A whole new world with a whole new way to experience the social web
Facebook and Blockchain Technology
Blockchain technology stands to change the way we do business and should be in our thought process. It facilitates and improves on many existing digital modes of commerce. Blockchains are not just a great idea, but an essential component of modern day digital commerce. Blockchain provide a number of benefits to both buyers and sellers. The biggest benefit is transparency and trust. A traditional bank might fail at processing payments due to technical issues, but now you don’t have to worry about getting ripped off because the blockchain trail will show that your payment was processed correctly. If something goes wrong with your payment, it will be recorded so everyone can see it.
The Facebook metaverse is a space where you can share your thoughts, feelings and experiences, is a virtual world that is created by users. It has become the most popular medium for sharing information and experiences. The Facebook metaverse comes with its own currency: Zuck Bucks. If you want to exchange money for this currency, then you have to have an account on the Facebook website. You can buy Zuck Bucks with a credit card, PayPal, or crypto currency. The exchange rate for each of these three options is different and therefore changes often. With this currency, Zucksters can pay for services on the providers’ sites such as Facebook Messenger and Instagram.
Blockchain & Social Networking
Blockchain Decentralized networking platforms built on blockchain protocols/platforms that enable the development of applications and smart contracts are known as social media. Some of the blockchain protocols that support the development of social media DApps are Ethereum, Steem, and Stellar, to mention a few. Because Blockchain social media networks are decentralized, there is no central proprietary authority in charge of all data. Instead, the data is distributed across servers at each network node in a homogeneous and decentralized manner.
In recent years, mainstream social media sites have prompted debate. Major platforms like Twitter, Facebook, and YouTube can censor users and content, even if they want it. They can also demonetize material and restrict money flow on their own. These issues can be solved with blockchain technology. By keeping user content on a blockchain’s immutable ledger, social media ventures can avoid censorship. They can also provide users control over incentives and reputation points by encrypting the data and transferring it via unstoppable crypto transactions, thereby increasing the security and reliability of data storage.
The reasons why users shouldn’t fear blockchain technology are numerous.
- It remains to be seen whether blockchain technology can eliminate the need for centralized content management platforms like Facebook and Google in the future.
- Blockchain technology is far less vulnerable to attack by external parties (such as state governments) than centralized systems are.
- The legal status of decentralized storage systems is less ambiguous than centralized ones, so they often offer better protection for users and data.
What will the Facebook metaverse look like?
When Facebook changed its name to Meta, the company solidified its transition from a social media giant to a multi-faceted conglomerate. By doing so, Meta announced that the company would play out its core goals in the Metaverse. The most anticipated social media advance in the Metaverse comes from Meta. Facebook, as we know it, will transform into a combined space for socializing, shopping, learning, and more.
Centered on the platform’s Horizon Home space, in the Facebook metaverse, users can meet as avatars, watch movies together, play video games, and replicate similar real-life experiences. However, this is just one aspect of Meta’s multi-faceted approach. As of yet, it’s difficult to predict how Instagram, Facebook, and Whatsapp, all social brands under the Meta umbrella, feature in the company’s strategy. Although, Instagram has already pivoted to video content more in tune with Metaverse platforms.
Today you can host a paid online event on Facebook, but imagine if you could make this a mixed-reality experience in the Facebook metaverse where people could join in person or buy a ticket for the virtual experience. We have all been living in a hybrid world of online and offline, especially over the last years, with the ongoing pandemic. From video calls to messaging, we are more connected than ever. However, the metaverse aims to simplify these with less friction and by enhancing physical-world experiences.
How can the Facebook metaverse help with business?
The Facebook metaverse is coming within the next five to ten years, not immediately, and will provide an incredible opportunity for businesses big and small. We are approaching the shift to the metaverse with the same excitement as the pivot from desktop to mobile. The mobile internet has shown that when we level the playing field, we see increased economic opportunity for everyone.
We believe the Facebook metaverse will be the biggest opportunity for modern business since the creation of the internet. Metaverse it’s the next evolution of digital platforms and the successor to today’s mobile internet. But while we’re already seeing some glimmers of this future, we know that the primary way people will experience the metaverse in the short-term will be through 2D apps. This means it’s critical to stay focused on the skills you’re using today to help grow your business on Facebook, Instagram, Messenger or WhatsApp, as these will be foundational to help grow your business in the metaverse in the future.
With the rise of digital commerce, the metaverse will unlock new opportunities for buyers and sellers to connect in a new way. You could imagine your shop on Instagram becoming more immersive, with the option to buy physical or digital products from anywhere in the world. This could also be considered the next big technology revolution, and it could change how we buy, sell and process payments. Advertisers will have their eyes on this new way to interact with people who are already comfortable interacting with others in person.
The metaverse will be co-created responsibly
No one company will build the metaverse alone. This will be a global partnership with businesses, creators, policymakers, entrepreneurs and more.
Twitter is keeping its Metaverse intentions close to its chest—former CEO Jack Dorsey has been critical of Mark Zuckerberg’s intentions, and the recent takeover by Elon Musk has thrown up more critical points.
Snapchat could already be leading the field. In a recent statement, Snapchat CEO Evan Spiegel banned the term Metaverse in the office. Instead, the company has distanced itself from the immersive Metaverse described by Meta and continues to perfect the AR products and experiences it already does so well.
From its inception, the metaverse will be built with the framework and foundation of creating a space where people can be, and feel, safe. Integrity, safety and privacy will be woven into the fabric, and we’ll work with experts in government, industry and academia to think through issues and opportunities in the metaverse. The mobile internet enabled a new way to personalize experiences to meet people’s growing expectations for how they want to engage with businesses. We believe the metaverse will enhance this trend, and Facebook metaverse technologies will play an important role.
But as was true with the mobile internet, the business opportunity will follow consumer behavior. That’s why it’s important to continue building your business for today’s opportunities by innovating, experimenting and growing your audience, whether on Facebook, Instagram, Messenger or WhatsApp — because the connections that you’re building on these platforms now will still apply in the Facebook metaverse.
The Competition
To understand how new organizations could take over social media in the Metaverse, you need to change your perspective. Social media is all about interaction, while the Metaverse is about gamification.
To that end, many platforms considered gaming spaces are slowly morphing into social media spaces. The top ones include Roblox and Fortnite, but there are many more.
Still, dedicated social media platforms are emerging in the Metaverse that differs from what’s already there and exploits the Metaverse’s benefits to create innovative new use cases. One such platform is Gravvity.
User empowerment is at the core of the platform, as it’s the first hyper-realistic social media platform to enter the Metaverse. In addition to enabling users to control their news feed, Gravvity rewards users for staying on the platform by issuing its crypto tokens.
Gravvity is ultimately a SocialFi project. Perhaps this term will be most transformative for social media companies in the Metaverse. It encompasses a shift away from centralized ownership and ushers in an era where users own their data and companies make profits and reward loyalty through an interconnected web of blockchain-powered finance, NFT contracts, and social networking.
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