Could Facebook Ruin the Metaverse and Web3?

1 min read

There is a lengthy history of Mark Zuckerberg’s digital company utilizing centralized systems against users. It is currently on the quest to join Web3. There is no doubt that the creator and CEO of Facebook is a massive enthusiast of virtual reality, but his main area of interest is the Metaverse’s future.

Some workers at Facebook claim that Zuckerberg has been discussing the Metaverse for years and is committed to making it a reality. Some claim that he has even developed a slight obsession with it. However, instead of helping it, Facebook is ruining the Metaverse and web3 experience.

Limiting the Potential of the Metaverse

Facebook has not had a stellar year. The bad news continues to tarnish its reputation, specifically regarding security and confidentiality. Furthermore, since the company changed its name to Meta, the tarnished reputation has influenced the entire Metaverse. Many experts predict that Facebook’s dominating position in the Metaverse will result in its demise.

Regulators are now focusing on Facebook because they are worried about the company’s effects on the economy and society. If additional regulations are passed, it might be more challenging for other businesses to compete in the metaverse market. As a result, there can be decreased creativity and innovation, job losses, and slower economic growth.

The metaverse industry has already been affected negatively by the prospect of regulation. As a result, some businesses are rethinking their market entry strategies, while others plan to venture into other areas. This might significantly affect how the Metaverse evolves as a whole.

Facebook Seized the Metaverse Instagram Account of a Registered User 

Users place a lot of value on their online social identities because they represent who they are. An issue with a social media account arose when Facebook changed its name to Meta and got a new design and image.

Metaverse was the username an existing Instagram user had previously registered, and she frequently shared pictures from that account. Facebook abruptly blocked her account. The revelation of that story led to some bad press for the social media company.

The emergent decentralized paradigm places a strong emphasis on ownership and accountability. Future social media platforms will be created to make power misuse either practically impossible or extremely obvious. No software or operator will be capable of manually changing anything.

Facebook is Monopolistic

Facebook has a monopolistic business model. Zuckerberg infringed the trademark of another company in the same industry that goes by the name of Meta. The smaller company’s recognized brand was breached and it is fighting Facebook for trademark infringement. The lawsuit asserts that by utilizing the Meta name and mark without authorization, Facebook has participated in a practice of copyright violation and dilution.

This is certainly not Facebook’s first charge of intentionally violating another company’s trademark. Having created a service with a similar title, Timelines Inc., a startup, filed a lawsuit against the social media platform in 2011. In 2012, the dispute was resolved outside of court.

Final Thoughts

Developers and next-generation businesses will act to prevent Facebook from ruining the Metaverse and web3 experience. A collective effort is required to ensure that the Metaverse continues to grow. Inaction could lead to consequences for users and companies considering investing in the Metaverse.