Meta Financial News

The metaverse has the potential to be the next frontier of human interaction, as evidenced by the amount of activity that continues to pour into the space.

The term “metaverse” is becoming increasingly common, but while many people have likely heard it used, they often don’t know what it means. 

Big Tech firm Meta is scrapping its nonfungible token (NFT) feature across its social media platforms Facebook and Instagram just under a year after it launched.

Meta, the parent company of Facebook and Instagram, is reportedly creating a separate text-based content app that will support ActivityPub. ActivityPub is a decentralized social networking protocol that powers Mastodon and other decentralized apps that compete with Twitter. 

The age-old question of “what happens after we die” is one humanity has grappled with for millennia. Religions, philosophers and thought leaders have put forth theories about each person’s fate beyond life on earth. Until now, no factual, science-based conclusion has provided a satisfying answer.

Two United States senators have penned a letter asking Meta CEO Mark Zuckerberg to halt a plan to allow young adults to access the firm’s metaverse platform, Horizon Worlds.

For computer programs and mobile applications, programmers must develop code. In order to keep things working properly, they are also involved in maintaining, debugging and troubleshooting software and systems.

Meta, the company behind social media giant Facebook, continued to bleed money in relation to its virtual reality-focused Reality Labs business in the fourth quarter of 2022, posting an operating loss of some $4.28 billion. In total, the unit’s operating loss for 2022 totaled as much as $13.72 billion.

A federal judge in the United States has reportedly given approval for tech giant Meta to move forward on acquiring a virtual reality company.

The Irish Data Protection Commission (DPC) announced on Nov. 28 that it has fined Facebook developer Meta €265m for breach of the European Union’s General Data Protection Regulation (GDPR). Specifically, the commission stated that it had fined Meta for failing to design Facebook in such a way that it would protect users from data breaches.

AR, the native token of a relatively less-known decentralized storage service called Arweave, has gained over 45% over the past week amid the news that Meta has chosen the protocol to archive its creators' digital collectibles.

FIL, the native token of the decentralized storage network Filecoin, has gained around 15% over the past 24 hours amid the news that Meta has selected a decentralized data storage solution to archive its creators' digital collectibles.

In this week’s newsletter, read about Meta’s newest update on the integration of nonfungible tokens (NFTs) on Facebook and Instagram. Check out how the NFT trading volume on OpenSea has plummeted by 99% and how despite the downturns, digital artists still firmly believe in the future of NFTs.

Meta Platforms reported mixed results for user growth.

Aptos Labs, a startup that rose from the wreckage of Meta Platforms Inc.’s failed crypto ambitions, has raised $150 million in new funding, the company announced Monday.

Tom Boellstorff, Professor of Anthropology, the University of California, Irvine. _____ 

Facebook owner Meta announces new virtual reality login system

crypto exchanges, particularly the smaller ones, are on tenterhooks for survival. After Terra's debacle, Celcius and Three Three Arrows Capital jittered. This was followed by Vauld suspending operations. Meta (formerly Facebook) is shutting down its crypto wallet Novi by September 1, 2022. Even the Indian crypto exchanges are facing massive liquidity pressure, with volumes slumping up to 80 per cent since January. The new taxation rules are adding more pain to their sufferings.

Facebook parent Meta has announced it will shut down its digital wallet for cryptocurrency, Novi, on September 1, 2022, barely a year after it started the project.

While Meta has not yet launched its metaverse project, Bitcoin SV (BSV) Association President Jimmy Nguyen thinks that it would be better for the firm to store user data on a public blockchain. 

Bitcoin was conceived more than a decade ago as «digital gold,» a long-term store of value that would resist broader economic trends and provide a hedge against inflation. But bitcoin's crashing price over the past month shows that vision is a long way from reality. Instead, traders are increasingly treating the cryptocurrency like just another speculative tech investment. Since the start of this year, bitcoin's price movement has closely mirrored that of the Nasdaq, a bench mark that's heavily weighted toward technology stocks, according to an analysis by the data firm Arcane Research. That means that as bitcoin's price dropped more than 25% over the past month, to under $30,000 on Wednesday — less than half its November peak — the plunge came in near lock step with a broader collapse of tech stocks as investors grappled with higher interest rates and the war in Ukraine.