Meta Remains Bullish on the Metaverse; Move-to-Earn Gets New Major Player

UpOnly | Research #22: Zuckerberg eyes ‘billions or trillions’ from Metaverse while move-to-earn attracts an influx of new users

Meta CEO Mark Zuckerberg reiterated in a recent earnings call that an investment into the emerging Metaverse technology remains a “massive opportunity.” He maintains a long-term outlook regarding the billions that the company is pouring into the space and envisages the opportunity to potentially double the company’s valuation as the rest of the world catches on.

Speaking about catching on, another blockchain gaming niche that has gained traction is the move-to-earn space. This week, fitness app Sweat Economy continued on the path to transition to blockchain-based move-to-earn. The switch brings an estimated 35 million users into the industry, yet another big win for Web3.

This edition of UpOnly | Research brings you a roundup of these developments, focusing on how Meta’s decision to double down on the Metaverse underlines the industry’s potential. We also consider how the move-to-earn space spearheads global crypto adoption and why this opportunity is still under the radar.

Meta on track to cash in big on the Metaverse opportunity, says CEO

Mark Zuckerberg’s Facebook made a bold statement by rebranding the company last year to focus on building systems that enrich Metaverse experiences. However, Meta’s Metaverse dream still seems to exist only on paper nearly a year on. The company has invested billions to make it a reality but has only managed seven consecutive quarterly losses.

According to Meta’s earnings report, the company’s Metaverse and virtual reality (VR) division called Reality Labs brought in $4.5 billion in revenue and recorded a $2.8 billion loss in the second quarter.

(Source: Meta’s Earnings Presentation)

The current financial position of Meta’s Metaverse division pales compared to the company’s future expectations from the venture. During Meta’s earnings call, the CEO noted that the “expensive undertaking” will probably continue over the next several years.

Meta was recently sued by the Federal Trade Commission (FTC) to prevent them from acquiring an app to grow its position as the leading virtual reality company. The challenges on the way perhaps have made Zuckerberg feel more confident that the company is on the right track. He added at the recent quarterly earnings call, “I feel even more strongly now that developing these platforms will unlock hundreds of billions of dollars, if not trillions over time.”

Meta’s dominance of the technology space in the past two decades and the level of resources at its disposal underlines its vast potential to cash in big on the Metaverse. Will the Metaverse be the catalyst for Meta to evolve into a multi-trillion dollar company? Only time will tell, although Zuck is banking on it.

Sweat Economy goes move-to-earn; raises $13M

Sweatcoin, a mainstream application that rewards users for engaging in outdoor physical activity, is evolving into a Web3 move-to-earn application. The UK-based startup, launched in 2015, has changed its name to Sweat Economy and recently announced a $13 million raise to support the transition. The token sale round was led by OKX Blockdream Ventures, Electric Capital, and Spartan Capital, among others.

Sweat Economy’s transition to the move-to-earn industry is significant for several reasons. Most importantly, the startup can automatically onboard its estimated 35 million users to the Web3 ecosystem. Such a large scale of adoption is remarkable to the health fitness niche that has a majority of non-native crypto users, differing from other crypto niches like DeFi that target only experienced crypto investors.

With Sweat Economy, many users will potentially get the chance to create a crypto wallet for the first time to earn SWEAT token rewards and learn how to convert the tokens to cash or other digital items. Sweat Economy’s reported user base is more than ten times that of the leading move-to-earn app, STEPN, which reports around 3 million users.

Meanwhile, it will be interesting to see whether Sweat Economy can keep up with its current free-to-play model. Unlike other move-to-earn apps like STEPN, where users must invest in purchasing NFT items to unlock rewards, Sweat Economy allows users to start earning for free. Finding the perfect balance between rewarding users and maintaining a healthy in-game economy has been a considerable bottleneck for play-to-earn gaming. It will likely determine whether Sweat Economy reaches its full potential.

Make data-driven Metaverse and GameFi investments with UpOnly

Big corporations like Meta investing heavily in the Metaverse add to growing evidence that the technology is set to play a significant role across several industries, including Web3 gaming. The entrance of a traditional Web2 company like Sweat Economy to the move-to-earn scene could also trigger similar transitions soon, especially if the endeavor is successful.

The UpOnly platform is a one-stop solution for identifying upcoming Metaverse and move-to-earn gaming projects with immense potential. UpOnly provides unique insights and timely updates from tracked projects, allowing investors to capitalize on market-moving developments.

UpOnly’s week in review

About UpOnly

UpOnly is a first-of-kind data directory that provides insightful and actionable data on the move-to-earn, play-to-earn, and Metaverse gaming fields. We aim to become a one-stop shop for gamers worldwide to identify the most lucrative play-to-earn opportunities and optimize their performance. Alongside our data directory, we will launch a decentralized prediction platform allowing anyone globally to bet on the outcome of play-to-earn and Metaverse gaming events.

--

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
UpOnly!

UpOnly!

1.6K Followers

The First Play to Earn Gaming Analytics and Prediction Platform. Analyse | Predict | Earn $UPO