Meta Platforms
FB
is collaborating with VNTANA to bring 3D advertising to Facebook and Instagram. VNTANA has been granted access to Meta’s AR publishing application programming interface to automate 3D technology for ads.
This recent collaboration is a stepping stone for Meta to bring its advertising business to the metaverse. Brands will now be able to advertise 3D models of their products on Facebook and Instagram, creating a whole new way of interaction between customers and businesses.
The recent collaboration by Meta showcases its commitment to bring the metaverse to life. The company has staked its future on building the metaverse, and has entered into strategic partnerships to achieve this goal.
Meta has previously collaborated with AR companies Modiface and PerfectCorp to specifically help beauty and cosmetic brands advertise their products using 3D models. Users can now interact with any product on Instagram and Facebook, and view the same from all angles.
This provides a glimpse of what shopping will look like on metaverse with the arrival of modified AR glasses. Some aspects of the metaverse are already functional. Meta said that it will be spending over $10 billion in the next 10 years on further building the metaverse. The company is also investing heavily to develop a VR content ecosystem. The launch of the VR headsets, Rift and Oculus Quest, its first all-in-one headsets with no wires and full freedom of movement, is a step toward this goal.
The company also previously entered into a multi-year partnership with Ray-Ban parent, EssilorLuxottica. The two companies, in collaboration, released a pair of Ray-Ban branded smart glasses in 2021. Meta also unveiled Project Aria, which will help it develop the first generation of wearable AR devices.
Per
Bloomberg
, the metaverse market, globally, is expected to reach $800 billion by 2024.
Meta Platforms, Inc. Price and Consensus
Meta Platforms, Inc. price-consensus-chart
|
Meta Platforms, Inc. Quote
With 3.6 billion users across Meta’s different social media platforms like Facebook, Instagram, WhatsApp & Messenger, the company is connected to roughly 75% of the internet, which will help it attain significant market share in the metaverse.
Currently, Meta holds a Zacks Rank# 4 (Sell) due to increasing legal woes and global geopolitical unrest hampering top-line growth. The company’s shares have tumbled 34.7% in the year-to-date period, underperforming the Zacks
Internet – Software
industry’s and the Zacks
Computer and Technology
sector’s declines of 29.5% and 12.3%, respectively.
You can see
the complete list of today’s Zacks #1 Rank stocks here
.
Other Players in Metaverse
Meta is not the only company to claim its stake in the virtual reality space, i.e., the metaverse.
Microsoft
MSFT
recently acquired Activision Blizzard in an all-cash deal for $68.7 billion to competitively enter the world of gaming in the metaverse.
Microsoft’s strategic plan to buy Activision has helped it become the third largest gaming company in the world and provided it with the expertise to claim its stake in the multimillion-dollar metaverse market.
NVIDIA
‘s
NVDA
best-in-class graphics rendering chips will undoubtedly be a core component of Meta’s Oculus visual functionality in the metaverse.
NVIDIA is also gaining a decent market share among gaming service providers . Its strong lineup of advanced graphics cards has made it a favorite graphics card provider, and is expected to help the company enter the gaming world in the metaverse.
Meta is facing stiff competition from its social media peer
Snap
SNAP
in the virtual world. Snapchat is among the most preferred social media platforms of millennials and the Gen-Z.
The real value of the company is not in its social media profile, but the AR features that attract users and content creators to its platform. Snap has recently acquired the neurotech company, NextMind, a Paris-based startup that develops non-invasive brain-computer interface technology using electronic devices. The acquisition is expected to help Snap realize its long-term AR goals and enter the metaverse.
Just Released: Zacks’ 7 Best Stocks for Today
Experts extracted 7 stocks from the list of 220 Zacks Rank #1 Strong Buys that has beaten the market more than 2X over with a stunning average gain of +25.4% per year.
These 7 were selected because of their superior potential for immediate breakout.
See these time-sensitive tickers now >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days.
Click to get this free report