Mark Zuckerberg's Metaverse — Fail Or Success?

On the 28th of October, 2021, the founder of the Facebook social network, Mark Zuckerberg, announced the company’s renaming to Meta and the launch of a new Metaverse platform during the Facebook Connect conference. The concept of the project is to create an ecosystem of augmented reality with the help of special devices for maximum immersion in virtual space, the ability for self-expression, work and communication.

According to Mr. Zuckerberg, the need for social networks will decrease over time, which is why a new large-scale project was launched. The era of smartphones will end and the era of VR will begin. But despite the belief of IT giants in the development and adoption of VR technology users, the technology has not become mass сonsidering that the quality of graphics in the virtual space is growing and the equipment is becoming more accessible, in comparison with 2010.

$10 billion was invested in the Horizon Worlds, which is the official name of Zuckerberg’s creation. August 25, Mark published a selfie made in Metaverse. The purpose of this publication was to demonstrate updated worldwide content by using the Eiffel Tower in France and Sagrada Família in Spain. However, the public collapsed with negativity and condemnation because everybody assumed that the graphics shown at the presentation is only a draft and there should be a huge amount of resources spent to improve it, but after almost a year nothing has changed. The graphics in Mark’s Metaverse are now compared to the 1990s games’ graphics. Kevin Roose of "New York Times" described Horizon Worlds as "worse than a 2008 Nintendo Wii game" in his Twitter account.

Perhaps the poor quality of the graphics demonstrated on this selfie is due to the developer’s desire to make his Metaverse available for most devices. The project team and its users confirm the presence of bugs, periodic failures in work and unrealistic avatars.

Horizon Worlds could potentially have a positive impact on the cryptocurrency market, as it happened with Metaverse tokens following Facebook’s rebranding and declaring the company’s changing the vector. This happened because Meta became the first of the IT giants to publicly announce its plans to create a Metaverse. Many crypto market experts continue to confidently state the prospects for the development of Metaverses related to the blockchain by ensuring unprecedented ownership of digital property.

Today, the part of Meta that develops this Metaverse cannot achieve the planned results and get the support of users. Moreover, the financial report shows serious losses, which have already increased $5 billion. As such, Meta is probably not able to have a serious impact on the crypto market right now as a whole and the Metaverse industry based on blockchain.

However, we will see how it goes further — crypto and blockchain spheres change literally every day, and Mark Zuckerberg might want to put a little more effort in his project.