I wrote this in another thread, but while FB’s actual attempt at the “metaverse” is pants-on-head retarded, the decision to do a full pivot (and, to a lesser extent, the decision to pivot into VR) doesn’t just make sense, but was arguably necessary for Facebook’s long-term survival.
The problem with Facebook is its two biggest avenues - social media and peddling user data - are both in serious trouble. The former is because FB is seen as the boomer social media platform, and is only really popular in the third world, where each user is worth significantly less than comparatively wealthy Western users. The latter is because Apple introduced privacy settings to make data sharing opt-in instead of opt-out, basically halving FB’s mobile user data overnight.
Not changing anything will have FB going the way of Yahoo or MySpace within the next 10 years. Strategically, pivoting to VR isn’t a bad plan, because if executed properly, it ensures their survival and continued relevance, even if they have to downscale from their current operations. Key word if executed properly, because the Metaverse is doing nothing but hastening their demise.