Facebook is going full metaverse, a concept that involves creating digital worlds that multiple people can inhabit at the same time. It's creating a product team to work on the metaverse, which will be part of Facebook's virtual reality group.
Metaverse is the successor of the mobile internet. You can think of metaverse as an embodied internet, where instead of just viewing content, you are in it. An application is being able to jump virtually into a 3D concert after initially watching on a mobile phone screen. The Zuck is not messing around and believes this is Facebook's destiny: "We will effectively transition from people seeing us as being primarily a social media company to being a metaverse company," he said.
A metaverse will bring enormous opportunity to creators and artists; to individuals who want to work and own homes far from today’s urban centers; and to people who live in places where opportunities for education or recreation are more limited. A realized metaverse could be the next best thing to a working teleportation device.
Short Squeez Takeaway: Facebook's stock has been on a tear, up 37% this year alone. The Zuck says that he has been thinking about some of this stuff since he was a little kid and already does a few meetings in VR at Facebook. If Facebook can take the lead in this sci-fi vision of the world, the stock might be headed to the moon over the next few years. #welikethestock