Could the Metaverse be over before it’s even begun?
Not quite, but Texas Attorney General Ken Paxton has filed a lawsuit
against Meta over Facebook’s facial recognition practices seeking penalties in the hundreds of billions!
Things seem to be going from bad to worse for Meta.
Only last week in its annual report
, Meta warned that if no new data privacy framework was adopted in the EU it may have to “walk away” from Europe altogether.
The current European data regulations prevent Meta from from transferring, storing and processing Europeans’ data on US-based servers. Perhaps we could be looking at a Meta Free Europe
Meta is also famously known for running a largely on-premise solution (which doesn’t help, as they don’t have any European servers to host personal data) rather than operating in the cloud, perhaps this may be a sign of things to come. It was only late last year they announced deeper ties to AWS
Despite all this, the number of Metaverse related roles continues to skyrocket
in the UK going up 532% in the last 3 months.
In the short term however, Meta’s stock has recently been getting crushed
, with more privacy focused legislation in Europe and controls by Apple - coupled with slower user growth with newer and more engaging social media apps like Tik Tok emerging.
Meta’s copycat and acquisition strategy might not work for too much longer.