With metaverse technology, Facebook wants to take control of an entire domain with a Meta name rather than just coming up with a clever, innocuous name like Google did when they rebranded as Alphabet.
Facebook has done this to try and claim all the real estate and become the single destination as if there is only one metaverse. Facebook/Meta may have unlimited cash, but it won't build its one-stop metaverse. There won't be one metaverse.
Facebook/Meta is doing it wrong by using the same "Web 2.0" logic. This old-school thinking is based on building the biggest social media platform (Facebook), most significant search engine (Google), and the most immeasurable bulletin board (Twitter), and everyone will come in droves and use it. The platforms will control and monetize 100% of the revenue and profits from the users' data.
Web 3.0 is not like that - Web 3.0 is more concerned with creating an environment that offers monetary incentives to everyone. Consumers who share content and data via social media will soon share in the advertising revenue. Search engines and browsers will be able to do the same. Brave, with its native token, BAT, is a great example. Twitter is just beginning to allow payments via its platform using digital currencies.
The most successful metaverses will include monetary incentives, but they will also function as economies. These worlds will allow us to perform the productive activity. For those who contribute value to this technology, activity can lead to income.
This type of "play to earn" model proves highly successful in NFT/blockchain-based gaming. Tomorrow's technology will deliver another exciting development in this area.
Although it may seem like play, millions of people will soon find work in the metaverse. Soon, entrepreneurs, creators, business people, and others will be operating digital stores in metaverses that are engaged in commerce as their "real jobs."
It's hard to believe, but it is happening now. Facebook could not ignore the shifting of the sands under its feet. Facebook recognized that an industry shift to metaverses, one with economic incentives built-in, was a threat to its business.
It's all about the money. Facebook/Meta claims to have spent $10 billion on this project alone this year. Next year, more will be added.
Facebook claims it will create the most beautiful metaverse possible with as many features as possible to transfer its billions of users before migrating to other planets. It believes it is capable, and it is able, to retain all the economic incentives. However, why mess up the business model that seems to be working very well.
With metaverse happening, although I can understand the motivation behind it, however, it is shortsighted.
We see unprecedented adoption rates of new platforms that offer meaningful incentives at a rate we haven't seen before. There are too many well-funded programs to mention.
Facebook will continue to benefit from its users' data over the years, and it will continue to do so for many years. The Web 3.0 industry will not allow Meta to become "the metaverse." We all enjoy the entertainment and work that we do at different places. But, this third generation of the internet will be just as entertaining, and we'll make money doing it.
This article was printed from TradingSig.com