According to The Sandbox’s developer, Big Tech poses a danger to a decentralized metaverse.
According to The Sandbox’s co-founder, the decentralized metaverse is being threatened by Big Tech businesses wishing to enter the burgeoning area.
His major worry is protecting an open metaverse from firms like Meta, CEO Sebastien Borget said late Monday. Meta recently changed itself from Facebook in order to better represent the company’s increasing focus on virtual worlds.
The metaverse, according to Borget, is about replacing the internet’s old guard with decentralized technologies like cryptocurrencies and blockchain.
It’s our goal to create an open metaverse that can compete with the Web 2.0 metaverses, Borget said.
Chinese IT heavyweights Tencent and NetEase are also looking to profit from the new internet, according to reports from the SCMP.
Cryptocurrency and blockchain enthusiasts are worried about a decentralized metaverse.
Rather than focusing on their core business strategy and how to please shareholders, they’ve been more concerned with ensuring that their users are happy and that they are able to run their own platform. Borget told SCMP, which is working with The Sandbox to create experiences, that the two organizations are working together.
For gamers, the Sandbox is a place to build virtual worlds and sell tokens that are not interchangeable (NFTs).
Users will be able to propose and vote on changes to the platform by 2022, which will be governed by a decentralized autonomous organization (DAO). In a year, its “sand” currency has risen by more than 9000 percent.
The Sandbox and other metaverse sites have lately been in the news due of an upsurge in metaverse agreements. In a record-breaking deal, Atari SA sold a massive group of plots on The Sandbox for $4.3 million.
This spike in virtual land purchases has boosted The Sandbox’s entire sales to $211 million, Borget recently told Insider.