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Is Facebook a Threat to the Metaverse?
For those of you unfamiliar with the concept, a metaverse is a virtual space in which people can interact with each other. There are many uses for this technology, including immersive video games, concerts, and virtual worlds. Fortnite, for example, is a centralised part of the metaverse, which hosts Ariana Grande concerts. There is also room in this virtual world for crypto and other forms of technology. But are there enough uses for metaverse?
The Metaverse concept has gained attention with the success of VR gaming. Oculus Quest and Playstation VR have become the most popular virtual reality (VR) games, while many other industries have started implementing this technology to engage people and spread information. While the Metaverse has yet to be defined, it will likely include a virtual shared space that users will access through the internet and have their own avatar. Ultimately, the Metaverse will allow people to interact with each other as real people.
The company itself faces criticism for its recent actions, which include privacy issues, fake news, and hate speech. It has pledged to build a responsible metaverse, and has pointed to a focus on open collaboration with external firms to ensure privacy and security. But the crypto community is skeptical of this promise. One crypto expert, Yat Siu, has even said that Facebook poses a threat to the Metaverse. This makes sense. In the end, if Facebook can take advantage of the benefits of a metaverse, it will become a dominant force.