meta’s metaverse division recorded a $3.7 billion loss in the third quarter (Q3) of this year, a figure that has further highlighted the capital frailty of the company.

The recorded metaverse loss and the aftermath bordering on staff layoff might stir a significant slowdown amongst Web2 companies looking to make their forays into the metaverse.

The rationale is very simple and is bound to be hinged on the fact that if Meta Platforms could run at a loss with their massive capitalization, then the discovery of the company is more or less a gamble that may need to be waited out.

Image source: Shutterstock

Source

Tagged : / / / / /
Bitcoin (BTC) $ 26,587.12 0.03%
Ethereum (ETH) $ 1,592.90 0.15%
Litecoin (LTC) $ 65.07 1.17%
Bitcoin Cash (BCH) $ 208.03 0.05%