Nobody said moving to web3 would be easy. That’s certainly the sentiment at Meta, which saw sales and profit declines in its quarterly earnings announcement this week. Reality Labs, the company’s tech-driven division that focuses on VR and AR hardware and software and other metaverse-related verticals, posted a $3.7 billion loss in the quarter alone, for a total of nearly $ 10 billion in the year.

The news certainly comes at an especially inopportune time, as the social media company-turned-tech company seeks to prevent the long-term demise of previous competitors like MySpace.

The brass tax

Shares of Meta posted a loss of almost 6% at the close on Wednesday and posted losses of almost 20% after hours. After hours are not always true stock indicators…