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The Real Reason Why Meta Fired 11000 Employees

Why Meta Fired 11000 Employees

One of the most intriguing environments in the Web3 age is the Metaverse. The majority of people are aware of NFTs and play-to-earn games. Almost anyone is familiar with cryptocurrency and Defi. All of these areas and more are present in the Metaverse. And the significant part is that it’s only just getting started for everyone involved.

Why did Meta Fired 11000 Employees?

People have developed the next iteration of the internet thanks to blockchain technology. Some refer to it as Web3, while others refer to it as the Metaverse. This new form differs because ordinary people will carry out a significant portion of its development.

What Metaverse Is All About?

A collection of all virtual worlds created with blockchain technology is known as the Metaverse. They could be virtual streets, NFT galleries, game worlds, or curated territories. When considering the Metaverse, it is essential to acknowledge that it could be a more precise location. Instead, people refer to the next version of the internet as a combination of the new digital spaces.

What Metaverse Is All About?

The expanding network of virtual landscapes can be traversed using just one identity, thanks to the Metaverse. As a result, it resembles the real world more. You don’t require a new passport when you visit a new location while visiting new towns, cities, or nations.

Who Is The Owner Of Metaverse?

The Metaverse is not entirely under the authority of any one individual or group. The Metaverse is instead a product of numerous stakeholders and developers working together. To this end, some platforms will undoubtedly serve as entrances to the Metaverse. Furthermore, thanks to blockchain technology, these platforms enable users to manifest as an avatar inside the Metaverse.

Who is the owner of Metaverse?

But even though virtual ecosystems like The Sandbox and Decentraland exist, creators can design and curate their parts of them. For example, a person or business can make an entertaining location that people want to visit, monetize it, and keep the money.

Although certain companies are gatekeepers to separate virtual worlds, everyone has ownership rights. Blockchain technology provides you complete control over your possessions, including real estate, virtual goods, avatars, and clothing.

What Do We Do In Metaverse?

As people experiment with the shape over the next five to ten years, there are practically no restrictions on the possibilities. All the virtual worlds share the prime goal of attracting visitors as a common trait. The most excellent way to attain this is through offering numerous amusement. According to the theory, everyone should be able to discover their niche in the Metaverse, which is enjoyable and active.

What Do We Do In Metaverse?

There are slight variations among all Metaverse platforms. Others are geared toward instruction, while some are designed for gaming. Some areas of the Metaverse function as online shops where businesses can advertise and sell their goods. In the Metaverse, you can attend conferences, fashion shows, business meetings, sporting events, and chess matches.

The Real Reason Why Meta Fired 11000 Employees

Facebook’s parent company, Meta, revealed that it had given notice to 11,000 employees worldwide. These have been “some of the difficult changes we’ve made in Meta’s history,” wrote Meta CEO Mark Zuckerberg in a blog post. Zuckerberg elaborated on why the corporation has let some of its employees go.

The company’s market worth was reduced by $80 billion (£69 billion) by investors last month after it said that third-quarter profits had been halved. Since the year’s commencement, it was one of the most shocking devaluations on Wall Street. The third quarter’s earnings for Meta were yet another dismal figures. The most significant single-day loss in US business history was a market value decline of $230 billion in February.

The Real Reason Why Meta Fired 11000 Employees

Although Reality Labs lost nearly $9.4 billion in 2022 and Metaverse lost billions of dollars, Zuckerberg and the company still have big plans for it. In the blog post, he stated, “We’re leading in building the technology to define the future of social interaction and the next computing platform,” telling colleagues of the layoffs.

The CEO of Meta also cited “increasing competition” and “advertising signal loss” as other causes for revenue losses, suggesting that Apple’s App Tracking Transparency caused Meta a severe blow. The business had previously claimed that it had lost $10 billion since Apple acquired App Tracking Transparency.

This feature allows customers to exclude apps from tracking them. Increased competition may be the cause of TikTok’s recent supremacy in social media. After declaring a recruiting freeze and planned restructuring in September, Meta had made hints about employment losses.

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