How Meta could become a state

It may not be obvious at first glance, but no other global company trusts NFTs as much as Meta. The social media giant announced a few days ago that Facebook users can send 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 feature on Instagram for a long time.

It depends on the ecosystem

About half of 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 similarly large ecosystem that can be continuously expanded with new features. Meta makes no secret of the fact that we are still at the very beginning and that several 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 most important is its own financial infrastructure. The group has already initiated several projects to advance in the financial sector. Be it the own stablecoin projects Libra and Diem or most recently Novi Wallet. Although these have failed for the time being, Meta sticks 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 features. 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 purse as the key

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 page. With the digital identity that we gain through our identification with Meta Group, the Meta wallet solutions can also act as identification help in Web 3.0.

In the future, this may mean that meta-wallets not only replace our bank account, but also act as a kind of “storage folder” for identity papers such as ID cards, membership cards for the gym, etc. This kind of non-monetary NFTs can help the group retain its users even more.

Large image: Metaverse

In the end, the many NFT ambitions and projects culminate in Group Priority # 1, Metaverse. In the future, thousands of jobs can be created in Meta’s virtual worlds. People would build houses where shops would be established. For example, a Nike store for 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 suitable premises.

Turning this scenario further, you come up with a concept that could be equated with “digital, private economies”.

gross metaverse product (BMP)

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

While gross domestic product (GDP) sums up the value of all goods and services produced in a year, a “gross domestic product” could serve as the equivalent. Should mean: The value of all NFTs and crypto applications generated within a year could serve as a basis for measurement. Participating in 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 arise, Meta should become the most valuable company in the world (currently No. 14) and also far surpass Apple’s market value (currently No. 1). However, it does not have to get there.

On the one hand, the states, especially the United States, will not find themselves in 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 can 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 computer squid Meta. Should the NFT metaverse concept presented here become a reality, then the dimension and dependence 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 sufficient trust in DeFi applications and on the other hand really want to stay in the meta alternatives like Decentraland or Sandbox. Unfortunately, we are still far from that at the moment.

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