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According to a former top Nintendo executive, Meta is 'not an inventive firm,' and their concept for the metaverse is unlikely to materialize.
Former Nintendo of America COO Reggie Fils-Aime told Bloomberg's Emily Chang that Meta had either "bought extremely amazing things" or "become a rapid follower of other people's ideas" – and that tiny, innovative enterprises were more likely to represent the metaverse's future.
The term "metaverse" refers to a version of the internet that may be accessed using immersive technology such as virtual and augmented reality headsets. It's Mark Zuckerberg's new emphasis, after rebranding Facebook as Meta in October 2021.
Fils-Aime left Nintendo in 2019 after 15 years with the Japanese video game company.
Fils-Aime told Bloomberg at the South by Southwest festival in Austin, Texas, on Saturday: "Facebook is not an innovative firm in and of itself. They've either acquired intriguing things like Oculus and Instagram, or they've been a quick adopter of other people's ideas."
"I don't think their current definition will be successful," he stated of Meta's vision for the metaverse.
According to Fils-Aime, small, imaginative companies like Epic Games that are doing "very fascinating" things will propel the metaverse forward.
He stated that Meta's primary focus was on advertisers, as digital advertising accounted for 98 percent of its revenue. But, he adds, "in order to be innovative, you really need to think about the consumer first."
Insider asked Meta for a statement, but she declined.
Year to date, Meta's stock has dropped by 45 percent. Last month, it came under heavy selling pressure after the company's fourth-quarter earnings report revealed that Facebook's daily active user base had shrunk for the first time in history.
Phil Libin, a software executive, has previously linked the excitement around the metaverse to Soviet propaganda he encountered as a child. He's also stated that Meta's metaverse vision is a "ancient idea."
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