Facebook Poses A Threat To Open Metaverse, Animoca Founder Says

Animoca founder Yat Siu says Facebook poses a threat to the open metaverse as he aims to build one free of centralized control so let’s read more in our latest crypto news today.

Animoca Brands is valued at .
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2 billion after new funding round and invested in more than 100 companies up to date, with the executive Chairman Yat Sui saying that the company’s focus is building an open metaverse and Facebook poses a threat to the open metaverse ecosystem. Animoca Brands cast a wide net with its investments into the cryptocurrency industry and invests in more than 100 startups including the leading NFTmarketplace OpenSea and Axie Infinity. For the company’ it is all about contributing to the development of the emerging online metaverse.

This term is often mentioned in the crypto industry and refers to a shared online space that could be used for everything from work to play, social interactions, shopping, and even more. NFT collectibles could become 3D avatars in the metaverse with the asset ownership enabling a new kind of income stream for the users. This is a huge opportunity for creators of all kinds and given this idea, it is no surprise to see the tech giants like Tencent and Facebook pouring huge amounts of cash as they angle for more power and prominence in the next evolution of the internet.
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Animoca Brands doesn’t want this kind of future for its metaverse as its founder and Executive Chairman Yat Siu described these companies as threats to the open metaverse system. The company’s biggest criteria for investment is that companies are creating an open and system platform that can fit into the vision for a decentralized metaverse ahead so in other words, no closed-off systems like those from Google and Apple. Siu is quite passionate about the potential for the metaverse and said this is the main focus of his company:

“In the digital world, the vast majority of the world lives on platforms and essentially doesn’t own the data. Therefore, we’re really just renters. And as a result, we don’t have anything worth fighting for. I describe the age we’re living in as a kind of digital colonialism. The likes of Facebook are essentially the imperialists of our age, and they’re basically stealing our data.”

Facebook announced more plans to pump $50 million into the research and development over the next two years with the goal to hire 10,000 people across Europe in the next five to enhance its initiatives.