Instead Of Creating A Metaverse, Sam Bankman-Fried Suggests Facebook Create A Web.3 Social Media

SBF assesses Mark Zuckerberg's attempts through Meta to enter the metaverse have failed. (photo: Twitter @sbf_ftx)

JAKARTA - Facebook's rebranding to Meta is Mark Zuckerberg's latest attempt to maintain dominance in the world of Web3 social media, specifically, the Metaverse. On the occasion of Meta completing a year of rebranding, Sam Bankman-Fried (SBF), CEO of crypto exchange FTX, shared his thoughts on the rebranding and what it means for Meta's future.

Zuckerberg's $100 billion Metaverse experiment first struck a chord when the CEO released an avatar for the Meta's Horizon Worlds VR platform. Subsequent releases of Zuckerberg's avatar fell prey to the jokes of internet memes, though each new iteration looked visually better than its predecessor.

3) What's up with @facebook changing to @Meta and spending tens of billions on what Twitter tells me is, uh, fake legs? pic.twitter.com/BE9PiSRfrR

— SBF (@SBF_FTX) October 29, 2022

According to Bankman-Fried, Facebook's growth has not been affected by new competitors like TikTok. Instead, he argues that the company "stopped growing because, there was no more room to grow."

SBF suspects that the rebranding to Meta is Facebook's way of enhancing its reputation through disruption. In addition, the move will strengthen Meta's narrative to generate high revenue for its success.

However, the SBF highlighted the "unclear Meta guidance" and how investors decided to spend 10 billion US dollars per year on the Metaverse. The intention to invest $10 billion annually strengthens Zuckerberg's position as a believer in the Metaverse.

On a final note, SBF confirms that Facebook has won by becoming the largest social media network. "So what's next? Start building Social Media 3.0," concluded SBF, as quoted by Cointelegraph.