Meta offers lucrative pay packages for metaverse developers

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.


Tagged : / / / / /

Sequoia Holdings Employees to Receive a Portion of Their Salaries in Bitcoin

Sequoia Holdings, a software company is now allowing its employees to receive a portion of their salaries in bitcoin and other crypto assets.

Sequoia’s New Program Offers Crypto Options to Employees

According to a press release on Thursday (Jan. 21, 2021), Sequoia Holdings would introduce a new program that would give employees of the company the option to receive part of their salaries in Bitcoin. Other cryptocurrency options available include ether (ETH) and bitcoin cash (BCH).

The new program would be carried out through Sequoia’s collaboration with a third party payroll processing firm. The payroll processor would help to convert a portion of the salaries into crypto while withholding taxes. Also, the crypto would be held in a digital wallet administered by the firm.

Commenting on the latest development, T. Richard Stroupe, Jr Sequoia’s CEO and co-founder, noted that the company’s employees were pleased with the new system. Stroupe said:

“We’re excited to offer the members of our team this new benefit. Many of our employees are enthusiastic supporters of cryptocurrency, and we’re happy to help them gain exposure to this trillion-dollar asset class.”

The Sequoia CEO added:

“Cryptocurrency has emerged as an important alternative to traditional investments like stocks and bonds. We’re proud to give the members of our team the ability to easily invest in cryptocurrency and build their savings.”

Sequoia’s initiative is an indication that more companies and individuals in the institutional sector are becoming aware of the emerging technology. As reported by BTCManager earlier in January, Russell Okung became the first NFL player to be paid in bitcoin. According to the report, the player would be getting half of his salary in BTC.

Apart from Sequoia Holdings, other companies have also adopted bitcoin salary payments. Back in 2019, Netzmedien AG, a Swiss publishing company, announced that it would pay its employees their salaries in BTC instead of fiat.

Meanwhile, companies have also adopted crypto for dividend payout. In March 2020, Monex Group, a Japanese financial services company announced that shareholders would receive 500 yen ($4.8) worth of bitcoin as part of the year-end benefit package for 2019. Also, Japan-based fintech giant SBI Holdings offered shareholders the option to receive XRP as part of a dividend payout.

Like BTCMANAGER? Send us a tip!

Our Bitcoin Address: 3AbQrAyRsdM5NX5BQh8qWYePEpGjCYLCy4


Tagged : / / / / /
Bitcoin (BTC) $ 43,816.74 0.32%
Ethereum (ETH) $ 2,355.90 0.15%
Litecoin (LTC) $ 77.82 1.12%
Bitcoin Cash (BCH) $ 250.48 2.06%