Jeffries analyst: Snap is “far ahead of Facebook” in the metaverse

Snap, Inc. (SNAP) Facebook (FB) is “far ahead” in developing the metaverse, Jefferies analyst Brent Till told Yahoo Finance Live on Tuesday.

“Metaverse” is a term used to describe a virtual environment that immerses users in an interconnected Internet space. Some companies have used meta-universe-like features in their applications, especially on social networks and online stores.

“I mean, if you look at Snap today, they have the closest thing to the meta universe,” Till said. Snapchat has developed an interface that allows users to create their own virtual emoji characters (called Bitmojis), dress them in costumes and place them on a 3D map in the application.

“You can try on clothes and see how they fit in with these augmented reality lenses,” Till said. “I mean, Snap, I think, is far ahead of Facebook. So we have a lot of work. “

Facebook recently decided on a metaworld, although the program is still in its infancy. On Monday, the social media company announced that it expects a significant increase in investment in augmented and virtual reality.

“We said Snap was already ahead of them, in our opinion, in terms of that experience,” Till said. “So if you want to play the metaworld right now, I think Snap is the best way to play it. Facebook will get there. “

BANGKOK, THAILAND - 10/23/2018: In this photo illustration, SnapChat is displayed on a Sony smartphone.  (Photo illustration by Guillaume Payen / SOPA Images / LightRocket via Getty Images)

BANGKOK, THAILAND – 10/23/2018: In this photo illustration, SnapChat is displayed on a Sony smartphone. (Photo illustration by Guillaume Payen / SOPA Images / LightRocket via Getty Images)

Till stressed that Snap was much more popular among young people than Facebook and even Instagram.

“If you look at where teens spend their time, they don’t think about their phone after school on Instagram,” he said. “They dropped their heads on Snap because they can see their friends on the Snap map. They can see all the stories and everything they publish. They can see video games, content. And Facebook doesn’t really have that level of detail. “

Facebook lacks the same depth and level of immersion in the Snapchat virtual environment, Till said. “So if you go to Facebook stores today, that’s fine. It’s not surprising, “said Till.” But when you have more experience and you can wear pants and a shirt or a coat, and see if it fits my ski helmet or what you’re doing, you can make a deal. And it’s unbelievable for their business. It’s great for their small business retailers. “

This illustration shows the Facebook logo on a smartphone in front of a computer screen in Los Angeles on August 12, 2021.  - Google, YouTube and Facebook-Instagram recently tightened protection for teenage users, while critics called on Facebook to abandon.  plans for a children's version of Instagram.  (Photo by Chris DELMAS / AFP) (Photo by Chris DELMAS / AFP via Getty Images)

This illustration shows the Facebook logo on a smartphone in front of a computer screen in Los Angeles on August 12, 2021. – Google, YouTube and Facebook-Instagram recently tightened protection for teenage users, while critics called on Facebook to abandon. is planning a children ‘s version of Instagram. (Photo by Chris DELMAS / AFP) (Photo by Chris DELMAS / AFP via Getty Images)

Facebook’s foray into the metaworld is part of a bigger push to become more attractive to younger demographics. Recent data suggest that one of the most acute problems facing the company is the decline in youth involvement. According to documents available to Bloomberg, Facebook has decreased by 16% compared to last year, the time of use of the platform among adolescents from 2020 to 2021. Young adults between the ages of 18 and 29 spent 5% less time on Facebook over the same period. period.

Creating a more exciting meta-universe could help increase the success of the social media giant among Generation Z consumers, the company hopes. Andrew Bosworth, a longtime Facebook CEO, was recently appointed CTO and responsible for augmented and virtual reality for the company.

“[We are] I’m happy to get an early overview of some of the technologies that will form the basis of the metaverse, “said Bosworth. in a tweet earlier this month on Facebook’s attitude to work on the metaverse. “We are working on several prototype headsets to confirm the concepts, this is one of them.”

Ihsan Fanuzi is a writer for Yahoo Finance. Follow him on Twitter @IFanusie.

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