Is Facebook’s Meta project a cry for help?

Matteo Perruccio, a partner at Wave Financial Group, believes the loss of users led Facebook to its decision of embracing the metaverse.

Taking part in a panel discussion at the Digital Asset Summit 2021 in London, Perruccio didn’t hold back on Facebook’s venture into the metaverse, calling it a “desperate cry for help” before adding he “doesn’t see it being adopted by the wider public”.

Martha Reyes of Bequant, labelled it a ‘defensive move’ from Facebook, saying she was concerned about the tech company attracting the wrong demographic.

“My son is no longer on Instagram or Facebook,” Reyes said.

However, she believes some may enjoy the decentralised aspect of the metaverse, adding “every brand will consider the metaverse strategy”, following Facebook’s announcement.

Alex Svanevik, founder and CEO of Nansen, used the example of Axie Infinity as the perfect bridge between the physical world and the metaverse, with users able to earn a living from the NFT-based game.

The conversation then shifted to how the move to the metaverse and more decentralised platforms could help not just the general public and but even established artists.

Min Teo, director at Ethereal Ventures, said she enjoys how artists can bypass those in centralised positions like publishers to make money, with Reyes agreeing but adding the Ethereum gas fees artists must pay to take their income means ‘more work needs to be done’.