Metaverse is Killing Meta - Crypto and Decentralization to the Rescue

Mark Zuckerberg placed a significant bet on virtual worlds with the intention of establishing his company as the dominant force in the subsequent era of computing coined the "Metaverse", with its foundations on Augment and Virtual Reality (AR/VR).

Facebook was changed to Meta demonstrating his unwavering faith in his judgement of the next phase of technology - The Metaverse. After nearly a year has passed, it now appears that Zuckerberg's wager was the primary factor in the death of the company.

The announcement that Meta will lose more than $10 billion on Reality Labs, the unit dedicated to virtual reality and the metaverse, this year alone and that it wants to double down and spend even more on the unit in 2023 as revealed in recent reports. Additionally, the results of Meta's third quarter showed that the company Meta fell from being one of the top five most valuable companies in the world for many years to being ranked somewhere in the top 30 after suffering a value reduction of 25%.

Decentralization and Cryptocurrency Are the Only Ways to Save Meta

The much-touted idea of the metaverse is doomed to fizzle out due to its own inherent flaws. If a tech giant like Facebook, which has invested tens of billions of dollars in the blockchain platform, is still unable to understand how it works, how is a blockchain startup supposed to solve the problem?

In 2019, Kakao Corp. initiated the GameFi and metaverse advancements with the launch of the Klaytn network/blockchain. The goal is to encourage young people to think of unique perspectives on Klaytn and, as a result, contribute to the improvement of the ecosystem. There is a lot of potential in Klaytn as a result of its robust community, cutting-edge technology, and inviting ecosystem.

There are further prospects for strengthening interoperability and the fundamental notion of the metaverse, as well as potentially increasing the number of people who accept it, now that both the blockchain and the metaverse project are open-sourced as in practice by the KLATYN blockchain.

Klaytn is making a decisive move toward the metaverse by changing the entirety of its blockchain for use cases related to the metaverse ranging from gaming, NFTs and DeFi.

The concept of the metaverse is already being embraced by Hive Blockchain at a few of her events, and we at Hive Blockchain unquestionably recognise the prospects and ramifications that this concept represents.

If only Meta could build the metaverse according to the principles of decentralisation and the forward-looking web 3.0, while taming her corporate greed, then she could save some money, attract passionate developers, and convince more people to adopt her vision for the metaverse.

Finale

The ideology is still the primary focus of the debate, rather than the technology itself. Instead of creating a platform built on the decentralised concepts of Web3 that will foster more open development and quick growth, the CEO of Facebook set out to create a walled garden where he could have control over every aspect of the experience. This is something that no one wants in 2022 and beyond.

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