Below is a guest post by Adam Jeffries, CEO of Metaplex Studios. Author’s thoughts.
It is becoming increasingly clear in the mainstream media that blockchain technology is becoming known and making inroads into our daily lives. As part of the daily scrolling of social media users, we are beginning to see the impact of Web3, a decentralized blockchain application. The social video app TikTok recently integrated with Audius, a blockchain version of Spotify, and released full-page advertising to promote the creators’ economy, and Twitter became the main platform for crypto projects to interact with its community. Between April and June, Twitter had 12.3 million mentions of cryptocurrency, 6.57 million users with the hashtags “crypto” and a wave of new NFTs that were included on Twitter as user profile photos.
While some social networks do it simply, but still try to have fun, Facebook takes it to a whole new level. The social media giant recently announced plans to invest $ 50 million in the metaworld with 10,000 new vacancies for European employees and change the name of its company to Meta.
But can a centralized Facebook make a smooth transition to the metaworld and be perceived by the global decentralized community?
Well, it all comes down to reconciling values.
Understanding the metaverse
Metaverse. This is a term that has recently become common in many corporations. Celebrities such as Reese Witherspoon, Paris Hilton, Mark Cuban and Snoop Dogg have spoken out, and big tech companies Google, Apple and Microsoft are investing. Roblox, the eponymous meta-global company, also debuted on the New York Stock Exchange earlier this year. But what is it and why is it all so excited?
In the true technological style, there is no generally accepted definition of the metaverse.
Simply put, it is an extensive network of real-time 3D worlds and simulations to ensure shared ownership and participation. This is not a virtual reality experience or a virtual economy with avatars hanging, but a way to maintain the continuity of identity, objects, payments, history and property.
Why did this attract Tsuk’s attention?
The metauniverse in its entirety is a very cool concept. SIDUS, the NFT collection that was launched as an access portal to the gaming meta universe, shows how creative technology can be. We’ve also seen companies like Dolce and Gabbana sell digital NFT clothing so that people can “wear” it in the metacosm.
Unlike companies like Steve Madden, which include the metaworlds in their current brand, Facebook has big plans to move into the metaworld company. But the transition to a responsible meta-universe means that the social giant will need to abandon the processes of its large corporate structures and accept community ownership and rule-making.
There are three pillars in the metaverse to ensure accountability.
- Transparency: Everything is open in the blockchain without permission, as users are constantly contributing to the ecosystem. Users have their own data.
- Decentralized: Facebook is currently centralized, relying on one person to make decisions and ensure the direction of the company’s activities. With a recent decision, he relinquished that power because decentralized organizations rely on a team environment at many different levels, and everyone has the autonomy to make business decisions.
- Community: it goes beyond groups and social ties. The metauniverse is created together. There are no limits to what this can be, so creators and advertisers need to support the virtual ecosystem positively.
Centralized organizations, such as Facebook, care about their business and what they want to achieve. Unfortunately, this is usually not in the best interests of the community. Knowing what we know, Facebook’s current ideals contradict the ideas of decentralized spaces for which metaverses have been developed.
But let’s say it’s decentralization
Ironically, the decentralized Internet has been recognized as a way to dethrone companies such as Twitter and Facebook, challenging the centralized government and fenced gardens.
To become a decentralized organization, Facebook will have to end its high power and give up current control. It should increase community participation in decision-making – far from its traditional practice – and change its values regarding personal data and confidentiality. Formerly under fire for gathering user information and hiding research, the centralized organization now operates in the shadows, directly challenging the key pillar of responsibility of the metaverse.
It will never work
Conflicting external values of the social network will lead to a lot of talk about decentralization, but no action, because conflicting values do not work in a decentralized system. The community must work together to create a homogeneous system. If the values are not clear, the system will work against itself and fail.
The reasons for the possible change of Facebook are unclear. His history of buying other applications, such as Instagram and WhatsApp, points to the motives of market monopolization. In fact, Facebook doesn’t want Web3, it wants power.