Meta’s metaverse unit – Reality Labs – recorded its most successful quarter to date despite sustaining significant financial losses. Its recently released Q4 report revealed that the division clocked over $1 billion in revenue in the last quarter of 2023, primarily driven by sales of its Quest headsets and the Ray-Ban Meta smart glasses. Reality...Read More
According to a Financial Times report, Meta, the American social media conglomerate, has publicly apologized to Qatari billionaire Wissam Al Mana, committing to enhanced protective measures on its platform following a prolonged legal battle. The apology comes after Al Mana’s image was wrongfully used in cryptocurrency scam advertisements on Facebook. Wissam Al Mana Wins Legal...Read More
On Dec. 6, the firm formerly known as Facebook announced a raft of AI-focused updates to its social media and messaging platforms. “We’re testing more than 20 new ways generative AI can improve your experiences across Facebook, Instagram, Messenger, and WhatsApp,” the firm said in a blog post. It is also upgrading Meta AI, its...Read More
Meta Platforms Inc.’s ambitious pursuit of the metaverse concept, championed by CEO Mark Zuckerberg, continues to come at a staggering financial cost. In its recently released third-quarter earnings report, Meta disclosed that its Reality Labs division, responsible for developing metaverse-related technologies, recorded an operating loss of a colossal $3.7 billion. The revelation underscores the steep...Read More
Bakkt, the New York-based digital assets platform, has joined LightSpark as one of the first partners in a bid to offer Universal Money Address (UMA) for KYC-verified transactions on top of the Lightning Network for B2B clients. LightSpark is headed by CEO David Marcus, who was previously in charge of Meta’s ambitious Diem project that...Read More
Sui Foundation – the organization behind the development of Sui Network – announced the launch of zkLogin, a Web3 authentication solution that enables end users to log in to decentralized applications (dApps) using their familiar social accounts. According to the official press release, zkLogin will grant developers the capability to allow users to authenticate themselves...Read More
Thailand’s Minister of Digital Economy and Society (DES) said he might propose to the court to close Meta (previously known as Facebook) to aid the investing of financial scams, including such involving cryptocurrencies. According to him, some fraudsters use the social media platform to sponsor their fraudulent schemes and thus con victims. No More Meta...Read More
Investors are closely monitoring Coinbase’s earning reports as shares of the crypto giant COIN are up more than 214% YTD. The fresh boost was provided after the crypto exchange reached an agreement with Cboe’s BZX Exchange to maintain a surveillance-sharing agreement for five of its spot Bitcoin ETF applications. As a result, funds associated with...Read More
On July 6, Mark Zuckerberg, the CEO and founder of Facebook’s parent company Meta Platforms, launched a new platform dubbed Threads in 100 countries across the globe. The social media network is considered a rival to the micro-blogging platform Twitter. Speaking against the newly launched platform, Twitter owner and former CEO Elon Musk hauled Threads...Read More
Sui network has laid out the SUI token release schedule just a day after the team behind the layer 1 blockchain and smart contract platform dismissed allegations that they unlocked staking rewards and “dumped” them on Binance. The decision to share the details of the schedule is in the interest of transparency and open communication...Read More
Walt Disney has knocked metaverse plans off its priority list. The entertainment giant’s “next-generation storytelling and consumer experiences” division had been tasked with exploring metaverse strategies. But now Disney is eliminating the entire division as part of its restructuring map, which entails reducing the headcount by nearly 7,000 across the company over the next two months....Read More
Mark Zuckerberg-led social media giant – Meta – is developing a decentralized text-based app called Codenamed P92. According to a report, users can log in to the new app through their Instagram credentials. The latter’s head, Adam Mosseri, has been roped in to lead the project. With the new app using existing Instagram data, including...Read More
Two United States senators have asked Mark Zuckerberg, the CEO of Facebook’s parent company Meta Platforms Inc., to cease plans to release its Horizon Worlds metaverse app to teenagers. According to a report from the Wall Street Journal (WSJ), the senators sent a letter to the CEO, insisting that Meta stop the plans immediately as...Read More
Mark Zuckerberg’s Metaverse bid proved costly for the company amidst a persistent bear market as Reality Labs lost $13.7 billion in 2022. According to Meta’s earnings release, the company’s metaverse arm recorded an operating loss of $4.28 billion in the fourth quarter, dragging down its total for the year. Facebook was rebranded as Meta in...Read More
A recent document filed with the United States Bankruptcy Court for the District of Delaware revealed that FTX’s creditors consist of over 9.7 million companies and individuals. Some of the most famous entities include the likes of Apple, Amazon, Google, Meta, Netflix, Microsoft, and more. Who Got Burned? One of the darkest moments in crypto’s...Read More
As a ‘last resort’ option, Meta CEO Mark Zuckerberg has announced that his company will be slashing 11,000 employees from its workforce. That’s 13% of the company. In a blog post shared with employees on Wednesday, Zuckerberg said Meta was taking steps to become “leaner” and more efficient, but regrets that he now must lay...Read More
After Twitter’s mass layoffs caused a stir in the tech world, Meta appears to be following suit. According to a Wall Street Journal report, the owner of Facebook and Instagram will begin trimming staff in the second week of November. Meta’s Mark Zuckerberg earlier stated that the social media giant’s staff could be smaller next...Read More
Four years of development later, the Aptos network finally hit the mainnet on October 17th, but the reception so far has been stale. Some users pointed out that Aptos had a lower transaction per sec (TPS) than Bitcoin and speculated that a “majority of tokens are either staked or ready to be dumped on retail...Read More
Major social media platform Meta has now enabled the NFT sharing feature for all Facebook and Instagram users in the United States, as well as allowing them to connect their wallets. Also, creators and collectors across 100 countries can access the feature. In May, Meta announced that it would test the NFT sharing feature using...Read More
Social media giant Meta announced the integration of non-fungible tokens (NFTs) to Facebook, adding that NFT creators can now showcase their digital collectibles across Facebook and Instagram. Some of the wallets supported by the social media giants include Coinbase Wallet and MetaMask Wallet. In an updated blog post on Monday (August 29, 2022), Meta revealed...Read More
Major social media platform Meta announced the support of non-fungible tokens (NFTs) for Instagram creators and businesses in additional 100 countries while also integrating with the Flow blockchain, Coinbase Wallet, and dapper. According to an updated blog post on Thursday (August 4, 2022), Instagram users in 100 countries in the Asia- Pacific, Africa, the Americas,...Read More
On July 31, Vitalik Buterin commented in response to Dialectic’s Dean Eigenmann’s thoughts on the future of the Metaverse and the way venture capital firms think it will play out. The Ethereum co-founder is confident that the Metaverse will happen but added that he doesn’t think “any of the existing corporate attempts to intentionally create...Read More
Word on the street is big tech earnings by FAANG companies for quarter two might disappoint. The question is if this will have an impact on the broader market and, consequently – cryptocurrency. Apple and Amazon will follow with reports Thursday. Big Tech “FAANG” Companies Q2 Earnings Expectations Are Glum Though their earnings won’t directly...Read More
The Novi digital wallet will be shut down on September 1, announced the company behind the project – Meta (formerly Facebook). This comes after years of regulatory scrutiny and unsuccessful launch attempts. The initial idea, started in June 2019, saw several company executives setting up a digital wallet (called Libra at the time) that wanted...Read More
In a Facebook post on June 21, Zuckerberg said there would also be updates to “help creators build for the metaverse.” He added that he wanted platforms such as Facebook to play a role in the growing creator economy. There were six new updates that Zuckerberg shared in his thread. The first one was more...Read More
Meta Platforms Inc. – the owner of the Meta (formerly Facebook) brand – filed for five trademark applications on Friday under the name of “Meta Pay”. They appear to be dedicated to a new digital payments platform that will integrate various cryptocurrency and blockchain-related products. Examining “Meta Pay” According to the applications filed on May...Read More
NBA Top Shot’s host blockchain Flow announced a new $725 million Ecosystem Fund backed by its parent company’s investment arm, Dapper Ventures, and crypto-focused VCs, including a16z, Coatue, and Digital Currency Group. Dedicated to boosting developments in its ecosystem, the fund will offer investments, in-kind support, and FLOW token grants to eligible developers building applications...Read More
David Marcus has announced the launch of a new company called Lightspark, which aims to expand on the utility and capabilities of Bitcoin. This comes months after he left Meta’s cryptocurrency attempt – Diem – where he spearheaded the project. Marcus announced the news in a tweet thread on Thursday (May 12, 2022), stating that...Read More
Former Facebook product manager Frances Haugen rattled cages at the firm last year when she exposed thousands of documents accusing the social media platform of spreading misinformation. The files revealed sensitive content that ranged from human trafficking to harmful nationalist groups to Covid-19 vaccine misinformation. At the time, she said Facebook “prioritizes profit over the...Read More
Meta, the company behind Facebook, is reportedly trying to develop its own token – not a cryptocurrency – to support its ambition of connecting users through the Metaverse. More tokens may be developed to facilitate the realization of the project, the report outlined. The newly explored token is like ROBUX for another metaverse Roblox reported...Read More
