- Sandbox co-founder Sebastien says that he must defend metaverse from giant techs.
- Sebastien believes the metaverse could face distruction.
- The virtual land sale has given the platform the necessary publicity.
Sebastien Borget plans to guard the metaverse from Tech bigwigs. He claims that tech giants such as Meta only aim to destroy the metaverse market.
During a past talk show, Sebastien noted that he is uncomfortable with big Tech firms. He stated his main issue with the bigwig tech organizations as centralization. Sebastian feels significant tech firms will jeopardize the decentralization of the metaverse as they dont stand for it.
Sebastien went further to say that his worry is not competition. But, Sebastien fears that the gains of an open decentralization are under threat. Tech giants have dominated Web 2.0, which is like a monopoly to them. Web 3.0 technologies such as Crypto and metaverse are fixing the dominance.
Big technology firms want to sink metaverse
According to Sebastien, he doesn’t believe those tech giants can develop something exciting. All they do is focus on themselves rather than the clients. They worry about shareholders at the expense of asset holders. They dont even consider that these asset owners are the programs’ administration.
Recently, Facebook rebranded to Meta. The rebrand meant Facebook acknowledged and refocused on metaverse. Besides, the media avenue switched its basis to take control in the developing virtual world of the metaverse. It is important to note that the move followed a failed trial to establish a unique stablecoin.
Facebook has a record of data mismanagement. This has led to trust issues among users, and thus, it worries Sebastian. He feels the business model of Meta is unreliable and insecure.
SoftBank, a leading financial institution in Japan, gave Sandbox $93 million in a funding round. Nonetheless, Sandbox launched its first metaverse game. The game involves buying a virtual fixed asset such as land. So far, the game is doing well. It has brought a lot of transactions, $4.3 M in property sales. Metaverse projects are great. They entail a cocktail of best cryptocurrencies and a virtual gaming network. Thus, they pass as well-paying projects in the digital currency world.
Metaverse is taking over digital space with the help of Web 3.0
Metaverse has taken the tech world by storm this year. Most people feel it’s the next frontier of the internet since it relies on Web 3.0. Besides, people see metaverse as an opportunity to interact and trade in a 3D virtual environment.
How metaverse should appear is debatable. But, most blockchain and crypto lovers see big techs as the nemesis of decentralization in the metaverse.
Most Web 3.0 start-ups, including the Sandbox, say that their platforms are governed by decentralized autonomous organizations (DAO). DAO allows users to propose changes in the forum and confirm them through voting. For instance, the sandbox digital coin, the Sand, has voting power in the platform besides monetary value.
The current hype around the metaverse increases the sale of other virtual assets. Recently, a virtual mega yacht went up to US$650,000 on the Sandbox. The deal became famous as the most expensive sale outside the virtual land plots.