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Regulations, Facebook metaverse and NFTs in the spotlight

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Belemo
@belemo
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4 min read

Facebook's plan to launch its own cryptocurrency has been met with strong resistance. The coin that was initially meant to be called Libra but recently renamed to Diem is struggling to take off from the ground.

To put it plainly, the problem with this launch is that Facebook can't be trusted. Only the most naive in our society and employees of Zuckerberg's babies would actually have anything good to say about the empire.

So the question for everyone and one that a couple of senators, including Elizabeth Warren discussed is "we don't trust you with our info, now you want us to trust you with money?"

Elizabeth and a band of anti-crypto senators band together to state why they're not in support of the launch of the Zuckerberg coins.

To halt the development of the Facebook projects Diem and Novi, Warren, and the other senators have hit Zuckerberg with a mountain of regulations.

A huge factor in hitting them with these regulations is because of the part where a stable coin is also scheduled to go live.

Working with Coinbase

On the surface, working with Coinbase seems like a brilliant idea. Facebook was probably thinking this is one of the biggest and most popular crypto brands in the world, so the union makes sense.

Sadly, things haven't gone as smoothly as expected, and Facebook is now experiencing the
kind of scrutiny that crypto companies face on a daily basis.

In my opinion, and this is just me, I've written off coinbase as a "crypto company" and see it more like any other legacy company with shares in the open market.

I always thought that the point of crypto is to give us freedom from the oppressive mechanisms of the government. Instead what we see every day is crypto giants going cap in hand to the government to plead for regulatory handouts.

They have you by the balls

Facebook is a huge company but I bet it has stakeholders looking at the situation and thinking "Hey Mark, sure we shouldn't just stick with stealing information for now?"

Whenever I see big companies like Facebook, Binance, and the rest of them being eaten up by regulations, a part of me kind of dies inside. If the big boys can't stand up for themselves, what chance do I have?

Again, this is just my opinion, but as these companies continue to plead for regulatory-friendly policies from politicians, the crypto industry loses its autonomy. TO put it in another way, we're handing them our asses on a platter, and it's only a matter of time before the government takes full control of the crypto market.

Going back to the Facebook debacle, I feel like Mark shouldn't have used the Facebook brand for this project. instead, he should have created a smaller project and then perform the biggest data breach in human history by porting over all the information he has on Facebook.

The point is that I figured Facebook would put on their big boy underwear and launch their shitcoin despite the government. Honestly, I would have been very impressed if they did because it would be a giant middle finger to the establishment.

What about the metaverse?

Out of all the information about Facebook's impending foray into the world of crypto and blockchain, the news about the metaverse has me excited.

The thought of such a huge company coming into the NFT scene is reason to be excited because they'll be marketing crypto to almost 2 billion people into the system.

Naturally, not all their customers will use the VR space and all that fun stuff but they'll at least hear about it.

For starters, you won't sound like a weirdo to your boomer uncles and aunts when you tell them that you're an NFT millionaire because Facebook has shilled it to them.

We're still early

I read posts and comments from people that didn't get into Splinterlands when it came out. They speak of the system as if joining now means you're late.

Just like the entire crypto industry though, we're still in the infancy stage of the NFT industry. Getting into games like Splinterlands that will be heavy players in the metaverse IS the right thing to do.

So whether it's owning cards, land, tokens, or playing the game, getting involved in one way or the other will be very rewarding in the near future.

Again, going back to Facebook and their potential launch of something related to NFT and the metaverse, you have to see how much value this will bring to other projects as well.

As long as Splinterlands and other NFT based projects continue to put themselves out there, the potential for growth will rise to the occasion. So when all the Facebook people start taking NFTs seriously, they'll find their way to Splinterlands and other similar projects.


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