Facebook is trying to rebrand to Meta, but the change isn’t going over too well. After the failure that is the Libra/Diem stablecoin, borrowing the term¨metaverse” from the blockchain industry and abbreviating it to “meta” is not the smart play. More important, rebranding will not solve the company’s much bigger problems.Â
Facebook Needs Ideas, Not Copy Pasta
- Facebook wants to rebrand to Meta, a change that makes little or no sense.
- The term “meta” refers to “metaverse“, a term often used in the blockchain industry.
- It is the second time Facebook is borrowing blockchain-inspired ideas after plans to issue the Libra/Diem stablecoin.
- That stablecoin is unlikely to see the light of day as it has met much regulatory opposition.Â
- Although Facebook wants to be part of the “online virtual reality”, a rebrand will not change the current issues faced by the company and its users.
- Facebook’s vision of a metaverse is akin to removing all its strengths, such as interoperability, support for virtual assets, neutrality, and immutability.
- Facebook wants to incorporate some NFT functionality into its online VR space, although no major details are announced.
- Rivaling Ethereum will prove futile for the social media company. A closed, opaque, permission, and Zuckerberg-owned metaverse is far less appealing than an open, transparent, permissionless, and community-owned iteration.Â
- Through the Oculus devices, Facebook’s venture into VR has been underwhelming, as sales figures remain very low. Overall demand for VR exposure remains nearly non-existent.Â
- Facebook’s bigger issues will not be addressed by rebranding, as the company’s trampling of user privacy is renowned.
- Other legal and regulatory concerns regarding the social media platform will only exacerbate problems if a VR venture is explored.Â
- Facebook users have been dropping off for a while now, affecting Instagram as well.Â
- A metaverse by Facebook – or Meta, or whatever name – in a centralized manner is not what this technology is about.
- For a true metaverse experience, it remains crucial to explore the blockchain industry without intermediaries like social media companies.Â
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