Borget stated in a recent interview that he is not keen on Big Tech businesses like Meta joining the metaverse.
He said that major technology companies may pose a threat to the metaverse’s decentralization since their economic models are incompatible with it.
The co-founder of Sandbox went on to say that it’s not about the competition, but rather about a more open and decentralized future. Web 2.0 is dominated by tech behemoths, a monopoly that Web 3.0 technologies like the metaverse and cryptography are attempting to disrupt. Borget clarified the situation:
“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.”
To reflect its concentration on the virtual realm, Facebook rebranded as Meta. Following a failed attempt to introduce a universal stablecoin, the social media behemoth has turned its attention to becoming the main tech behemoth in the emerging virtual reality metaverse. The Sandbox co-founder is concerned about Facebook’s revenue model, given the company’s track record with user data misuse.
SoftBank, a Japanese banking titan, led a $93 million fundraising round for The Sandbox. It also created the first metaverse game in which players can purchase virtual land, which has already made headlines thanks to a $4.3 million virtual land transaction. Metaverse initiatives are among the most sought-after projects in the crypto sector because they blend the finest of crypto with virtual reality-based game ecosystems.
