Facebook broke headlines with its Meta transition announcement recently. Different opinions have come up from different sections right after the announcement was made public. Many skeptics believe that it is nothing more than a PR stunt from Facebook to revive their brand image. There is merit to this argument since Facebook was indeed going through a rough patch in the follow-up to the Meta announcement. From top engineers leaving the company to a legal objection on their cryptocurrency wallet, Facebook was going through a significant face-loss phase.
However, it is not possible to come up with an initiative as grand as that of Meta right in time to save face. Proponents of Meta see it as the future of both social media and larger internet-based transactions. However, it is not clear exactly how things will unfold.
Many are speculating Meta to be a virtual-reality-heavy ecosystem to make the internet more interactive. However, the key problem here lies in the centralized nature of the Meta. According to crypto and blockchain experts, Meta would not realize its full potential unless it is decentralized. Without decentralizing the core systems, it would forever remain a corporate honey trap trying to lure people in return for their attention. Centralization by design is restrictive. If we want to have a truly do-it-all ecosystem, a centralized entity would make it impossible. However, Facebook has not yet hinted at whether they would accommodate blockchain-based innovation within Meta. How things will eventually unfold is still a matter of speculation.