We're Not Going Into the Metaverse... Yet
Investors give it all a healthy dose of skepticism
Have you seen Meta’s stock price lately?
The company formerly known as Facebook is having a year. Friday, the stock closed at under $100 a share, the worst price for the asset since 2016. Earnings missed by a country mile. Layoffs loom. Employees have been told to give 200% over the next few months. CEO Mark Zuckerberg has burned up billions of dollars of next worth transitioning the company into a multi-platform experience heavily invested in augmented reality, virtual reality, and the metaverse.
Even Jim Cramer got a bit of a frog in his throat on Friday when he talked about how sorry he was for recommending the stock to investors. Theatrics are part of his brand, but it still felt significant.
Shall I go on?
There’s plenty that can be said about Meta’s woes, but for crypto and Web3 enthusiasts, the major takeaway is that the metaverse is still sort of “out there” for general users. Nobody can deny the potential, but mass adoption, investment, and consensus have a long way to go in this space. People remain skeptical about the idea of spending long stretches in a virtual world, and the technology has not quite caught up to a standard that outweighs in-person, real life experiences. Post pandemic, people seem to be prioritizing other options.
That may not always be the case, but it is now.
We’ll see how Meta does in the interim. Will Mark Zuckerberg’s wealth survive?
Plus…
The Crypto Connection is for entertainment purposes only and is not meant to be financial advice. Please do your own research before investing in any asset class. Sara Celi is not a financial advisor, and holds several cryptocurrencies. To purchase her books on Amazon, please click here.