Facebook’s Attempt to Win the Metaverse Race
The metaverse is not something that can be built by a single firm. Facebook isn’t the only one working on this. Epic Games, the creators of Fortnite, have ambitious aspirations for the metaverse based on its Unreal engine. In reality, Fortnite already includes many components that fit the concept, such as live events, its own money, and so forth. Find out what the metaverse is here.
Facebook’s intention to rename itself is an attempt to align itself with the focus on constructing the metaverse, which CEO Mark Zuckerberg views as a reality sooner or later. And Facebook, which also controls the Oculus VR game platform, doesn’t want to be left out of the metaverse competition.
The metaverse is important to Facebook’s future, and it’s easy to see why. A digital world in which we spend most of our time chatting with friends, where virtual goods are more valuable, and where the laws are fundamentally different. Facebook, of course, would want this. Furthermore, Facebook has its own Oculus VR game platform, which might serve as a portal into this metaverse.
According to Facebook’s own description, the metaverse will allow users to interact with individuals who are not in the same physical area.
“You’ll be able to spend time with friends, work, play, study, shop, create, and do other things.” It’s not about spending more time online; rather, it’s about making the time you do spend online more important,” the business noted. In comparison to how others have theorized the metaverse, this definition is relatively straightforward.
However, Facebook claims that it must first address the issue of how the metaverse will be developed.
The metaverse announcement comes at a time when Mark Zuckerberg is dealing with several critical issues. After a whistleblower accused the business of putting profits ahead of user safety and misled investors, Facebook’s founder and CEO are facing the most serious public relations crisis since the Cambridge Analytica affair. In addition, the disclosures come as the US Congress approaches a legislative package that may compel the business to split up its social media empire, including WhatsApp and Instagram.
And Facebook is being scrutinized by regulators in almost every country, including its home market of the United States. But there are greater goals at stake here, which is why we need to discuss the metaverse in the context of Facebook.
This move has #techFT wondering if Zuckerberg’s big aim to steer the internet’s future evolution is anything more than a diversion from the company’s current litany of issues.
To Sum IT Up
The announcement by Zuckerberg of his aim to develop a more maximalist version of Facebook, including social presence, office work, and entertainment, comes at a time when the US government is seeking to break up its existing corporation. A slew of proposals making their way through Congress may compel Facebook to split off Instagram and WhatsApp, as well as limit the company’s ability to make future acquisitions — or sell services tied to its physical goods.
At the same time, according to Zuckerberg, the metaverse will provide huge potential to individual innovators and artists; to those who wish to work and own houses outside of today’s metropolitan centers; and to people who live in areas with little possibilities for education or recreation. He believes that a realized metaverse may be the next best thing to a successful teleportation apparatus.
Even if tech regulation in the United States stalls, a thriving metaverse would pose familiar and unexpected problems about how the virtual realm is managed, how its contents are regulated, and what its presence would do to our common sense of reality.
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