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Facebook Scraps The Metaverse And This Is Good For Us!

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Written by   1395
2 months ago

Zuckerberg’s vision of a privacy-invasive and controlled walled-garden version of the Metaverse disintegrated overnight.

After fooling everyone about Facebook’s intentions and abusing the users’ privacy, this was going to be a “fool everyone twice” moment from Zuckerberg.

Although, expectations this time exceeded reality.

Zuckerberg’s recent managerial failures, combined with the possibility of a protracted recession, sidetracked Facebook’s profitability and forced Meta to reduce its workforce by a substantial number of 11,000 employees.

Most of these employees were working in the Metaverse department.

The uncertainty regarding Facebook’s plans for a futuristic Metaverse allows other industry leaders to proceed with viable plans to materialize an open-platform version.

High-tech Partnerships Will Build An Open Metaverse

(Picture by geralt on Pixabay)

Facebook didn’t cancel its Metaverse project, but postponed developments.

Zuckerberg ignored macro predictions of a global-level recession and advanced resources toward research and development in a reckless move at the worst time possible.

Sure, a futuristic VR/AR Metaverse would find users willing to pay extra to enjoy it, although not that many right away.

It could find acceptance among a billion Facebook users who still ignore the value of their private information and how Facebook uses it.

The Meta name alone means nothing right now, but it gives us a sign of the long-term vision of Zuckerberg’s company. Meta seems like it had already locked the Metaverse under its umbrella.

However, Facebook misunderstood the market dynamics of the Metaverse. Sure, it will treat once again its customers similarly, although now it plans to do it solely with gaming. A narrow vision for the Metaverse, even if this is just about its beginning.

The prospect of digital finance and free markets based on smart contracts and digital currencies with no financial authority is the free Metaverse that will generate pragmatic opportunities.

A Metaverse where we can create a market or participate in one with zero entry barriers, no threats, and no restrictions. The free market.

Non-custodial DeFi and smart contract-related services for financial products limit to the bare minimum the need for state supervision in terms of product trade regulations.

The Metaverse will advance as a global economy based on true competition with virtually zero taxation and limited state requirements or supervision.

The internet produced a massive boost to the global economy. The Metaverse will feel like a gamified version of our browsers, but not mandatory.

However, any Metaverse attempts in utilizing blockchain networks offer neither capacity nor attractiveness for the time being.

You cannot build a slow platform with low-quality graphics and call it a Metaverse. Technology in the graphics field has grown nearly to the level the "Ready Player One" movie predicts:

The current blockchain-related "Metaverses" are nowhere near this level.

The expertise in this field belongs to gaming corporations like Blizzard and Ubisoft, which will have to partner with tech industry leaders and combine knowledge to produce the evolution of the internet.

A platform like a Metaverse will adopt blockchains, however, it will only accept those that scale and can achieve global adoption. Smart contracts will be a necessity, yet we don't know if Web3 or another more suitable protocol will prevail.

Nonetheless, self-ownership with decentralized tokenization of digital assets will be in high demand.

Thus, the current state of Ethereum does not work for a Metaverse.

So, executives are turning to more centralized solutions, such as Solana.

Google became a Solana validator, ignoring, though, the constant disappointments of this network. Perhaps the neverending network failures or the centralized approach of this blockchain matched Google’s ambitions of a Metaverse.

Can it work in the future? Who knows, it will still not be a permissionless blockchain. We will find some far better solutions than centralized vaporware in the future.

There will be far better alternatives than the current smart contract networks soon, even from 2023, as robust, decentalized, secure blockchains upgrade to facilitate integration into the digital / virtual economy.

Conclusion

(Picture by geralt on Pixabay)

Facebook scrapped Metaverse, but the actual Metaverse will be entirely different from Facebook's vision of a privacy-invasive VR gaming platform.

The actual Metaverse, the one we anticipate, gets a new chance to win the race, although it will require partnerships between tech corporations, in an approach to make it available to the public without limitations.

The Metaverse concept still has another decade before materialized in a working 3D universe.

These developers and employees Zuckerberg fired can look for positions in corporations that respect users' privacy and plan to create open platforms with Web3 and blockchain integration with fast and efficient decentralized cryptocurrencies to support the financial aspect.

Or perhaps, this might be the best time for them to enter the crypto fields and explore the vast potential and value they can generate in the decentralized space.

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Written by   1395
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Comments

I'm starting to see Facebook becoming like IOI in the movie... heheh

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2 months ago

Simply means that he can't have it all...

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2 months ago

I saw a news about this one also, most of the employees that was cut on the projects was surprised by the news and suddenly put on a jobless state, which is not a good position to be in.

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2 months ago

Facebook living its final moments, imo. It won't be there in the future.

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2 months ago

Same thoughts idol, hehe Facebook is losing users against Instagram and TikTok.

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2 months ago

Instagram is now owned by facebook

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2 months ago

The metaverse generate from Facebook is totally a tragic glad to see them scraps

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2 months ago