{"id":5494,"date":"2023-06-09T09:50:27","date_gmt":"2023-06-09T13:50:27","guid":{"rendered":"http:\/\/leadingcryptonews.com\/the-empire-built-on-lies\/"},"modified":"2023-06-09T09:50:27","modified_gmt":"2023-06-09T13:50:27","slug":"the-empire-built-on-lies","status":"publish","type":"post","link":"https:\/\/leadingcryptonews.com\/the-empire-built-on-lies\/","title":{"rendered":"The Empire Built on Lies"},"content":{"rendered":"


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Mark Zuckerberg and his gang are among the hottest headlines of the past few years. From getting hit with the largest fine ever issued under the European Union\u2019s General Data Protection Regulation (close to $1.3 billion) for exporting EU user data to the United States, to falling stock prices, mass layoffs, and ultimately, a failed Metaverse project.\u00a0<\/strong><\/p>\n

Meta\u2019s dramatic downfall shows that the ambitious and untouchable CEO and Facebook co-founder is in serious trouble. One of his grand projects, the Metaverse \u2013 with a capital M \u2013 is ready to be laid down to rest in the tech industry\u2019s pet cemetery.\u00a0<\/p>\n

At the end of 2022, the once trillion-dollar tech giant closed the year in a 70% freefall drop. This made it the worst-performing stock in the entire S&P 500. The company is in serious trouble. And the tricky transition from social networking giant Facebook into the virtual reality world of the Metaverse is taking its toll.\u00a0<\/p>\n

However, to begin understanding what happened with former Facebook and the Metaverse, we can start by naming the main cause that led the big tech firm into its current hole.\u00a0<\/p>\n

The biggest issue wasn\u2019t Mark Zuckerberg\u2019s fool\u2019s bet on the Metaverse. In fact, whichever product Meta decided to bet on next was likely to fail. As the author and writer Ted Gioia pointed out, \u201cto Facebook, the user is always wrong.\u201d\u00a0<\/p>\n

For those in any type of business, it\u2019s a no-brainer knowing that the focus of any company \u2013 regardless of its size \u2013 should be serving its customers. Facebook \u2013 and its affiliates, Instagram and WhatsApp \u2013 and now Meta, serve one purpose and only: profits for the apps and people involved. And that\u2019s what\u2019s killing Zuckerberg\u2019s Meta empire.\u00a0<\/p>\n

The False Promise\u00a0<\/h2>\n

Zuckerberg\u2019s tunnel vision about making the Metaverse the next big thing lured virtually everyone around him. He claimed the virtual world would be an \u201cexpansive and immersive version of the internet.\u201d<\/p>\n

The Metaverse quickly ascended to the top of the business world. And so other big companies followed suit, and Walmart, Disney, Nike and Gucci joined the Metaverse. Zuck also convinced investors, Wall Street, and the media to jump on board with his obsession.<\/p>\n

And so they did.<\/p>\n

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Source: YouTube<\/figcaption><\/figure>\n

The \u201chalf-backed Metaverse project,\u201d as dubbed by the tech expert Ed Zitron, has shaken the whole tech industry in a very short period of time. But Zuckerberg\u2019s grand promise was just\u2026 a promise. The Metaverse project has no clear business vision. Ultimately, there are no clear problems that it would solve for the general public.\u00a0<\/p>\n

The Meta CEO\u2019s speech about his next big enterprise was filled with poetic adjectives, but it lacked a real concept of what the Metaverse would do \u2013 for real. Due to his incompetence in articulating a clear vision and what it would solve, Meta\u2019s ambitious project suffered, without a few things that most businesses need in order to function: a clear and proper why, a specific target audience, and the market\u2019s willingness to adopt the product.\u00a0<\/p>\n

Huge Failings<\/h2>\n

Now let\u2019s break these shortcomings down.\u00a0<\/p>\n

Since the product owner himself couldn\u2019t state what issues the Metaverse would solve, he couldn\u2019t expect the public to understand it. In his own words:<\/p>\n

\u201cI think a lot of people, when they think about the metaverse, they think about just virtual reality \u2014 which I think is going to be an important part of that.[\u2026] But the metaverse isn\u2019t just virtual reality. It\u2019s going to be accessible across all of our different computing platforms; VR and AR, but also PC, and also mobile devices and game consoles. Speaking of which, a lot of people also think about the metaverse as primarily something that\u2019s about gaming. And I think entertainment is clearly going to be a big part of it, but I don\u2019t think that this is just gaming.\u201d<\/p>\n

Well, when I read this, I still think, \u201cwhat is he talking about?\u201d Here, he describes nothing. From what he says, the Metaverse could be anything. One could say that he\u2019s describing the internet. Or a game? Or an app? A virtual world?<\/p>\n

Mega Confusion<\/h2>\n

The second issue is connected to the first. The definition of the Metaverse breeds more confusion than explaining what it truly means. Let alone what audience it would target. Mr. Zuckerberg claimed that one billion people would use the Metaverse. Where did the data come from if there\u2019s no clear use case? And that they\u2019d spend hundreds of dollars each using his product.\u00a0<\/p>\n

Thirdly, if there isn\u2019t a genuine vision of what this thing does and the issues it would address, it isn\u2019t enough to say or to believe that the founder of the biggest social networking in the world simply \u201cknows what he is doing.\u201d<\/p>\n