This Week In The Metaverse: Meta Makes Deep Cuts, NFT Sales Drop 60%
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Issues are transferring quick within the metaverse, and within the wider world of web3 as an entire. Right here’s what it’s worthwhile to know from this previous week:
Meta Platforms plans to terminate the lease at its 225 Park South workplace location in New York Metropolis, per experiences. Information of the upcoming closure arrives on the heels of a grim milestone for Meta: Final week, the corporate’s founder and chief government Mark Zuckerberg introduced the primary main funds lower within the almost 20-year historical past of the corporate (which was initially based as Fb in 2004), plus a hiring freeze and anticipated layoffs that can doubtless go away the corporate with a smaller workforce in 2023 than it has presently, in response to Bloomberg.
Meta has lately been spending huge quantities of capital in its efforts to be a first-rate mover within the metaverse, a bet which can or could not but repay. In the ultimate days of September, the corporate’s inventory hit its lowest level since 2019.
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