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Facebook’s Metaverse gives Blockchain Virtual Land Projects a boost


www.thecoinrepublic.com 02 August 2021 14:49, UTC
Reading time: ~3 m

  • Facebook, a trillion-dollar corporation with three billion members, has stated that it will shift its focus to become a metaverse company. Virtual avatars, virtual assets such as art NFTs, and even digital gold mines are all part of this SciFi idea
  • Next Earth is based on a decentralized system, unlike Facebook and Twitter, which are centralized platforms
  • Giving over ownership of a much bigger virtual identity to a centralized entity seems absurd to many people, which is why decentralized metaverse initiatives like Next Earth are gaining popularity

Facebook, a trillion-dollar corporation with three billion members, has stated that it will shift its focus to become a metaverse company. Virtual avatars, virtual assets such as art NFTs, and even digital gold mines are all part of this SciFi idea. The issue is that the projected virtual world would be controlled by only one company: Facebook. Next Earth is taking on the problem straight on, building a new virtual environment that its users control. And they’re doing it with some of the same technology that powers Bitcoin and NFTs. 

Gábor Rétfalvi, CEO of Next Earth, states, they want to show people that there is unlimited potential in a metaverse, but we also want to give them back ownership of their data. The objective is to build a virtual world that is open, distributed, and decentralized, with users in command of their own identities and assets. What is their new network-building tool? Ethereum.

Blockchain technology has the potential to fuel a new generation of social networks. Next Earth is based on a decentralized system, unlike Facebook and Twitter, which are centralized platforms. This means that no single entity owns or controls the network as a whole. Instead, each user has their own copy of the database, which contains material like photographs and videos as well as user relationships. When you join Next Earth, everything you own is really yours to keep: you don’t have to disclose your personal information; no one can shut down or restrict your account, and no marketers have access to your data without your permission.

Users have complete control over their world experience; no one can tell them what they can and cannot do. Early adopters are frequently gamers, as this is effectively a decentralized version of MMO games like Roblox. These gamers recognize that if someone controls the rulebook for an online game, amateurs like them will be unable to demand conditions and play how they want. 

When it comes to a completely virtual world, control becomes much more crucial. After all, humans are increasingly becoming cyber citizens, and our virtual identities are becoming increasingly intertwined with our real lives. Giving over ownership of a much bigger virtual identity to a centralized entity seems absurd to many people, which is why decentralized metaverse initiatives like Next Earth are gaining popularity.

Furthermore, centralized systems expose consumers to vendor lock-in, in which they become reliant on a single supplier. Decentralized metaverses, on the other hand, allow users to move freely from one environment to the next, ensuring that no single metaverse has influence over the others. However, by boosting awareness and stimulating an infusion of funding, Facebook’s metaverse announcement benefits the young sector as well. Even if Facebook tries to dominate the market, consumers will always be able to explore decentralized metaverses that are far from centralized businesses’ control.


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