Meta’s Massive Miscalculation

Meta’s Massive Miscalculation

I try not to disparage projects I disapprove of because let’s face it — who am I to tell you where to waste your money. Besides, I am, admittedly, frequently wrong on almost all predictions, in particular those about the future. My ascorbic criticism of incumbents and their ass-saving last minute forays into the latest fad are however my peeve specialty and the Zuckerverse is my preferred target, being, as it is, a completely misinformed, misaligned, misconceived and misguided approach to the magic & mythical metaverse (alliteration bonanza!) with the sole purpose of enriching Mark and his fellow robots.

This week’s announcement shows once more what a complete technical and marketing circle jerk Meta has become. They announced brazenly that you can now buy Instagram NFTs on Polygon and Solana. That is the MATIC with probably the least credible advantage in the NFT space and SOL, the crappy venture capital greed fueled joke that has crashed more often than my Xbox. 

What a company like Meta should really be doing is questioning the usefulness, longevity and business case of existing NFT implementation and realize that in its current form NFTs won’t go anywhere if you trade them on other chains. There is no way to eliminate the criminal and fraud risk with non-fungible assets and the only way to make NFTs AML compliant is to run them on their own native protocol, a state channel for example or a chain native asset rather than a token. 

It is devastatingly sad and depressingly concerning that a billion-dollar enterprise comes up with technical solutions unworthy of a tenth grader. XDC has a whole web3 Instagram ready, as does HBAR. Constellation is running web3 business networks and across the spectrum companies like Onino, Unity, Covalent, Vectorspace, etc. are embracing a new Open Metaverse and open data concept that will change the world. Meta is about preserving its past, and its wealth, not about changing the future. 

The only question is how do new entrants you grow to web2 era followers. Meta has been having all the audience, they don’t really care what rubbish tech is being used as long as the great unwashed buy their sullied wares. This lack of thought leadership, incumbent conservatives, repressive competitive tactics and old-school mine’s bigger than yours captialism happens in every cycle. It is impossible turning Meta into a web3 venture. Its entire business model is privacy abuse and data collection. LinkedIn sells your data- 75% of their revenue. Facebook is trying to own your blockchain data also. Buy one NFT for your bloody boring IG reels and your address is logged. That’s why Google offers ETH search and more to come. That’s why data collection vehicles like Parsiq and Covalent are the real threat to the incumbents, and that in a nutshell is what Meta will fail in the metaverse. Zuckerboy doesn’t understand it, his people don’t know enough about blockchain to make it work, and its users are … well. Here is the twist. Users are so plentiful that WHATEVER zuck does prints money. This is what we are up against. Don’t let the web2 giants win. 

What am I saying. Go ahead, waste your money on a Solana NFT for your Instagram cooking channel. All you do is give Meta and co more opportunities to push ads in your face and sell you shit you don’t need… You ask for crap and crap you will get. Noon fungible crap to be specific, but crap it is. Welcome to dystopian commercial metaverse.

Published by Dr Martin Hiesboeck

Futurist and Policy Advisor for Companies, governments and NGOs on digital future, blockchain and digitization Head of Research at Uphold and CEO of Alpine Blockchain Consultants

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