Should Zuck lead us to the Metaverse
The crypto community divide on whether Mark Zuckerberg should lead Facebook into the Metaverse, with Jenny Ta of Hodl Asset suggesting that he must leave if Meta is to prosper. Yat Siu of Animoca argues that Zuck is the only one who can push the firm ahead. He believes that Zuckerberg should step down as CEO to avoid lawsuits and maintain the company’s image.
However, Yat Su, co-founder, and Chairman of blockchain gaming and virtual property company Animoca Brands, stated that Zuck is a force of nature that can make Meta’s vision a reality.
The remarks come in the wake of Facebook’s recent rebranding to Meta. The company intends to provide a platform for creators. They will be able to construct virtual online businesses and start their virtual reality hardware business called “Reality Labs” on their route to building the Metaverse.
Ta told Cointelegraph that because of the regulatory attention focused on the CEO over Facebook’s data mining, privacy, and content regulations, he should stand down to give Meta a clean slate. She then drew parallels with Bill Gates and Microsoft in the early 2000s. Siu isn’t a fan of Facebook’s Metaverse experiment, but he feels Zuckerberg should stay in charge. Siu described the CEO as a “force of nature,” which is more concerned with getting his projects completed than with monetary compensation at this point.
Ta compared the current status of the Metaverse to the early acceptance of text messaging when phone calls were the norm. Ta used her mother as an example of someone who didn’t see the point in using the technology at first. Siu believes that “mass adoption” is on the way. There are multiple conversations about the space have shifted from a niche topic to something that is reaching a mainstream audience.
It got to the point where every encounter has an exponential focus. This is because it’s no longer one person talking to one person who introduces another person. It takes a thousand people talking to another thousand people to generate a few thousand visitors.
Square’s Cash App Bitcoin profits fall 23%
Bitcoin profits at Cash App decreased in the third quarter, but total profits increased. In its Q3 earnings report, Jack Dorsey’s payments company Square Inc. stated that the mobile payments app Cash App witnessed a 23 percent decline in quarterly income produced by Bitcoin.
However, Bitcoin profits and revenue are both increasing year on year.
Bitcoin volatility was substantially lower in Q3 than in Q2. This came as the price fell from a prior ATH $63,000 to around $31,000 in Q2. However, in Q3, Bitcoin prices fluctuated from around $30,000 to $50,000.
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