Meta

Jeff Nicholas, the former creative director at Yuga Labs for the Bored Apes Yacht Club (BAYC), has expressed his excitement on X, noting that he will join Meta’s Reality Labs as an executive producer. In his new role at Meta, he will focus on developing innovative virtual reality (VR) entertainment experiences.&nbsp;
This marks his first position with a major tech company, as Meta currently ranks as the world’s <a href="https://companiesmarketcap.com/" rel="noopener noreferrer nofollow" target="_blank">seventh most valuable</a> company by market capitalization.
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Nicholas noted that he was quite thrilled to dive back into VR with the amazing team as they explore the future of better entertainment experiences. He is expected to begin in September.
<h3 class="wp-block-heading" id="span-style-font-weight-400-meta-reality-labs-lays-off-senior-managers-amid-cost-cutting-measures-span">Meta Reality Labs lays off senior managers amid cost-cutting measures</h3>
Meta’s ambitious plans to develop the metaverse are costing the company billions of dollars a quarter.
As part of the company’s <a href="https://www.cnbc.com/2024/07/31/meta-earnings-q2-2024.html" rel="noopener noreferrer nofollow" target="_blank">second-quarter earnings</a> report on Wednesday, Meta’s Reality Labs unit, which houses augmented and virtual reality technologies, recorded an operating <a href="https://investor.fb.com/investor-news/press-release-details/2024/Meta-Reports-Second-Quarter-2024-Results/default.aspx" rel="noopener noreferrer nofollow" target="_blank">loss of $4.48 billion</a>.
Nicholas’s entry into Meta comes as the firm tightens its purse strings for Reality Labs, its division dedicated to VR, augmented reality (AR), and the metaverse.
According to a report by <a href="https://www.theinformation.com/articles/reality-comes-to-metas-reality-labs" rel="noopener noreferrer nofollow" target="_blank">The Information</a>, the tech firm’s hardware teams within Reality Labs have been asked to cut spending by nearly 20% from this year through 2026. This follows a series of layoffs over the past year, which heavily impacted middle and senior management, including over a dozen vice presidents and directors last month. 
Meta has placed a long-term bet on the metaverse, investing over $40 billion. This project is very significant to the firm. In fact, earlier this year, the firm’s CFO emphasized the potential $1 trillion opportunity in AR and VR, indicating the scale of the ambition behind Reality Labs.
Currently, the tech firm offers its Quest line of VR headsets and Meta Ray-Ban AI glasses, with more advanced AR glasses expected to be released in the future.
<h3 class="wp-block-heading" id="span-style-font-weight-400-mark-zuckerberg-acknowledges-risks-in-the-metaverse-bet-span">Mark Zuckerberg acknowledges risks in the metaverse bet</h3>
Despite the ambitious outlook, Zuckerberg has acknowledged the risks associated with the metaverse. On a call with <a href="https://africa.businessinsider.com/news/mark-zuckerbergs-metaverse-losses-pass-dollar40-billion-heres-why-thats-suddenly-ok/gys7z2y" rel="noopener noreferrer nofollow" target="_blank">analysts last year</a>, he described the metaverse as a “very long-term bet,” He admitted that he could not guarantee people that his bet was going to materialize. However, Zuckerberg believed that the world is inevitably heading toward virtual reality.
As part of Meta’s broader strategy to streamline operations, Reality Labs is not exempt from cost-cutting measures. Zuckerberg has emphasized the importance of making work across the company, including Reality Labs, more efficient.
While Jeff Nicholas’s move from BAYC to Meta is a significant shift from the world of NFTs to big tech, he reassured the BAYC community that he remains committed to them.
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
 As for me personally, I’m not going anywhere. I minted Apes, I’m an Ape till I die, and I’m looking forward to continuing to be part of the community as this club, brand and legacy unfold in the days, months, and years to come. <cite>Jeff Nicholas</cite>
</blockquote>

Bored Apes’ creative director joins Meta’s Reality Labs

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