(Video: CNBC)
With a heaping of Silicon Valley word salad, an “excited” and purportedly happiness-promoting Mark Zuckerberg took to CNBC on Wednesday to, in part, tout the cash-generating potential of his next-generation virtual reality/augmented reality digital commerce venture.
In a discussion on the perhaps appropriately named “Mad Money” show, the Meta/Facebook CEO — who reportedly spent about $400 million of his Zuckerbucks helping Joe Biden get elected president — explained to a suitably impressed host Jim Cramer what he has in mind for the future of the so-called Metaverse.
Zuckerberg told Cramer in the video clip embedded above that the artificial-intelligence-generated immersive environment “is gonna be a big theme for us over the next decade….the defining characteristic of the Metaverse and these new platforms is the ability to feel the sense of presence….”
During the wide-ranging conversation, Cramer, who mentioned that he met the night before with Zuckerberg remotely in what he described as a “lifelike” and “whimsical” Zen garden, said “I would try on clothes for my avatar, and I would buy clothes for my avatar. All a possibility?”
“Yeah; I think this is where we’re going. Our north star is that by the end of the decade, we hope to basically get to around a billion people in the Metaverse doing hundreds of dollars of commerce each, buying digital goods, digital content, different things to express themselves,” Zuckerberg explained in his other-worldly manner in the segment that you can review and draw your own conclusions.
Zuckerberg continued: “So whether that’s clothing for their avatar, different digital goods for their virtual home, or things to decorate their virtual conference room. Utilities to be able to be more productive in virtual and augmented reality and across the Metaverse overall. So I think there’s gonna be a massive economy around this. It’s gonna create a lot of opportunity for creators…I’m just really excited about a world where you’re gonna have millions of more people who can do creative work that just makes them happy as their job instead of some of the things that they might be doing today because they just feel like they need to in order to make money.”
Former hedge fund manager Jim Cramer is the same pundit/corporate cheerleader who late last year proposed deploying the military to implement a COVID-19 vaccine mandate.
In 2020, he made a groveling apology for referring to Nancy Pelosi as “Crazy Nancy” during a live interview with the U.S. House Speaker.
CNBC’s Jim Cramer demands Biden admin impose universal vax mandates pronto: ‘Have the military run it’ https://t.co/V42awBlFGY
— Jack Furnari (@JackBPR) November 30, 2021
“I think that’s gonna be a massive opportunity, but certainly, I think it’s a huge business opportunity for us too…Our playbook over time has been to build services, try to serve as many people as possible, get our services to a billion, two billion, three billion people,” Zuckerberg contended.
“And then we basically scale the monetization after that. We have done that with Facebook and Instagram. WhatsApp is really the next chapter with business messaging and commerce being a big thing there. But then, around the Metaverse and all the commerce and digital goods around that, that’s gonna be a really big leg of our business, especially over the next several years as we get into the second half of this decade too,” he added.
In an article published in March, the tech website Mashable claimed that “According to Mark Zuckerberg, mankind will migrate into the metaverse in the future, leaving reality behind for a world that we create and govern entirely…Reports suggest that Meta intends to spend the next five to ten years creating an immersive virtual environment that includes fragrance, touch, and sound to allow users to lose themselves in virtual reality.”
Earlier this year, the number of daily active Facebook users declined for the first time in the company’s history, which may be a reason why Zuckerberg is seeking to diversify with the new technology. TikTok’s popularity may be one of the reasons.
Wall St analyst says Facebook will be challenged to find future growth as TikTok comes 'stealing' via @BIZPACReview – https://t.co/Nd3J0gcMGx
— Bo Snerdley (@BoSnerdley) April 25, 2022
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Robert Jonathan is a staff writer for BizPac Review. He is a longtime writer/editor for news aggregation websites and has also developed content in the legal and financial publishing sectors as well as for online education. He earned a Juris Doctorate from the University of Connecticut School of Law, “a law school the basketball teams can be proud of.”
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