1/8 Facebook announced today they’re changing their name and going all in on the metaverse.
Why?
Because they have no choice.
The achilles heel of FB is that it revolves around the social signalling model dreamed up by a college freshman, one which NFT just made obsolete 🧵:
Why?
Because they have no choice.
The achilles heel of FB is that it revolves around the social signalling model dreamed up by a college freshman, one which NFT just made obsolete 🧵:
2/8 There are two types of social signals: conventional and assessment.
The difference is that the former can be faked, but not the latter.
The difference is that the former can be faked, but not the latter.
3/8 As an example of a conventional (fakeable) signal, consider a FB picture of someone standing in front of a lambo.
They’re trying to signal that they have money, but there’s no proof! It could just be some random car in the parking lot of a Taco Bell.
They’re trying to signal that they have money, but there’s no proof! It could just be some random car in the parking lot of a Taco Bell.
4/8 There’s nothing wrong with systems that rely on conventional signals, and often they can be fun! -- without private information and bluffing, poker is just Candy Land with scotch and cigars.
5/8 But consumers are tired of social networks that rely on conventional signals, because they now know they’re fake.
They know that the instagram influencer just rented the private plane for 5 min. And that the CEO’s Times Square billboard was only shown for 15 seconds.
They know that the instagram influencer just rented the private plane for 5 min. And that the CEO’s Times Square billboard was only shown for 15 seconds.
6/8 NFTs create an opportunity to build social networks and metaverses around unfakeable assessment signals, via provenance and proof of ownership.
And it’s clear that there now is a strong appetite from consumers to try something new and different.
And it’s clear that there now is a strong appetite from consumers to try something new and different.
7/8 But Facebook is stuck.
If they were to introduce assessment signals into their core platform, it would instantly undermine the credibility of every piece of content ever created.
This leaves the core platform structurally unable to pivot.
If they were to introduce assessment signals into their core platform, it would instantly undermine the credibility of every piece of content ever created.
This leaves the core platform structurally unable to pivot.
8/8 That’s why Facebook is starting over with VR.
It’s not just because they “believe in the tech”, it’s because they’re under duress and have limited options.
Whether or not their new product will succeed in the market -- I have no idea. But NFT is necessitating the change.
It’s not just because they “believe in the tech”, it’s because they’re under duress and have limited options.
Whether or not their new product will succeed in the market -- I have no idea. But NFT is necessitating the change.
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