Experts Say Facebook's Metaverse Might Flop
Facebook made headlines in November when it altered its name to Meta, announcing its intention to center on the "metaverse."
According to Reuters, several of the world's innovators have forecasted that Facebook risks losing in the metaverse - and a forthcoming revolution in consumer behavior - if it does not allow digital ownership.
The details of the rebrand have been unclear in terms of innovation and profit.
At the Reuters Next conference, Yat Siu, chairman and co-founder of Animoca Brands, an investor and innovator of metaverse platforms, says "What Facebook is doing with meta...is a 'fake metaverse,' unless they have a real description of how we can truly own it."
"Until then, it's just Disneyland. It's a beautiful place to be, but we probably don't want to really live there. It's not the kind of place that we can actually build a business."
The term "metaverse" refers to a collection of public locations accessible via the internet. Some employ smart glasses that offer augmented reality, albeit contemporary platforms frequently resemble the interior of a video game rather than the real world.
The metaverse is proving to be highly profitable, with an online "real estate" property being sold for $2.4 million last week.
Facebook offered no reply for requests to comment, but its initiation in the project has piqued the interest of many to join.
Meanwhile, companies have been looking to get a share in the action and attorneys attempting to define what digital ownership truly is.