Meta calls it a wrap on Diem project, pockets $182M from its sale
Rumours about the Menlo Park-based tech company looking for a buyer of the project started circulating last week The project, formerly Libra, faced many regulatory stumbling blocks throughout its life, prompting a rebrand to Diem at some point Last week’s unconfirmed reports of Meta looking to sell assets and intellectual property under the Diem project have been verified. Yesterday, the Diem Group revealed it was abandoning the stable coin venture after agreeing to a $182 million sales deal of its technology. The Facebook-backed digital currency project was bought by Silvergate Capital, a California-based innovative financial infrastructure solutions and services provider with a keen interest in the digital currency industry. The company wrapped the deal by paying $50 million and is...
Diem project to sell assets amid looming end, reports suggest
Diem, previously Libra, was proposed by Facebook before its rebrand to Meta The stablecoin project has not seen many good days since its launch It now seems the Diem Association has finally given up on it The Diem stablecoin project pioneered by Meta in October 2019 was mooted as a stablecoin to eventually be used across Meta’s applications. These expectations have seemingly gone to the pack. Bloomberg reports that the project executives have been speaking to investment bankers to initiate a sale of its assets and return the money to the initial investors. However, the talks are still in an early stage, and finding a buyer is not guaranteed. The group is also seeking new employment opportunities for its engineers following the imminent close of business. Worth noting, the project is ...
Zuckerberg’s Diem reportedly weighing sale after stablecoin plans falter
Meta-backed crypto initiative “Diem” is reportedly trying to sell its assets, seemingly calling time on Facebook founder Mark Zuckerberg’s grand ambitions for a stablecoin to act as the internet’s currency. Diem — which was previously known as Libra — is Meta Platform’s cryptocurrency initiative. According to insider sources speaking with Bloomberg, it is considering selling assets to return capital to its investors. The sources said that Diem is in discussions with investment bankers to determine the best way to sell its intellectual property and cash out on whatever value the project has maintained. It’s unclear how the company will be valued, and there is no guarantee that they will be able to find a buyer. According to the source, about a third of the venture is owned by Meta. The rema...
Meta unveils Metaverse AI supercomputer, claims it will be world’s fastest
Facebook’s parent company Meta says that its newly-created artificial intelligence (AI) “Research SuperCluster” (RSC) will “pave the way” towards building the Metaverse. The social media giant said that it believes RSC is already one of the fastest supercomputers in the world and will snag the top spot when it’s fully operational in mid-2022, according to a Jan, 24 blog post unveiling the hardware. “Developing the next generation of advanced AI will require powerful new computers capable of quintillions of operations per second,” wrote the company. “Ultimately, the work done with RSC will pave the way toward building technologies for the next major computing platform — the metaverse, where AI-driven applications and products will play an important role.” CEO Mark Zuckerberg added in a Jan....
Meta exploring NFTs integration, with a marketplace reportedly in plans
Meta will support digital art creators by introducing monetisation for their collectibles Social media giant Meta plans to take advantage of the growing hype in the NFTs industry, according to recent reports. NFTs burst into the scene last year, ballooning to surpass a figure of $40 billion in trades as of the end of 2021. A Thursday report from the Financial Times detailed that ‘several people familiar with the matter’ have suggested that Facebook and Instagram are eyeing NFT integration with talks of an NFT marketplace also in the air. It is worth noting that following the transformation of Facebook into Meta, CEO Mark Zuckerberg indicated that his company would explore the idea of bringing NFTs into the Meta universe. A ‘space’ for creators to exhibit their work ...
Meta poaches staff from Microsoft and Apple for Metaverse plans
Employees from Microsoft and Apple are jumping ship to join Meta Platforms as the company sets its sights on creating the Metaverse. According to former employees of Microsoft quoted by the Wall Street Journal, around 100 people have ditched the tech giant’s augmented reality team over the past year to join Meta Platforms. They claim that Meta has been particularly focused on snapping up people who have worked on Microsoft’s HoloLens augmented reality (AR) headsets. According to the WSJ, Linkedin profiles show that more than 70 people who were part of Microsoft’s HoloLens team have left the project over the past year, with more than 40 of them taking on new positions at Meta. Microsoft’s first mover advantage in the AR space makes its employees valuable assets to Meta. Microsoft announced ...
Bored Ape Yacht Club is a huge mainstream hit, but is Wall Street ready for NFTs?
Within months after its launch in April 2021, Bored Ape Yacht Club (BAYC) has become one of the main reasons Wall Street should take the emerging nonfungible token (NFT) market seriously, thanks to its recent sales turnover of over $1 billion. Celebrities ape into BAYC For the uninitiated, BAYC is a collection of 10,000 cartoons of anthropomorphic apes with stylish clothes and disreputable expressions. Each ape is practically an image file that should be worthless in a sane world. Nonetheless, they have been managing to fetch astonishing sums, sometimes from some of the world’s most renowned celebrities. For instance, Jimmy Fallon, a popular American TV host, bought the image of a Bored Ape that wore a striped T-shirt and heart-shaped shades for almost $220,000 in November ...
Meta Looks to Boost Virtual Reality in Africa’s Storytelling
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UK Watchdog Orders Meta/Facebook to Sell GIF Platform Giphy
The United Kingdom’s antitrust watchdog has blocked Facebook’s acquisition of Giphy and ordered the social network to sell off the GIF-sharing platform, saying the deal hurts social media users and advertisers by stifling competition for animated images. The Competition and Markets Authority said Tuesday that the deal would let Facebook “increase its already significant market power” by denying or limiting other platforms’ access to Giphy GIFs and driving traffic to Facebook-owned sites. It has noted previously that there’s only one other big provider of GIFs, Google’s Tenor. The regulator also was concerned that the deal removed potential competition from the U.K.’s 7 billion pound ($9.3 billion) display advertising market, of which Facebook controls half. It’s the first time the watchdog...
Most SMEs Are Owed Money – Here’s How Tech Can Help Them Get Paid
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Could Ethiopia Ban Facebook After It Deleted PM Abiy Ahmed’s Post?
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Mark Zuckerberg Officially Rebrands Facebook as Meta, Twitter Hilariously Reacts
HipHopWired Featured Video CLOSE Source: Facebook / Mark Zuckerberg Announces Meta Mark Zuckerberg finally revealed his worst-kept secret. Thursday (Oct.28), Facebook founder Mark Zuckerberg revealed the company’s new name going forward would be Meta during its Connect event. “We are a company that builds technology to connect,” Zuckerberg nerdily gushed. “Together, we can finally put people at the center of our technology. And together, we can unlock a massively bigger creator economy.” Zuckerberg said the name Facebook doesn’t fully represent everything the company does and believes it is linked to one product stating, “But over time, I hope we are seen as a metaverse company.” https://twitter.com/LetsOTT/status/1453794047311507456?s=20 Related Stories Thursday’s announcement cements the...
