Meta—the rebadged parent company of Facebook and Instagram, had a grand plan to assist in developing the future immersive internet. Since then, the social media behemoth's stock price has dropped by 60%, its growth has been delayed, and metaverse buzz has risen and fallen, resulting in backlash.

Despite this, Meta is still intent on realizing its vision. Today, the firm used its annual conference keynote to reveal its latest breakthroughs, such as a powerful new virtual reality (VR) headset that will serve as just one more step toward more lavish online worlds and relations.

Some Web3 developers have expressed concern about its role in constructing the metaverse, intending the social media company to create another "walled garden" or closed ecosystem. However, the company's messaging has gradually shifted to indicate a different approach. Mark Zuckerberg, Facebook's co-founder and CEO took his strongest stance yet today on the possibility of an open metaverse.

Zuckerberg discussed the history of closed and open ecosystems throughout computing history, noting that closed ecosystems concentrate on tight control and integration and that such platforms eventually claim the majority of the value created. However, when it comes to the metaverse, Zuckerberg has stated unequivocally that it attributes a different strategy.

Granted, this does not imply that Facebook's metaverse will be built on blockchain technology, that it will collaborate with NFT assets established on public blockchain platforms such as Ethereum and Solana, or that it will support cryptocurrencies. However, it acknowledges that Meta is not the sole or primary creator of the metaverse.

Do you agree with him that an open, interoperable metaverse is better for everyone? Let us know your thoughts by sharing this article on social media.

Oct 13, 2022
Digital Lifestyle

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