Reality Labs lost roughly $2.9billion in the first quarter of 2022, causing some to question the future of the metaverse. Despite said skepticism surrounding the viability of something that no-one has quite got a handle on yet, Qualcomm CEO Cristiano Amon still feels the metaverse still offers a great opportunity.
And $2.9billion is nothing. Meta’s metaverse platform, Horizon Worlds, lost over $10 billion in 2021. The platform only recently gained monetization features. In Addition, a recent study by Axios and Momentive found that nearly a third of U.S adults fear the metaverse. However, these setbacks have not deterred metaverse contenders like Qualcomm. In fact, the company launched a $100 million metaverse fund in March 2022.
“It’s real, it’s going to be a very big opportunity. We started investing in fundamental technologies that allow the merger of physical and digital spaces over a decade ago,” Amon told Yahoo Finance Live. “It’s no secret that because of those early investments, for the over 40 virtual reality and augmented reality devices that exist in the world, all powered by Qualcomm.”
The company is currently securing new partnerships and providing Meta and Microsoft with XR hardware and software. Qualcomm is working on a custom chip for the Microsoft HoloLens and is teaming up with ByteDance to create VR for TikTok. Qualcomm has also worked with Meta on the Quest and Quest 2 VR headsets.
While there is risk to the metaverse, as with all new ventures, more and more industries are showing interest in Web 3 innovations. The metaverse holds excellent potential for healthcare and VR medical training is already available. Additionally, ten ‘metaversities’ or metaverse universities will be opening across the U.S this fall. Of course, entertainment is one of the key aspects of the metaverse. Recently the first metaverse escape room was launched by Hong-Kong-based company LOST. Likewise, Paradox Studios recently launched a play-to-earn metaverse platform. Even museums are entering the realm of Web 3.0.