The Sandbox co-founder don't want Big Tech in the metaverse
Sebastien Borget wants to defend the Metaverse against Big Tech giants aiming to make a foray into the nascent market.
The Sandbox co-founder said in an interview that he is not very keen on big tech companies such as Meta joining the Metaverse.
Sebastien further explained that major technology companies could threaten the decentralization of the Metaverse as their business model goes against it.
He added that it’s not about the competition, rather more about an open, decentralized future. Tech giants hold the monopoly over Web 2.0, something the Web 3.0 technologies like the Metaverse and crypto are trying to break.
“We don’t think those companies can build something truly fun that’s catered to the users because they’ve been so focused on their key business model and how to satisfy shareholders rather than satisfy users who own the asset, who own the governance of their own platform,” Borget explained.
Facebook rebranded itself as Meta to acknowledge its focus on the virtual world. The social media giant has shifted its focus to be the leading tech giant in the nascent virtual reality metaverse after a failed attempt at launching a universal stablecoin. Facebook’s record with user data mismanagement has created distrust among the masses, and the company’s business model worries The Sandbox COO.
The Sandbox closed a $93 million funding round led by Japanese banking giant Softbank. It also launched the first Metaverse game where people can buy virtual lands, and the game has already attracted many headlines over a $4.3 million virtual land sale.