Gemini Raises $400 Million To Build A Metaverse Outside Facebook’s Walled Garden
“There's these two parallel paths, in terms of technology right now,” says Cameron Winklevoss, 40, speaking from his home in California. “There's a centralized path, like Facebook or Fortnite, that is one step away from being a metaverse, and that’s totally fine. But there is another path, which is the decentralized metaverse and that's the metaverse where we believe there's greater choice, independence and opportunity, and there is technology that protects the rights and dignity of individuals.”
...Instead of the ad-driven model that has proved so lucrative to social media companies (and fertile for misinformation and political influence) most metaverses will require tiny amounts of cryptocurrency, similar to “gas” used to run other decentralized applications. While revenue models will certainly proliferate, the more demand there is for these tokens, the higher the price, increasing the value of the very same currency the users now own and letting the wealth accumulate to users instead of shareholders.
...The difference between these and other efforts being led by truly open-source startups is that while Big Tech is trying to avoid obsolescence, the Winklevii are investing in startups that assume those companies are already redundant, according to Gemini’s newest board member, Sachin Jaitly.
