It may not be obvious at first glance, but no other global company relies on NFTs as much as Meta. The social media giant announced a few days ago that Facebook users can post NFTs to their timelines. Also, in the future it should be possible to exchange NFTs between Instagram and Facebook. US users have been able to use the NFT feature on Instagram for a long time.
depends on the ecosystem
About half of the world’s population uses at least one of the metaservices. If Meta now opens NFT for each of its platforms step by step, this will create a correspondingly large ecosystem that can be continuously expanded with new features. Meta does not hide the fact that we are still at the beginning and numerous innovations can be expected in the coming months. For example, NFTs should also be tradable on Meta’s own marketplace, the Meta Quest app store.
NFT: Meta Pay in preparation
Apart from the attractive fees and commissions that Meta wants to collect from NFT transactions, the main thing is its own financial infrastructure. The group has already initiated numerous projects to advance more strongly in the financial sector. Be it the Libra and Diem stablecoin projects themselves or, more recently, Novi Wallet. Even if these have failed for now, Meta sticks to a token-based infrastructure.
On June 22, Meta CEO Mark Zuckerberg announced that Facebook Pay would be renamed Meta Pay and would also be equipped with various wallet features. So if we buy digital sneakers or play a paid game in the Metaverse world of Meta, which is currently set up under the name Horizon, this will also be handled using the wallet solution in the future.
The portfolio as a hub
It’s not just about our money and our digital assets, which are kept safe thanks to meta-wallet solutions. Our identity can also be managed in the wallet. We can already log in to various websites through Facebook without having to create a user account on the respective site. With the digital identity we receive through our identification with Meta Group, Meta wallet solutions can also serve as an identification aid in Web 3.0.
In the future, this could mean that meta-wallets not only replace our bank account, but also act as a kind of “storage wallet” for identity documents such as ID cards, gym membership cards, etc. This form of non-monetary NFT could help the group retain its users even more.
Big Picture: Metaverse
Ultimately, NFT’s numerous ambitions and projects culminate in the Group’s #1 priority, the Metaverse. In the future, thousands of jobs could be created in the virtual worlds of Meta. People would build houses in which shops would be established. For example, a Nike store for CryptoKicks, as they are currently available in the “2D world” on OpenSea. Parties, conferences and business meetings are also conceivable, which can be rented in the appropriate rooms.
If you think about this scenario further, you arrive at a concept that could be equated with “digital private economies”.
gross metaverse product (BMP)
In this case, the Meta would increasingly assume the role of the State. Users would become citizens of the new virtual world. The added value could also be compared to metrics from the analog world.
While gross domestic product (GDP) summarizes the value of all goods and services produced in a year, a “metaverse gross product” could serve as an equivalent. It should mean: The value of all NFTs and crypto applications that are generated in a year could serve as the basis for measurement. Participating in NFT sales in your own Metaverse world would also warrant a kind of VAT. The income would be transferred to the Meta account or wallet through the NFT smart contract.
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If this dystopia were to occur, Meta should become the most valuable company in the world (currently ranked 14th) and also far exceed the market capitalization of Apple (currently ranked 1st). However, it doesn’t have to come to that.
On the one hand, states, especially the US, will not tolerate a single company becoming so powerful. On the other hand, in addition to the company-driven Metaverse variant, there are also decentralized alternatives that come from the community.
Blockchain Sandbox and Decentraland Alternatives
They may still lag behind in terms of usability, functionality, and offerings, but they are the only way to prevent abuse of power. Many people are already criticizing the Meta data octopus. If the NFT metaverse concept presented here were to become a reality, then dimension and dependency would be on a whole different level.
It is even more important that both DeFi applications and metaverse worlds emerge in the coming months and years, representing a serious alternative to the meta. However, this will only be successful if people build enough trust in DeFi applications and, on the other hand, really want to stay in the meta-alternatives like Decentraland or Sandbox. Unfortunately, we are still a long way from that at the moment.
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