• According to Zuckerberg, the metaverse enriches communication.
• Losses have been occurring in Meta's metaverse-focused unit.
• Zuckerberg, however, is still optimistic about the future of the metaverse.

Despite suffering significant setbacks in the metaverse sector of Meta, Mark Zuckerberg has maintained his faith in cutting-edge technology. Before the metaverse blossoms into the potential industry it now appears to be, the CEO of Meta has decided to give it five to 10 years. 

In a recent lecture, Zuckerberg emphasised that just 20% of Meta's functional focus is currently on creating the hardware and software that would support the metaverse ecosystem. On the other side, Facebook, Instagram, and WhatsApp continue to receive 80% of the attention from Meta. 

At the New York Times DealBook Summit, 38-year-old Mark Zuckerberg made the observation that his organisation must operate more effectively if it intends to improve the metaverse technology on a larger scale. According to the tech tycoon, interactive and richer communication is made possible by metaverse technology.

 In a metaverse setting, where the two were represented by avatars, Zuckerberg spoke with American journalist Andrew Ross Sorkin about Meta's future plans to make screen interactions 'more immersive and feel a little bit more human.' Currently, Reality Labs, a division of Meta, focuses on research and development related to its metaverse initiatives. 

In the business's Reality Labs division's Q2 earnings call in July, Zuckerberg revealed that the company had suffered staggering $2.81 billion in losses (roughly Rs. 22,410 crore). Around July of this year, the division's year-to-date losses were a dismal $5.77 billion (approximately Rs. 46,016 crore). In reality, Reality Labs reported a startling $10.2 billion yearly loss last year (roughly Rs. 81,346 crore).

 The billionaire has often drawn criticism for last year's decision to relaunch Facebook as a Web3-centric corporation, which resulted in the company's financial decline.

Zuckerberg's ideas for the metaverse had been 'dissected' by Sam Bankman-Fried, who claimed that Facebook's rebranding was really a ruse to generate billions by portraying itself as a 'vague, confusing, and futuristic enough' area.