WhatsApp Will Drive Sales Sooner Than Metaverse: Zuckerberg By CoinEdition

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WhatsApp Will Drive Sales Sooner Than Metaverse: Zuckerberg

Cryptocurrency Nov 18, 2022 12:00PM ET

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Meta CEO said WhatsApp and Messenger would bolster the company’s next wave of sales growth, faster than metaverse.
Mark Zuckerberg claimed that they were extremely early in monetizing.
Meta shuttered its Novi digital wallet just eleven months after its debut.

Mark Zuckerberg, the CEO of Meta Platforms, told its employees that WhatsApp and Messenger would bolster the company’s next wave of sales growth, faster than metaverse, as he aims to wave off concerns regarding Meta’s finances post the first mass layoffs.

While addressing the company during a meeting after the announcement of mass layoffs, Zuckerberg claimed that they were extremely early in monetizing, comparing the two chat applications to the advertising conglomerates Facebook (NASDAQ:META) and Instagram.

Zuckerberg exclaimed:

We talk a lot about the very long-term opportunities like the metaverse, but the reality is that business messaging is probably going to be the next major pillar of our business as we work to monetize WhatsApp and Messenger more.

However, Zuckerberg’s remarks contrasted with his efforts to invest heavily in extended reality hardware and software since last year when he announced a long-term goal to build an immersive metaverse.

Reportedly, 20% of Meta’s funds were being utilized by Reality Labs, the division responsible for its metaverse investments. Zuckerberg added that the unit was spending the budget on augmented reality (AR), and AR glasses. Nearly 40% of Reality Labs’ funding went toward virtual reality (VR), while about 10% was spent on futuristic social platforms like Horizon.

Facebook and the world of web 3.0 do not seem to be going quite well. Meta shuttered its Novi digital wallet just eleven months after its debut. Novi was perceived as an easy way for people to send and receive money with the help of the crypto Paxos Dollar, or USDP, stablecoin.

Furthermore, Meta also planned to issue and accept the Diem crypto, which was backed by a Facebook-led association, in conjunction with the Novi wallet. However, Diem faced intense scrutiny from regulators, which led to its short stint in the crypto market.

The post WhatsApp Will Drive Sales Sooner Than Metaverse: Zuckerberg appeared first on Coin Edition.

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