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More Meta Monetizing: FB Testing New VR Feature

Meta Platforms, Inc. (FB) has introduced commercialization in its virtual reality online video game, Horizon Worlds, by allowing certain creators to buy or sell “virtual items and effects within their worlds,” according to the company.

The feature, which is currently in testing mode, is being rolled out to adults in the US and Canada. With the help of a new Commerce tab creators will be able to make tradable items.

Meta also plans to test a Horizon Worlds Creator Bonus program for participants in the US, where creators will receive rewards on the basis of their progress at every month’s end. At present, the plan is to acknowledge creators whose worlds have attracted the most visitors. Eventually, the company seeks to change the goals in accordance with new tools or features that are introduced.

Additionally, the company has introduced such a feature with a view to make metaverse a source of earnings for creators, allowing the trading of digital goods, services, and experiences. 

Analyst Ratings

Last week, UBS analyst Lloyd Walmsley maintained a Buy rating on Meta with a price target of $300, implying a 38.6% upside potential from current level.

The rest of the Street is cautiously optimistic about the stock with a Moderate Buy consensus rating based on 32 Buys, 13 Holds and one Sell. The average Meta price target of $325.60 implies 50.4% upside potential to current levels.

Website Visit Trends

TipRanks’ website rends tool, which uses data from SEMrush Holdings (SEMR), the world’s biggest website usage monitoring service, offers insight into FB’s performance.

According to the tool, in March, facebook.com recorded a 36.1% monthly increase in global unique visits compared to the previous year. Likewise, year-to-date website traffic growth has improved 17.3%, against the same period last year.

Takeaway

Lingering macro headwinds along with intense competition remain key challenges for the company. However, its continuous efforts to improve offerings and enter new and innovative spaces appears encouraging.

Furthermore, Meta’s positive website traffic update is likely to keep investors encouraged of its upcoming performance report.

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