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When Facebook changes its name to Meta in 2021, I take it as a sign that times have changed and we enter a new era of technological innovation powered by Web 3. After all, I believe Facebook represents a shift from Web 1 to Web 2 as we move from web pages static to user generated content.
Through the early 2000s, the internet consisted of websites owned by brands and companies. With Facebook, we’re seeing a change in what makes the internet interesting. Content on Facebook consists of posts from our friends and family and a platform created on the internet about being with our peers.
Over time we see normal people attract followers online and some people go from relative obscurity to internet fame. This trend was only accelerated by platforms like Twitter, Youtube, and Instagram giving rise to the modern creator economy as we know it.
Zuckerburg can see trends from afar and he is always quick to turn. He saw the shift from desktop to mobile and encouraged Facebook to adopt a mobile-centric strategy. He also bought Instagram to solidify Facebook’s position in the modern era of mobile-first apps and social media.
However, Facebook’s latest pivot to enter the Metaverse may be a step too far. In 2021, Facebook changed its name to Meta.
I was confused by the image change at first.
That’s when someone explained the Metaverse to me for the first time.
It’s the world of Ready Player One except it’s not just a work of fiction. Facebook is trying to create a metaverse using Web 3 technologies. They own Oculus and they have built-in VR capabilities so the synergies are already there. I grew up watching Dot Hack and Sword Art Online anime. I understand the potential for virtual worlds powered by VR headsets and the potential for immersion that exists with such technology, particularly in video games. Additionally, they will integrate blockchain and NFT into their existing platforms in a bid to bring the masses together. If Meta could do this it would be a huge technological feat.
It was around this time that I quit my job in creator economics to map out a course in the Web 3 industry.
The crypto space was booming at the time and the momentum felt unstoppable.
However, a lot has changed over the last few months.
Meta’s first foray into the metaverse, Horizon Worlds failed to reach just 200,000 users in the year post-launch.
That’s when we saw the first round of layoffs.
Meta is now discontinuing NFT support for Instagram and Facebook and laying off an additional 10,000 employees likely to be involved in their Web 3 initiative.
“We are looking at what we prioritize to increase our focus. We’re discontinuing digital collections (NFT) for now to focus on other ways to support creators, people, and businesses.” — Head of Trading and Financial Services Stephen Kasriel Meta
I still have so much hope for the future of Web 3 and the metaverse that it’s hard to see things playing out this way.
Maybe the metaverse is just a contrived dream or too soon out of time.
It seems clear the world is not ready for a metaverse especially one that is not led by Meta.
As always, thanks for reading.
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