NFTs and Metaverse: How Meta Could Become a State

It may not be obvious at first glance, but no other global company relies as much on NFTs as Meta. The social media giant announced a few days ago that Facebook users can post NFTs to their timelines. In addition, it should be possible in the future to exchange NFTs between Instagram and Facebook. US users have been able to use the NFT function on Instagram for a long time.

It depends on the ecosystem

Around half the world’s population uses at least one of the meta services. If Meta now opens NFTs for each of its platforms step by step, this will create a correspondingly large ecosystem that can be continuously expanded with new functions. Meta makes no secret of the fact that we are still at the very beginning and that numerous innovations can be expected in the coming months. For example, NFTs should also be able to be traded on Meta’s own marketplace, the Meta Quest App Store.

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NFTs: Meta Pay in preparation

In addition to 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 push ahead more strongly in the financial sector. Be it the own stablecoin projects Libra and Diem or most recently the Novi Wallet. Even if these have failed for the time being, Meta is sticking to a token-based infrastructure.

On June 22, Meta CEO Mark Zuckerberg announced that Facebook Pay would be renamed Meta Pay and also be equipped with various wallet functions. 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, then this will also be handled using the wallet solution in the future.

The wallet as the linchpin

It’s not just about our money and our digital assets, which are kept safe by the meta-wallet solutions. Our identity can also be managed in the wallet. We can already log in to various websites via Facebook without having to create a user account on the respective site. With the digital identity that we receive through our identification with the Meta Group, the 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 folder” for identity documents such as ID cards, gym membership cards, etc. This form of non-monetary NFTs could help the group to retain its users even more.

Big Picture: Metaverse

Ultimately, the numerous NFT ambitions and projects culminate in Group priority #1, 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 shop for the 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 spin this scenario further, you arrive at a concept that could be equated with “digital, private economies”.

gross metaverse product (BMP)

In this case, Meta would increasingly assume the role of a state. Users would become citizens of the new virtual world. The added value could also be compared with metrics from the analogue world.

While gross domestic product (GDP) summarizes the value of all goods and services produced in a year, a “gross metaverse product” could serve as the equivalent. Should mean: The value of all NFTs and crypto applications that are generated within a year could serve as a basis for measurement. Participating in the NFT sales in your own Metaverse world would also ensure a kind of VAT. The income would be transferred to Meta’s account or wallet via the NFT smart contract.

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Should this dystopia occur, Meta should become the most valuable company in the world (currently 14th) and also far exceed Apple’s market capitalization (currently 1st). However, it doesn’t have to come to that.

On the one hand, the states, especially the USA, will not put up with 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 alternatives Sandbox and Decentraland

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 data octopus Meta. Should the NFT metaverse concept presented here become reality, then the dimension and dependency would be on a completely different level.

It is all the more important that both DeFi applications and metaverse worlds emerge in the coming months and years, which represent a serious alternative to meta. However, this will only succeed if people build up sufficient trust in DeFi applications and, on the other hand, really want to stay in the meta-alternatives such as Decentraland or Sandbox. Unfortunately, we are still a long way from that at the moment.

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