Meta coughing up big money to developers building its metaverse

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    Tech giant Meta, the parent company of Facebook, Instagram, and WhatsApp messaging services, has been looking to expand into the Metaverse for some time. But it got off to a rough start and lost billions of dollars.

    Nevertheless, a new report in The Wall Street Journal To tell Meta’s programmers working on the company’s virtual reality suite can earn total rewards starting at “$600,000 for packages approaching $1 million.”

    According to the report, information about metaverse developer salaries on Meta came from anonymous “people familiar with the matter.”

    Earlier in the year, the company’s metaverse-building arm, Reality Labs, lost $13.7 billion in 2022. This marked the division’s largest annual loss ever recorded.

    However, the company’s co-founder and CEO Mark Zuckerberg has said the company has no plans to change its long-term vision for the Metaverse. Approved to proceed with the acquisition of a real company.

    Related: Meta working on a text-based decentralized social network codenamed P92.

    Prior to that ruling, Meta was sued by the Federal Trade Commission against Meta and Zuckerberg in an attempt to block “the ultimate goal of owning the entire Metaverse.”

    Recently, two US senators released a letter to Zuckerberg urging the CEO of Meta not to allow teens access to Horizon Worlds on the Metaverse platform. They cited “serious risks” and called it “a prevalent digital space with potential harm.”

    On March 13, Meta’s head of commerce and financial technology tweeted that the company was gradually phasing out support for non-fungible tokens on Facebook and Instagram for the time being. The move was to “focus on other ways to support creators, people, and businesses,” according to executives.

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