Terra Luna was manipulated but does it matter? Will Crypto change forever?
Facebook Could Be a Threat to the Metaverse
Facebook is throwing its hefty fortune into the Metaverse, which was introduced last month. While the company has been under fire for a number of issues, including privacy, security, fake news, and hate speech, Facebook has vowed to build the Metaverse responsibly. Their announcement highlighted the focus on privacy and open collaboration with external firms. However, some members of the crypto community remain skeptical, and some have even labeled the social media giant as a threat to the Metaverse.
As of right now, the metaverse is not real, and won’t be until it is built in one place. According to cybersecurity expert Ibrahim Baggili, a single location is needed to create a fully functioning metaverse. It would be an amalgamation of hardware and software, with a blockchain technology at its core. It would ideally consist of a hub where people could connect and collaborate in a single, virtual world.
In addition to enabling digital identity for all interactions and representation, NFTs will make this possible. Blockchain technology will enable individuals to build Metaverses, but the battle may be between ecosystems rather than individuals. This means that Facebook may still try to muscle in with network effects. It is unlikely that it will beat the likes of Twitter and Google, but it could still become a dominant player in the metaverse. The battle for supremacy is between ecosystems and individual developers.
Citi GPS estimates the number of people using the metaverse will reach five billion by 2030. However, there are also concerns about the potential for big tech companies to control the metaverse by creating a virtual app store. The concern that crypto enthusiasts have is that big tech companies will dominate the market and use it to control the creation of virtual experiences. However, many crypto fans point out that millions of young people already spend countless hours playing games and online communities that are not based on crypto.
