Metaverse developers say Facebook risks flopping Meta

Metaverse developers and pioneers at the Reuters Next Conference say that Facebook risks missing the point of metaverse.

The pioneers think that Facebook could trigger a shift in consumers’ behaviour if it fails to permit digital ownership.

A cross section of metaverse participants doubted if Facebook is ready to embrace the spirit driving creativity and profit in the space.

The metaverse refers to an array of shared spaces accessed via the internet. Some use augmented reality, via smart glasses, though current platforms often look more like the inside of a video game than real life.

Market tracker DappRadar sees money sloshing around in the metaverse with a patch of “real estate” in an online world called Decentraland changing hands for the equivalent of $2.4 million last week.

Such plots and other virtual objects typically transact blockchain-based assets called non-fungible tokens (NFTs), sales of which topped $10 billion in the September quarter, according to market tracker DappRadar.


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