Lebo MadibaFacebook’s rebranding presents the globe with the opportunity to partake in a multisensory world where ideas, online currencies and products are exchanged in a democratic manner. But its presence could mean Africa’s economy will have to play catch-up with the rest of the world.
Considering the rap sheet, experts are correct in thinking the seventh richest man in the world is trying to rescue his company’s cratered reputation with Meta. Yet, there is still a lot to be said about Meta’s real-world ramifications — how it will affect politics and economics across the world, particularly in Africa.
Social media is a crowded space. To the throngs of young TikTokers, Facebook is the dusty old cloak better left to an ageing audience. Facebook now has the opportunity to adapt to a new generation of social media users and introduce its products back to them. In an ITWeb article Mic Mann, cofounder of innovation firm Mann Made and CEO of Africarare, said the convergence between virtual reality and blockchain technology is enabling true digital ownership. Creators can then produce virtual products and sell them in the Metaverse. But he added that negative sentiments surrounding Facebook might turn people away from the Metaverse as they could believe it will be used as a nation-state to control them.
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