Facebook to risk meta flop

According to some of the virtual world’s explorers, Facebook risks avoiding the point of the metaverse and a coming shift in users’ behavior if it fails to allow digital ownership.

Last month, Facebook made waves of different reactions. It did this by announcing a focus on the metaverse and modifying its name to Meta Platforms.

However, metaverse members doubt the company is ready to welcome the spirit driving creativity and earnings in the space.

Overview

Co-founder and chairman of Animoca Brands, Yat Siu, spoke on a panel at the Reuters conference. There he said what Facebook does with meta seems a fake metaverse. It will be more realistic when they have an actual description of how people can actually own it. He added that until this time, it looks like Disneyland. He explained that the place might look beautiful, but it is not where people can build a business.

The metaverse represents shared spaces reached via the internet.

Some people use augmented reality smart glasses, but modern platforms look more like a video game than actual life.

Similar plots and other virtual objects typically transact NFTs. They are blockchain-based assets, and according to market tracker DappRadar, their sales exceeded $10 billion in the previous quarter.

Facebook’s entry has a further increased interest in the space.

According to Siu, ownership is the base for changes and new paths for commerce and products. He explained how his theory works: car ownership raised the interest for baby car seats, or homeownership stimulates demand for new furniture and businesses such as Ikea.

Co-founder of virtual sneaker company RTFKT and metaverse explorer Benoit Pagotto says digital ownership changes the purposes of brands and customers. He added that it could work as a massive shift in the relationship between creativity, business, and consumerism. He also said at the Reuters conference that it is essential to think about how to change a product and update it.