Meta’s metaverse development has faced significant challenges recently.
Despite this, anonymous sources close to the company report that its metaverse programmers can earn up to $1 million for their work on the virtual reality suite.
The company’s metaverse-building division, Reality Labs, reportedly incurred losses of $13.7 billion in 2022.
Despite these losses, Meta CEO Mark Zuckerberg remains committed to the long-term vision for the metaverse.
In February 2023, Meta was granted approval to acquire a virtual reality company, following a lawsuit from the Federal Trade Commission to block Meta’s ownership of the entire metaverse.
However, two U.S. senators have urged Zuckerberg not to allow teenagers access to the metaverse platform Horizon Worlds due to potential harms.
Additionally, the head of commerce and financial technologies at Meta announced on Twitter that the company would be scaling back its support for nonfungible tokens on Facebook and Instagram in order to focus on other ways to support creators, people, and businesses.