The metaverse is bad. Thats according to several high-profile industry figures and the founder of VR headset startup Oculus is the latest to bluntly put it down.
I dont think its a good product, Palmer Luckey said about the Metaverses core product Horizon Worlds at the Wall Street Journal conference Tech Live.
Oculus was acquired by Facebook in 2014 for $2 billion as part of the companys hugely expensive and near decade-long pursuit of its virtual reality universe. Luckey, who was fired from Facebook in 2016, now runs the security and defense product start-up Anduril Industries.
Its not good, its not funMost people on the team would agree its not a good product, he said, alluding to leaked internal memos revealing that staff are barely interested, and that its suffering from glitches.
Zuckerbergs project car
But its not just the quality that has drawn criticism from all angles; Meta is so far losing a lot of money on Mark Zuckerbergs push into the technology.
Mark Zuckerberg is the number one virtual reality fan in the world, Luckey said. Hes put in more money and time to it than anyone ever in history.
In 2021 alone, Meta invested $10 billion in the metaverse, and is expected to lose another $10 billion this year.
As a result, profits and faith in the company is dropping significantly. Since the company changed its name to Meta in 2021, Zuckbergs personal net worth has dropped by over $70 billion, while as of Monday, Metas shares are down over 60% year-to-date.
Luckey lamented Zuckerbergs intense push towards VR, likening the metaverse to the CEOs project car an incredibly expensive hobby that you ultimately lose money on.
You hack at it and maybe no one else sees the value Will they stumble? Yeah sure. Will they waste money? Will they add things to their project car that they later hack off? Yes.
Despite the criticism, Luckey believes the Metaverse could still succeed since theres enough money involved to streamline the current issues.
It is terrible today, but it could be amazing in the future, he said. Zuckerberg will put the money in to do it. Theyre in the best position of anyone to win in the long run.
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