No doubt if meta was lying of so many employees.
These reasons could be the main reasons why meta was doing it
- Bad financial report as company was facing huge lose
- Failed to meet expectation, it has been reported that meta metaverse didn't meet expectation for the active users
- Facebook (meta) was going all in to the metaverse while people don't even need it for now as they have their own real life.
- Fallen of meta stock, the impact caused by bad financial report
Im thinking about whether that could give a big impact to the future of metaverse while we know that if so many metaverse are just experimental project that needs to be developed even further yet there are still demand in the crypto metaverse caused by incentives.
They've always been a failure when they're trying to make such projects related to crypto. Remember the Libra/Diem that they've got? We've got no more updates about it. It sounded like a big thing when they've been first reported but they didn't pursue it when they're already in the middle of it.
I remember that. Libra/diem got failure due to the regulatory problem. Since facebook has been changing its name to the meta and diem/libra already abandoned although some developers have been developing the wallet for meta stable token but it's gone to the hell.
Meta has been only trying to reaching the current trend but yeah it's failed. it must be focus only with social media development rather than try to did an expansion like that.
Meta has been destroying its company caused by it's being very optimistic without known about the demand but yeah this company has data analyst but the problem is trend in the crypto market can change anytime.
I meant look at the product that already developed by meta. Mostly income from meta was coming from its social media platform. The transition to the metaverse must be done by meta slowly rather than rushing but it became failed.