The entirety of Facebook is pivoting towards a proposed metaversal future. Much like the company's social media dominance, the method for its growth in the new sector will be a Facebook classic: acquisition.
Prior to its massive Cambridge Analytica scandal, the company was frequently buying up companies. Now, three years later, the company is re-entering its spending spree, all in the hopes of controlling the metaverse.
Facebook aims to own major metaverse developers
Reported by Recode, Zuckerberg's mega-corporation has already started silently snatching up key targets. With virtual reality powering the first generation of Meta’s Metaverse environment, the company is hoovering up developers.
For example, VR devs such as Within, BigBox VR and Downpour Interactive were all acquired this year. Additionally, the company also acquired collaborative game platform creator Unit2Games. The latter’s technology could easily become a core component of Meta’s universe.
At its name-change reveal event, Meta revealed that its currently building the environment needed to make its namesake work. “Billions of dollars” will be spent in order to create Zuckerberg’s vision, and many more developers will be sucked up.
The Antitrust Issue
At the time of writing, Meta is comprised on 92 individual companies. However, before its recent spending spree, the company once known as Facebook was already in trouble. Previously, the company was taken to court over claims of monopoly.
The FCC did fail its first lawsuit against the mega-corporation, but the commission will be trying again. This time, the FCC will be attempting to separate Meta’s three social media platforms, stripping it of Instagram and WhatsApp.
While it may not own the most companies, Meta has been seen as problematic for the power it holds. With the upcoming metaverse less than a decade away, there are worries that the company will simply buy its power and influence.
After all, the entire concept the company is attempting to plagiarise is based on a fictional open platform. Nevertheless, Facebook's plans are less than open. It wants to rule, and that won't be good for us.