Meta's Reality Labs reported substantial losses of $17.71 billion in the first two quarters of 2023 due to misjudgment of the metaverse concept. British company Improbable, however, shifted its entire capital into a single arena and achieved a significant reduction in losses. The company developed MSquared, a network of interconnected metaverses, and offered brands and businesses the ability to carve out their presence. CEO Herman Narula emphasized the need for crypto projects to align with the metaverse and embrace continuous community engagement.
