Mark Zuckerberg announced last year that Facebook was changing its name to Meta and that, within five years, the company would transition from being primarily a social media company to a “metaverse”, marking an enormous revolution for the company.

The metaverse is a concept inspired by science fiction and in a nutshell is a simulated virtual world where people can socialize, work, and play via digital avatars of themselves rather than with their actual physical bodies. Although some elements of the metaverse, like virtual reality headsets, are already in existence, Zuckerberg estimates that some of it could take up to 15 years to build.

It would be an understatement to say that the concept has caused a stir in the tech world, with the CEO pouring billions of dollars into developing futuristic technologies like neural interface wristbands and augmented reality smart glasses to bring to life this new virtual world.

In short, Zuckerberg has envisioned the metaverse as a digital commerce empire. As with Facebook becoming one of the world’s largest advertising platforms, the metaverse will be the largest and most dynamic virtual shopping mall in existence.

“We hope to basically get to around a billion people in the metaverse doing hundreds of dollars of commerce, each buying digital goods, digital content, different things to express themselves,” Zuckerberg told CNBC. “So whether that’s clothing for their avatar or different digital goods for their virtual home or things to decorate their virtual conference room, utilities to be able to be more productive in virtual and augmented reality and across the metaverse overall,” he said.

Many social media platforms are highly profitable businesses, connecting users in ways not possible before the internet. They have provided users with the opportunity to generate powerful networks and monetize them by selling advertisements. But instances, like what happened at the U.S. Capitol, illustrate how digital platforms can be double-edged swords.

From a political standpoint, alongside generating trillions of dollars in revenue, these platforms have also enabled the distribution of fake news, the manipulation of digital content for political purposes, and the promotion of dangerous misinformation on elections, vaccines, and other public health matters.

It’s obvious from these examples that social media can not only be used to connect in a positive way, but also in a way that is problematic for society. The solution? Many look towards regulation. Before the age of the internet, several industries, including film, gaming, broadcasting, television advertising, and even airline reservation systems, faced similar issues and decided to self-regulate with some success. But should social media companies wait for governments to impose potentially intrusive controls and respond defensively? The solution? Many look towards regulation. Before the age of the internet, several industries, including film, gaming, broadcasting, television advertising, and even airline reservation systems, faced similar issues and decided to self-regulate with some success. Or should they look towards alternative platforms that provide more autonomy.

MT Tower, a new blockchain-based gaming and lifestyle platform that allows users to make new social connections, meet brands, and create their own world, aims to solve social media’s data problems, amongst many others.

The platform aims to “break the rules of traditional social media and bring people a new social platform [where they can] create their own fame and influence.”

“Because our audience is looking for a new platform with a new approach towards engagement with culture, virtual, art, brands, and people. As a space where everything is about virtual interactions, the Metaverse can expand beyond existing social media platforms and has the ability to answer all those needs with tokens, entertainment, and immersive experiences that allow them to express themselves and connect with others in a unique way,” the platform explains on its website.