Facebook plans to create its own “Metaverse”

The founder of Facebook, mark zuckerberghas publicly announced its ambitions to turn the social media giant into a “metaverse company”, a move that could impact Diem, the company’s stablecoin.

Mark Zuckerberg. Source: video capture, Youtube, CNBC Television

During an interview with The Verge, Zuckerberg asserted that “an appropriate view of a metaverse is not one that a specific company builds,” but rather one that emphasizes “interoperability and portability.”

The Metaverse is defined as a shared virtual collective space, created by the convergence of virtually enhanced physical reality and physically persistent virtual space, including the sum of all virtual worlds, augmented reality and the Internet.

Zuckerberg said:

“You have your avatar and your digital assets, and you want to be able to teleport everywhere. You don’t want to be stuck in a single company world. […] I think for it to work really well, you want things that are transferable and interconnected.”

He added that he envisions an “embodied internet”, which would not be centrally managed, but rather operated by a number of different players in a “decentralized” way.

According to Business Insider, a Facebook spokesperson claimed that Zuckerberg “didn’t think the metaverse was something one company could build or govern on its own.” Instead, “it’s a collaborative movement that needs to consider developers and creator communities to be successful.”

Metaverse proponents have long speculated about what kind of role cryptocurrencies, in-game currencies, other digital tokens, blockchain technology, and non-fungible tokens (NFTs) could potentially play in the future development of the space.

And while global regulators have already forced Facebook and its partners Diem (formerly Libra) to abandon plans for a global stablecoin in favor of a less ambitious version, the social media giant could be looking for a new vein as metaverse architects are trying to choose a dominant digital currency to use in the space.

On the Reddit subreddit r/CryptoCurrency, some expressed doubts, with one saying that Facebook was quickly becoming irrelevant as it was now largely populated by “toxic Boomers screaming at each other.”

Another felt that the metaverse offering would “ultimately fail” because “the next generation of the internet won’t work on Facebook.”

But not everyone is opposed to Facebook’s plans. A Reddit user claimed that the firm “has the best developers in the world and the biggest team working in the [réalité virtuelle]and this from afar”:

“They are so far ahead that I have no doubt that they will control the first mainstream metaverse and with their means they will have exclusive deals [avec des musiciens et des cinéastes].”

For his part, on Twitter, Miko Matsumurathe founder of the crypto exchange Evercoinand partner of Gumi Cryptos Capitalalso urged caution.

A crypto enthusiast has affirmed that this choice would inevitably be a “significant event” for the world of NFTs, the Ethereum blockchain protocol on which most NFTs are launched and “crypto in general.”

But Matsumura replied that “he didn’t want anything to do with The Metaverse”.

He added :

“A single monolithic metaverse is a monopoly. We want a multiverse. A single metaverse is a hindrance to human freedom. We need alternate places we can escape to if the ‘dominant’ one turns out to be a rip-off .”


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