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‘Meta is still ‘really interested in Metaverse,’ Exec states

'Meta is still ‘really interested in Metaverse,’ Exec states

An executive from social media giant Meta, which owns Facebook, has refuted reports claiming the company has abandoned its metaverse plans. The buzzword was popularized by Meta’s rebranding in 2021.

During a press event held in New York City today, Meta unveiled its latest AI Sandbox generative tools for advertisers. Speaking at the event, Nicola Mendelsohn, the Head of Global Business Group at Meta, confirmed the company’s continued interest in the metaverse. According to Mendelsohn, Meta’s CEO Mark Zuckerberg has been unequivocal about his enthusiasm for the metaverse.

Meta ‘s Quest VR headsets and AI to shape the metaverse

Reports suggest that there is a growing disinterest in the metaverse among the public. During the event, Mendelsohn expressed a keen interest in the metaverse to those in attendance. According to the speaker, it is important to note that the full realization of the project will take approximately five to ten years.

In response to the increasing speculation surrounding Meta Platforms’ recent adoption of artificial intelligence, Mendelsohn has provided a rebuttal. This comes after a period where the company, formerly known as Facebook, Inc., was heavily focused on discussing its intentions for the metaverse.

The concept of an immersive and interactive future internet gained significant attention following Meta’s announcement and rebranding. However, the hype surrounding this idea quickly dissipated. Amidst the buzz surrounding generative AI tools, there are growing concerns among analysts and critics that Meta may be shifting its focus away from the metaverse and towards the latest tech trend.

Despite Reality Labs, the metaverse-focused division of Meta, suffering a loss of $3.9 billion in Q1 2023, which is $1 billion more than the same period in 2022, Mendelsohn maintains his position.

According to Meta, the company envisions that generative AI will play a crucial role in the development of the metaverse, which is closely linked to its Quest virtual reality headsets. Meta anticipates that creators and brands will leverage this technology to construct the metaverse in the future.

The AI Sandbox, a recently launched ad software suite by the firm, utilizes generative AI to produce ad copy targeted at various demographics, crop photos and videos automatically, and transform text prompts into background images for Facebook and Instagram ads. In March, Andrew Bosworth, the Meta CTO, provided a sneak peek of the upcoming tools.

Meta’s generative AI could revolutionize construction

Meta’s generative AI technology has the potential to be utilized for constructing 3D spaces in the future.

Imagine you’re a company with aspirations to construct a universe within the metaverse. According to Mendelsohn, the process is currently quite cumbersome. In the near future, the use of generative AI and machine learning will revolutionize the way we approach construction projects. According to experts in the field, individuals will be able to simply state their desire to build a room and witness a multitude of actions unfold as a result of these advanced tools.

John Hegeman said that Vice President of Monetization at Meta, the integration of AI technology will aid in the efficient development of the metaverse. Hegeman further stated that the metaverse presents a promising avenue to generate value for individuals through the utilization of AI.

Oncyber, a 3D world-building platform, has recently introduced a new AI-powered tool named Magic Composer. This tool allows users to personalize their digital environments using text commands that are powered by OpenAI’s ChatGPT. The launch of this tool took place in March.

Mendelsohn thinks Meta’s complete metaverse plan is still a few years away. However, the realization of these plans may face obstacles due to Apple’s imminent foray into metaverse hardware. The company’s mixed reality headset is anticipated to be unveiled shortly.

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About MahKa

MahKa loves exploring the decentralized world. She writes about NFTs, the metaverse, Web3 and similar topics.

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