The metaverse is the future of the internet according to Facebook.
Facebook.
A lot of people aren't happy about Facebook charging into the metaverse. Ask the man.
"Can we not have a metaverse, like, invented by Facebook?" he asked. "Come on man, I'm just like."
The view of Reeves is shared in the community by companies such as The Sandbox.
There is a battle going on between the tech companies and the land of cryptocurrencies. The vision of a rules-free creation and non-fungible token trading world is at stake.
What is the metaverse?
There's not much agreement about what the metaverse is or if it will become a thing.
The fuzzy term refers to virtual worlds in which people in the form of a virtual character can play games, socialize, work, watch virtual events, and create, buy and sell items. Sometimes they can be accessed with virtual-reality headsets.
The metaverse is a chance for people to get away from the domination of the internet by Big Tech, and therefore has to be centralized. It has to run on a technology that allows the creation of networks without giving any one entity control.
The Sandbox and Decentraland are using technology. Their model is based on non-fungible token, which allows ownership rights to be permanently saved on the block chain.
Jon Jordan, a specialist at Hiro Capital, told Insider that he thinks you need that openness. Adding virtual-reality glasses to do what we're already doing on the internet is not really changing anything.
The analysts at Goldman said in a recent note that the metaverse will be central to the technology as it allows users to securely own assets and move them across different platforms without a central party's permission.
Virtual worlds are going all in on Facebook.
The metaverse is the future according to Facebook. It's now called Meta. Microsoft and other big players are also getting involved.
The metaverse is in its infancy. In October, Mark Zuckerberg released a video in which he laid out some big ideas, including that people should be able to create and sell their own content.
He didn't say "decentralized" once in his hour-long talk.
A Wharton professor breaks down why the metaverse and web 3.0 are still too early to be real, and why investors should expect a shakeout in the year ahead.
The company's financial strength makes it fear that it could dominate the metaverse like it does social media. Meta didn't reply to Insider's request for comment.
"My biggest concern is how some of the 'Web 2.0', or centralized actors, like Meta or Fortnite or Roblox, are trying to claim the title of metaverse themselves and just offer a closed environment fully controlled by themselves," said Sebastien Borget, a co-founder of The
Fans of criptocurrency worry that a metaverse will become like an app store, where creation is closely controlled.
The battle is going to be unpredictable. Millions of young people are spending hours a day in non-crypto virtual worlds.
The financial heft of Meta is mind-blowing: it's already said investment in its virtual reality section is set to cut profits by $10 billion this year, and that's before it really gets going. It could be over if Apple or Amazon get involved.
Business Insider has an original article.
