Metaverse is not a fictional word anymore. Technology is the “next big thing” in the digital age, which can change our daily lives, called the “Metaverse.” Metaverse aims to provide financial services, deliver permission-less identity, and enable fast exchanges. The data needs to be stored and made available to millions. Eventually, it is all about cryptocurrency technology.
Companies have developed virtual worlds that integrate cryptocurrencies so gamers can create structures like virtual casinos and theme parks and monetize them. The final form of metaverse cannot be predicted, but the importance of cryptocurrencies for their growth is a conviction.
Mark Zuckerberg has rejuvenated the metaverse by examining every possibility of the virtual work area. He calls this virtual space “limitlessness workplaces.” He considers working in VR, more noteworthy, performing multiple tasks, and meeting in a virtual, metaverse type atmosphere which can be more community-oriented and valuable.
There are obvious limitations to zoom calls, and Zuckerberg prefers VR meetings to them. He also proposed how the metaverse can provide a solution to social inequality. In the metaverse world, there is no hindrance regarding a person’s geographic location, which is correlated with his financial capacity.
He talks about the technological enhancement and accessibility to remote work using virtual and augmented reality. Facebook plans to drive this development with its investment. It owns Oculus, which manufactures the popular Quest VR headset. According to Zuckerberg, VR technology is future-ready for the metaverse feature by the end of the decade.
Will Metaverse be Decentralized and Support Blockchain?
Mark Zuckerberg has not uncovered any information about how Facebook’s metaverse will identify with blockchain innovation until this time. He has revealed details about different metaverses and crypto items. There is a plausibility that Meta will appear as though the decentralized universe of decentraland, the client-created crypto and blockchain stage sandbox? The two stages are represented by a decentralized independent association (DAO) that possesses and supervises brilliant agreements and advanced resources in the environment.
Blockchain is of real value if it is decentralized, reliable, and open. Blockchain features enable secure, public, and irreversible transactions that control the user’s network rather than a centralized unit with private access to transaction history. When Facebook turns into a decentraland organization owned and managed by users, it has become a genuine part of the metaverse.
Considering this, Zuckerberg should undoubtedly be more concerned about the data protection, users’ privacy, and anti-competitive behavior of Facebook and its users. Blockchain technology can enhance user privacy, data protection, data ownership, and store digital identities and assets by protecting consumers’ transaction data with cryptography.
Decentraland Metaverse and the Future of Social Networking
Blockchain can help with Facebook’s privacy concerns. Zuckerberg needs to worry about user privacy and the recent controversy with authorities over user privacy and anti-competitive behavior. By protecting consumer transaction data with encryption, blockchain technology can increase user privacy, data protection, data ownership, and store digital identities and assets.
Digital IDs only require a public and private key to access the metaverse trading and gaming industry. It is mathematically impossible to infer the private key from the public key. Blockchain can enable greater security and better protection for users from hacker attacks.
Why Does Facebook Eventually Need to Adopt the Metaverse?
Social media companies have drawn a bearish curve since the issue of data breaches. Users seem to be on the rise in emerging markets. Metaverse created by high-tech companies will have an impact. What will the choice of metaverse users and consumers be – to join a regulated and restricted Facebook-approved network or follow an open, decentralized model that allows people to operate freely?
Mark Zuckerberg expects a more inclusive and decentralized ecosystem that he feels can be unleashed by blockchain technology to generate the economy that he is looking for. The metaverse can be seen as a fusion of creators and developers, which creates an interoperable ecosystem. This can further unleash a much larger creative economy than the one limited in today’s platforms by their guidelines. The years ahead will be an exciting tournament!