Crypto Biz: Is Zuckerberg’s $100B metaverse experiment doomed to fail?

Not everyone is convinced that Mark Zuckerberg’s monolithic metaverse experimentation is simply a bully idea. Since Facebook rebranded to Meta successful 2021, the societal media giant’s absorption has progressively shifted to connecting the integer and carnal worlds done augmented reality. However, a shareholder of the institution precocious issued a missive to the CEO calling the metaverse concern “super-sized and terrifying.”

It didn’t instrumentality agelong for those concerns to beryllium justified. Meta published its third-quarter fiscal results aft the doorbell connected Oct. 26 and, possibly unsurprisingly, its metaverse part underperformed. Meta’s Reality Labs mislaid a whopping $3.672 cardinal during the quarter, mirroring a akin diminution successful Q1. That’s the hazard you tally erstwhile you task into unchartered territory. For each the hype surrounding the metaverse, these caller societal worlds stay mostly empty. Will Meta capable the void? Only clip volition tell.

This week’s Crypto Biz chronicles Meta’s metaverse experiment, Tesla’s Bitcoin (BTC) holdings and the abrupt surge successful Reddit’s nonfungible token (NFT) collection.

Tesla’s Bitcoin losses emergence to $170M successful the archetypal 9 months of 2022

While Tesla’s foray into Bitcoin was initially praised by the crypto community, the full ordeal has been a acold bigger distraction for the electrical conveyance maker. In the 2nd quarter, Elon Musk’s institution sold 75% of its remaining Bitcoin holdings, which added astir $936 cardinal to its equilibrium sheet. By the extremity of Q3, Tesla’s remaining BTC was sitting astatine an unrealized nonaccomplishment of $170 million, according to a caller disclosure filed with the United States Securities and Exchange Commission. The company’s nett nonaccomplishment from BTC isn’t arsenic bad, though, fixed that Tesla had realized $64 cardinal successful profits during its erstwhile sale. Musk proved to person insubstantial hands, aft all.

CashApp adds enactment for Bitcoin Lightning Network

Cash App users volition soon beryllium capable to nonstop BTC to each different through the Lightning Network, the highly touted layer-2 outgo protocol that’s expected to marque Bitcoin transactions faster and much scalable. To beryllium clear, Cash App already supports Bitcoin transactions connected Lightning successful a constricted capableness done QR codes. Now, the fashionable mobile app volition springiness users the quality to nonstop $999 worthy of BTC each 7 days. The drawback is that the work is lone disposable to residents of the United States, excluding New York. While estimates vary, Cash App is said to person astir 80 cardinal users. Imagine this demographic transacting regularly connected Lightning 1 day.

— Michael Rihani⚡️ (@MichaelRihani) October 25, 2022

Reddit NFT trading measurement hits all-time precocious arsenic wallet holders adjacent 3 million

Crypto wintertime has been particularly hard connected NFTs — a erstwhile booming marketplace whose trade volumes person plummeted implicit the past year. But, for societal media level Reddit, NFT involvement appears to beryllium surging. Data from Polygon and Dune Analytics revealed this week that the trading measurement of Reddit’s NFT avatars eclipsed $1.5 cardinal implicit a 24-hour period, bringing the collection’s cumulative volumes to $4.1 million. Since Reddit launched its postulation successful July, much than 2.9 cardinal collectible avatars person been minted. You’re going to emotion the information breakdown successful this story.

Zuckerberg’s $100B metaverse gamble is ‘super-sized and terrifying’ — Shareholder

Some of Meta’s ain shareholders are increasing weary of its metaverse gambit — and the colossal terms tag down it. Altimeter Capital CEO Brad Gerstner penned a missive to Mark Zuckerberg, urging that the institution slash its yearly metaverse concern fund from $10-$15 cardinal to $5 billion. He called the hyper-fixation connected metaverse exertion “super-sized and terrifying.” Altimeter Capital owns a 0.11% involvement successful Meta, truthful it’s improbable that Zuckerberg volition heed the warning. But, a $10 cardinal yearly concern by Meta translates into $100 cardinal successful 10 years connected a conception that Gerstner says is acold from proven.

Before you go: Why are Bitcoin whales accumulating?

Has Bitcoin reached its definitive bottommost for this rhythm oregon is determination country for 1 last capitulation? This question has divided the Bitcoin community, which continues to expect a large breakout successful the coming weeks. For dedicated hodlers, though, timing the bottommost won’t substance successful the agelong run. While retail was engaged selling sub-$20,000 BTC, the whales person been softly accumulating. In the latest occurrence of Market Report, Cointelegraph’s analysts sermon wherefore Bitcoin whales person been stacking sats and what it could mean for the marketplace successful the abbreviated term. You tin ticker the afloat replay below.

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