Meta Financial News

The store, set to open on May 9, is located in the Silicon Valley town of Burlingame, California.

Meta (erstwhile Facebook) reported better-than-expected earnings in the March quarter. The company reported a revenue of $27.91 billion, with an EPS of $2.72. The company had 2.94 billion active users on a monthly basis, with an average revenue per user (ARPU) of $9.54. However, its recently created Facebook Reality Labs (FRL), the metaverse division, reported a first quarterly loss of $2.96 billion. The company had announced its earnings earlier this week.

metaverse. We exist in a time where a significant change in the history of humanity is going on, and our real lives are bound to spill over to the metaverse. It is a virtual reality/augmented reality universe that helps you build social connections virtually. The term metaverse was coined by Neal Stephenson in a science fiction novel 'Snow Crash' in 1992, in which he envisioned lifelike avatars who met in realistic 3D buildings and other virtual reality environments, but this virtual world got recognition when Facebook, now known as Meta, adopted the new moniker, based on the sci-fi term metaverse, to describe its vision for working and playing in a virtual world. What is Metaverse?The term metaverse does not denote or refer to any specific type of technology, but rather a broad shift in how we interact and communicate using technology in this fast-growing world. And it's entirely possible that metaverse itself will eventually become just as antiquated, even as the specific technology it once described becomes commonplace.

NFTs as profile pictures, Facebook’s parent company META is launching an NFT marketplace, and several technology companies are investing in NFT platforms. Needless to say, they are no more a “failed experiment.” The reason for this is the massive growth in NFTs over the past year. It started with the sale of the Everydays painting by digital artist Beeple for $69 million in February 2021. And since then, a slew of NFT projects began to emerge. Many investors now deem NFTs as legitimate investments. But much of the NFT market lacks structure. In order to differentiate between NFT projects, we can place them into 4 categories.

Bitbns has listed the popular metaverse token 'TRACE' on its platform. It has become India's first crypto exchange to list this token. Belonging to Trace Network Labs, TRACE is a widely popular metaverse token used for accessorising digital avatars. It empowers network users with governance control over the protocol with exposure to the world of NFTs expanding metaverse. Bitbns hosts more than 400 cryptocurrencies on its platform. TRACE has joined as the latest addition, following comes after successfully listing several other popular metaverse tokens, including Alien World, RFOX, and DEAPcoin.

Facebook's parent company Meta is exploring the potential of digital money referred to internally as "Zuck Bucks" in a play on the founder's name, the Financial Times reported on Wednesday.

5ire, a 5th generation blockchain network, has bagged the AIBC Asia's 'Social impact Project of the Year' award held in Dubai, the United Arab Emirates on March 20th, 2022. 5ire is founded by two entrepreneurs of Indian origin, Pratik Gauri and Prateek Dwivedi, along with crypto financier Vilma Mattila from the United Kingdom. Appreciating the winners, AIBC underlined the importance of Social Impact, saying, «The stronger our ties develop, the more powerful blockchain becomes.»

Billionaire co-founder of crypto venture capital firm A16z Marc Andreessen may be leaving the board of directors of Meta due to his firm’s investments in the Web3 space.

By Analytics Team, Giottus Crypto ExchangeBitcoin (BTC) managed to reverse its losses mid-week and gained 7% last week as the interest rate hike by US Federal Reserve has had a minimal effect on the market. BTC is currently trading near $41,700 with Ethereum (ETH) inching towards $3,000 with a 14% weekly gain. The breakout story of the week belongs to ApeCoin (APE), the token that powers APE NFT ecosystem. The newly launched token is already amongst the top 40 cryptocurrencies by market cap after high volumes of trade in its first week.

Facebook owner Meta Platforms on Friday, alleging the social media giant failed to prevent scammers using its platform to promote fake ads featuring well-known people. The advertisements, which endorsed investment in cryptocurrency or money-making schemes, could have misled Facebook users into believing they were promoted by famous Australians, the Australian Competition & Consumer Commission (ACCC) said. The lawsuit filed in the Federal Court also alleges Facebook «aided and abetted or was knowingly concerned in false or misleading conduct and representations by the advertisers,» the ACCC said in a statement.

Meta Platforms Inc's digital currency venture Diem Association is winding down and selling its technology to California-based Silvergate Capital Corp for about $200 million, the Wall Street Journal reported on Wednesday, citing a person familiar with the matter. Meta, formerly Facebook Inc, first unveiled plans for Diem, known as Libra earlier, in June 2019, as part of an effort to expand beyond social networking into e-commerce and global payments. The project immediately ran into fierce opposition from policymakers globally, who worried it could erode their control over the money system, enable crime, and harm users' privacy.

American chartered bank Silvergate reportedly aims to purchase Diem's intellectual property for USD 200m, The Wall Street Journal reported, citing people familiar with the matter.

The Diem Association (formerly known as Libra Association), the Meta-led project that once aimed to create a stablecoin accessible to everyone in the world, is reportedly attempting to sell its assets as a way to return capital to its investors.

Giant social media company Meta (previously Facebook) has unveiled its plans to build a powerful AI supercomputer, called the AI Research SuperCluster (RSC) — which Meta claims is already among the fastest such supercomputers in the world. 

Facebook’s parent company Meta says that its newly-created artificial intelligence (AI) “Research SuperCluster” (RSC) will “pave the way” towards building the Metaverse.

Joel S. Elson, Assistant Professor of IT Innovation, the University of Nebraska Omaha; Austin C. Doctor, Assistant Professor of Political Science, University of Nebraska Omaha, and Sam Hunter, Professor of Psychology, University of Nebraska Omaha.

Facebook’s parent company Meta has recently been granted a range of new patents in the US which reveal new details about its plans for building out technologies for the metaverse.  

In a bid to make non-fungible tokens (NFTs) more accessible to a broader user base, photo and video sharing social networking service Instagram is exploring ways to integrate such assets within its social media platform, according to senior company representatives.

Meta, formerly Facebook, is allowing some users of its cryptocurrency wallet Novi in the US to send and receive money using its messaging platform WhatsApp. The feature is currently available to only a limited number of consumers and is likely to be expanded soon in the future.