Meta, the parent company of popular social media platforms WhatsApp, Facebook, and Instagram, has been making significant investments in the metaverse through its Reality Labs division. However, these investments have yet to yield positive returns, with the company reporting losses of over $40 billion. Despite this, investors remain optimistic about Meta CEO Mark Zuckerberg’s long-term vision for the metaverse, leading to a 7% increase in the company’s stock price following the Meta Q2 2023 Earnings call.
Zuckerberg aims to cover the costs of the metaverse through the growth of Meta’s existing family of apps, which has seen a $2 billion increase in revenue. This puts the company just over halfway towards covering the $3.7 billion loss from Reality Labs. While Zuckerberg acknowledges that he cannot guarantee the success of this bet, he believes that an immersive version of the internet will become the new norm. He points to trends such as the rise of smart glasses and the increasing immersion of traditional media like TV and computers as evidence of this shift.
In other news, a new blockchain game called Alchemy: Battle for Ankhos is set to launch on the popular messaging platform Discord. The game combines text-based role-playing mechanics with elements of crypto and artificial intelligence. The development team is utilizing generative AI tools from companies like OpenAI and Midjourney to create art and give non-playable characters (NPCs) custom behavior. Players will be able to mint their in-game assets as non-fungible tokens (NFTs) using simple menus within the game, regardless of their experience with blockchain technology.
Additionally, the world of esports is seeing increased interest from Web3 players. Professional Dota 2 player Erik “Tofu” Engel has expressed interest in the Web3 stage, joining other players and platforms in the race to enter the space. Crypto gaming startup Ultra has announced the launch of Ultra Arena, an esports tournament platform built on its own blockchain network. The platform will support popular Web2 games like League of Legends and Counter-Strike, offering NFTs and platform tokens as prizes.
Gods Unchained, one of the oldest and most popular Web3 games, has recently launched on the Epic Games Store. The turn-based card game stands out with its Web3 elements, allowing players to trade cards as NFTs and participate in a player-focused marketplace. However, the game does suffer from lag and buggy tutorial missions, which have not been fixed despite being present since the game’s initial release five years ago. The developers plan to release a mobile version in the future, but improvements to the user experience will be crucial for its success.
Overall, the metaverse and Web3 gaming industries continue to attract attention and investment. Companies like Meta are betting big on the immersive future of the internet, while developers and players explore the possibilities of blockchain technology and NFTs in gaming. With advancements in AI and the increasing popularity of esports, the digital landscape is poised for significant transformations in the coming years.