Meta Will Continue to Push Metaverse Investments in 2023 According to Head Of Reality Labs

Meta Will Continue to Push Metaverse Investments in 2023 According to Head Of Reality Labs

Meta will continue to invest in VR (virtual reality) technology in 2023, according to statements made by Andrew Bosworth, head of Reality Labs, the metaverse division of the company. While Meta has made some changes and adapted to the current shaky economic climate, Bosworth says the company remains committed to its metaverse hub.
Meta to continue pushing Metaverse and VR into 2023
Meta, the social metaverse company, plans to continue developing metaverse and VR-related projects throughout 2023. In an article written on December 19, Andrew Bosworth, head of the metaverse division called Reality Labs, explains that while the company has suffered major setbacks due to the economic downturn, it will still push its new vision forward.
Bosworth said:

I can say with confidence that after one of the most difficult years in the company’s history, Meta remains as committed to our vision for the future as we were on the day we announced it.

Facebook’s rebrand to Meta was announced on October 28, 2021, changing the scope and focus of the company to make the metaverse a real place in which individuals will be able to socialize, find communities, and grow businesses. Bosworth believes this is the right thing to do to overcome the short-term thinking he sees as disastrous.

Investments and achievements
The level of Meta’s commitment to the metaverse is affected by the recent round of layoffs the company announced on November 9, when 11,000 employees were laid off. Nevertheless, the company still devotes 20% of its budget to Reality Labs, its metaverse core division.
While there have been several investors calling for Meta to divest its metaverse business, Bosworth stated that this level of investment “makes sense for a company committed to being at the forefront of one of the most competitive and innovative industries on Earth to stay.”
This level of investment will continue to drive the advancements Meta wants to bring to the industry in 2023, which will be centered around AR (augmented reality) research and development processes. According to Bosworth, about half of Reality Labs’ resources are currently devoted to this type of initiative.
2023 will be a year of major metaverse developments for the company, Bosworth concludes, as Meta aims to ship the successor to the Meta Quest 2 headset, focusing on growing and improving the community part of Horizon Worlds, its flagship metaverse experience. .
What do you think of Meta’s connection to the metaverse? Tell us in the comments section below.

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price spike occurred during December 2017. He has a computer engineering background, lives in Venezuela and is influenced by the cryptocurrency boom on a social level, he offers a different point of view on crypto success and how it helps the unbanked and underserved.

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