What Is the Metaverse? 12 Things to Know as FB Announces Huge Hiring Plans

Facebook (NASDAQ:FB) announced major plans today that have some investors asking “what is the metaverse?”

image of person using a Facebook (FB) app on their mobile phone with Facebook also open on an online browser in the background (what is the metaverse)

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Let’s dive into that news below to give investors an idea of what the metaverse is all about.

  • First off, the metaverse is a planned online presence that allows users greater control over their interactions.
  • Facebook claims that this has the “potential to help unlock access to new creative, social and economic opportunities.”
  • It’s worth noting that the metaverse won’t be owned by a single company.
  • Instead, it’s a virtual space that many companies, groups, and organizations will take part in.
  • Facebook says that it will need to make significant investments in talent to meet its metaverse goals.
  • As a result, the company is planning to create 10,000 jobs.
  • These jobs are going to be available in the European Union over the next five years.
  • The tech giant points to Europe as the place to develop the metaverse for a few reasons.
  • That includes the recent technological advancements coming out of the area.
  • Among that is the development of the first mRNA vaccine, as well as Sweden’s push to become the first cashless society by 2023.
  • Facebook also notes that this will have it working with governments and policymakers on the development of the metaverse.
  • The company says its need for “highly specialized engineers,” is one of its “most pressing priorities.”

Facebook’s metaverse announcement has shares of FB stock moving higher today. As of Monday morning, the stock was up 2%.

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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Article printed from InvestorPlace Media, https://investorplace.com/2021/10/what-is-the-metaverse-12-things-to-know-as-fb-announces-huge-hiring-plans/.

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