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Is Zuckerberg’s $100B metaverse experiment doomed to fail?

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Not everyone is convinced that Mark Zuckerberg’s massive metaverse experiment is a good idea.ever since Facebook rebrands to Meta In 2021, the social media giant’s focus will increasingly shift to connecting the digital and physical worlds through augmented reality. However, the company’s shareholders recently issued a letter to the CEO calling their investment in the Metaverse “super-massive and terrifying.”

It didn’t take long for these concerns to be justified. Meta reported third-quarter results after his October 26th bell, but perhaps unsurprisingly, its metaverse division performed poorly. Meta’s Reality Labs lost a whopping $3.672 billion during the quarter, reflecting a similar decline in Q1. This is the risk that comes with stepping into uncharted territory. Despite the hype surrounding the Metaverse, these new social worlds remain largely empty. Will the meta fill that hole? Only time will tell.

This week’s Crypto Biz features Meta’s metaverse experiment, Tesla’s Bitcoin (Bitcoin) holdings and the sudden surge in Reddit Non-Fungible Token (NFT) collection.

Tesla’s Bitcoin Loss Increases to $170 Million in First Nine Months of 2022

While Tesla’s foray into Bitcoin was initially hailed by the cryptocurrency community, the whole ordeal has become a much bigger distraction for the electric car maker.Second Quarter, Elon Musk’s Company Sell ​​75% of remaining bitcoin holdings, which added approximately $936 million to the balance sheet.By the end of the third quarter, Tesla’s remaining BTC $170 million unrealized loss, according to new disclosures filed with the U.S. Securities and Exchange Commission.However, if Tesla Realized a profit of $64 million Last sale. In the end, Musk proved to have paper hands.

CashApp Adds Support for Bitcoin Lightning Network

cash app users Soon you will be able to send BTC to each other Via Lightning Network, a highly touted Layer 2 payment protocol that is supposed to make Bitcoin transactions faster and more scalable. , supports bitcoin transactions in Lightning. Now, a popular mobile app will allow users to send his BTC worth $999 every seven days. The problem is that the service is only available to US residents, excluding New York. Estimates vary, but Cash App is said to have about 80 million users. Imagine this demographic trading regularly on Lightning one day.

Reddit NFT transaction volume hits all-time high with nearly 3 million wallet holders

The crypto winter has been particularly tough for a once-booming market, NFTs. trading volume plummeted the past year. However, there seems to be a growing interest in NFTs on his Reddit, a social media platform. Polygon and Dune Analytics data this week Trading volume of NFT avatars on Reddit It surpassed $1.5 million in 24 hours, bringing the cumulative volume of the collection to $4.1 million. Over 2.9 million collectible avatars have been created since Reddit launched his collection in July. You’ll love the breakdown of the data in this story.

Zuckerberg’s $100 billion Metaverse gambling is ‘massive and scary’ — shareholders

Some of Meta’s own shareholders are fed up with its Metaverse strategy and the huge price tag behind it. Altimeter Capital CEO Brad Gerstner I wrote a letter to Mark Zuckerbergasked the company to cut its annual Metaverse investment budget from $10 billion to $15 billion to $5 billion. He called the Metaverse his obsession with technology “huge and terrifying”. Altimeter Capital owns his 0.11% stake in Meta, so it’s unlikely Zuckerberg will heed the warning. But Meta’s $10 billion annual investment, in Gerstner’s notion that he’ll be worth $100 billion in 10 years, is far from proof.

Before You Go: Why Are Bitcoin Whales Gathering?

Has Bitcoin hit a definitive bottom in this cycle or is there room for a final surrender? Divide the Bitcoin community, continues to be expected to have big breakouts in the coming weeks. For the avid hodler, however, the timing of bottoming out doesn’t matter in the long run. While retailers were busy selling his BTC under $20,000, the whale was quietly accumulating.in the latest episode of market reportCointelegraph analysts discuss why Bitcoin whales are piling up the SAT and what that means for the market in the short term. You can watch the full replay below.

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