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By Elizabeth Howcroft

LONDON, (Reuters) –Facebook may miss the point of metaverse – and a shifting shift in consumer behaviour – if they fail to allow digital ownership according to pioneers of virtual reality.

Social media giant Meta Platforms changed its name last month to reflect its focus on Metaverse.

But, there is little to no information beyond the metaverse rebrand. Participants in the metaverse have doubted that it’s ready for the spirit that drives creativity and profits within the space.

“What Facebook (NASDAQ:) is doing with meta…is a ‘fake metaverse,’ unless they actually have a real description as to how we can truly own it,” said Yat Siu, chairman and co-founder of Animoca Brands, an investor in and builder of metaverse platforms, speaking on a panel at  the  Reuters Next conference.

It’s Disneyland until then. Although it’s beautiful, we don’t really want to live there. This is not the type of area where we could build a company.

Metaverse is a collection of online spaces that can be accessed through the internet. Some people use augmented reality via smart glasses. However, current platforms look more like a game world than they do in real life.

It’s a serious business, as there is plenty of money circulating in the area. Last week Decentraland saw a $2.4million transaction for a piece of property in Decentraland.

These virtual assets, such as plots or other objects, typically transact blockchain-based assets (NFTs) according to DappRadar. Sales of NFTs topped $10 Billion in September quarter market monitor DappRadar.

The entry by Facebook has spurred interest further in the area. The company did not immediately respond to an email request for comment Wednesday and it has never previously addressed criticisms about its metaverse plans.

Siu stated that ownership was the foundation for improvement and new avenues for commerce. This is similar to how car ownership led to the creation of baby car seats makers and how home ownership drove demand for furniture businesses such as Ikea.

SAME, SAME and DIFFERENT

Digital ownership, according to Benoit Pagotto (co-founder of RTFKT virtual sneakers company), is a way for brands and consumers to play different roles.

At the Reuters Next conference, he stated that “it’s a big shift in (the) relationship between business creativity and consumerism.” A product isn’t a unique thing. He said, “You need to consider how you can keep it updated.”

“It is very fluid. Because of the greater possibilities for interaction in digital realms, I believe the real world is going to be overtaken by it.

There has been an effort to catch up by both brands looking to get a piece of the digital action as well as lawyers trying to determine what digital ownership is.

NFTs have a lot of unregulated aspects and are often used by fraudsters. Anyone can sell and create an NFT, but there’s no guarantee that it will be of any value.

Sophie Goossens (a Reed Smith London partner specialising on technology and media law) said that it is creating a lot of headaches for people trying to understand the terminology.

“Ownership in legal terms means something…(generally) a monopoly over a resource that is enforced by the state,” she said. The type of rights you have in digital ownership of the NFT is slightly different. The asset you have as NFT may not be your full control.

Nevertheless, this does not seem to have stopped the metaverse from reaching the mainstream, particularly for those who are fashion or videogame consumers.

Natalie Johnson (founder of Neuno), a new marketplace for NFTs and fashion labels, said, “I believe we’re going see a mix of digital assets seamlessly fitting in our real environment.” As tech companies launch augmented-reality sunglasses,

You don’t have to be an avid gamer or a pro at gaming to embrace and play with the new technology. You can have it for anyone. ————————————————————- To watch the Reuters Next conference please register here https://reutersevents.com/events/next/