On Tuesday, Facebook founder and CEO Mark Zuckerberg reiterated his commitment to develop a new internet experience that will make Facebook something more than a social media platform. He announced the formation of a metaverse product group as the first step in building something brilliantly new and different from the internet as we know it.

“As part of Facebook’s next chapter, we’re setting up a new Metaverse Product Group. Each of our major initiatives – community, creators, commerce, the next computing platform, etc – will unlock many new experiences by themselves. But together, they’re all part of a much larger goal: helping to bring the metaverse to life. I believe the metaverse will be the successor to the mobile internet, and creating this product group is the next step in our journey to help build it,” he said.

The announcement reveals the mega plan that has been in the pipeline for some time now, and confirms what some, including Facebook staff already know.

As June came to an end, Facebook CEO Mark Zuckerberg told his employees about an ambitious new initiative. The future of the company would go far beyond its current project of building a set of connected social apps and some hardware to support them. Instead, he said, Facebook would strive to build a maximalist, interconnected set of experiences straight out of sci-fi — a world known as the metaverse.

The company’s divisions focused on products for communities, creators, commerce, and virtual reality would increasingly work to realize this vision, he said in a remote address to employees. “What I think is most interesting is how these themes will come together into a bigger idea,” Zuckerberg said. “Our overarching goal across all of these initiatives is to help bring the metaverse to life.”

Zuckerberg, in an interview with TheVerge, last week, talked deeply about the new ambition and how he hopes that metaverse will take the place of mobile internet, changing Facebook from social media to a source of thrilling internet experiences.

The term refers to a convergence of physical, augmented, and virtual reality in a shared online space. (Epic Games CEO Tim Sweeney has been discussing his desire to contribute to a metaverse for many months now.)

In January 2020, an influential essay by the venture capitalist Matthew Ball set out to identify key characteristics of a metaverse. Among them: it has to span the physical and virtual worlds; contain a fully-fledged economy; and offer “unprecedented interoperability” — users have to be able to take their avatars and goods from one place in the metaverse to another, no matter who runs that particular part of it. Critically, no one company will run the metaverse — it will be an “embodied internet,” Zuckerberg said, operated by many different players in a decentralized way.

But the move has raised more questions than Zuckerberg answered, which includes, whether the idea is being developed because he sees Facebook getting broken up by the US. There is also concern about how metaverse would be regulated and is contents moderated.

Zuckerberg said, the metaverse will bring enormous opportunity to individual creators and artists; to individuals who want to work and own homes far from today’s urban centers; and to people who live in places where opportunities for education or recreation are more limited. A realized metaverse could be the next best thing to a working teleportation device, he says. With the company’s Oculus division, which produces the Quest headset, Facebook is trying to develop one.

Zuckerberg had described metaverse as a vision that spans many companies — the whole industry. “You can think about it as the successor to the mobile internet. And it’s certainly not something that any one company is going to build, but I think a big part of our next chapter is going to hopefully be contributing to building that, in partnership with a lot of other companies and creators and developers,” he said.

Regarding the form it will take, he said: “But the metaverse isn’t just virtual reality. It’s going to be accessible across all of our different computing platforms; VR and AR, but also PC, and also mobile devices and game consoles.”

He explains that entertainment is clearly going to be a big part of it, but doesn’t think that it is just gaming. “I think that this is a persistent, synchronous environment where we can be together, which I think is probably going to resemble some kind of a hybrid between the social platforms that we see today, but an environment where you’re embodied in it.

“So that can be 3D — it doesn’t have to be. You might be able to jump into an experience, like a 3D concert or something, from your phone, so you can get elements that are 2D or elements that are 3D. I think that this is going to be a really big part of the next chapter for the technology industry.

“Think about things like community and creators as one, or digital commerce as a second, or building out the next set of computing platforms, like virtual and augmented reality, to give people that sense of presence. I think all of these different initiatives that we have at Facebook today will basically ladder up together to contribute to helping to build this metaverse vision.

“And my hope, if we do this well, I think over the next five years or so, in this next chapter of our company, I think we will effectively transition from people seeing us as primarily being a social media company to being a metaverse company,” he said.

However, this is not the first time Zuckerberg will aim at a bogus ambition. In 2019, Zuckerberg moved to develop Libra, a cryptocurrency, in partnership with many big names in the finance and tech industry. His aim was to develop a global single cryptocurrency. But the US government shut it down, forcing his partners to withdraw.

While the idea of a metaverse is different from Libra, the form it will take and its impact raise concerns that will likely attract the same weight of government’s intervention. Zuckerberg said he’s been thinking about some of this stuff since he was in middle school, and acknowledged it will take years and collaborations to make the metaverse dream a reality, but it is not yet clear if his supposed partners share his dream.

Good People, this morning, I accepted an invitation from a young and small bank to be its Chairman. I share to inspire and challenge everyone here: tomorrow has a promise. Formal announcement coming after the regulatory filing. We can all grow up if we pursue excellence in anything we do. 

This reminds me of a great experience during the 2019 Christmas season. I had gone home with family and the Internet in a new part of the village we expanded to was poor. I put a call to MTN and within hours, they sent people from the state capital to help. And the next day, a senior manager visited to check that I was fine! 

How could that have been? I remain thankful to MTN for that service. And I have also told the mobile giant that we have FREE land for them to add more capacity in Ovim, Abia state. We need more capacity; he is asking for more. 

I want everyone here to keep working harder. The best time to audition for a great job is when there is no advertised job. Find a way to live your life and find a deeper purpose to activate inner energies to outperform.

This is an update on the new Tekedia Institute’s course – “Stakeholder Capitalism: Umunneoma Economics & Igbo Apprenticeship System”. Ohaneze Ndi Igbo is providing support on this course. We expect the course to be completed later in the year. But any Tekedia Mini-MBA member, past, present and future, will have access to it. 

The Igbo Apprenticeship System (IAS) component of the course has three core parts:

• Igbo worldwide view
• Commerce and development
• Community and responsibility

We’re making a case that African business frameworks, not just IAS, should be part of our school curriculum. After my BBC World Service interview and the Harvard Business Review article, we are more than excited to continue to push African economic philosophies to the world.

Please register for the next edition of Tekedia Mini-MBA; classes begin Sept 13 and early registration is today. Click here and register.

Three datasets: (1) Elon Musk (Tesla): Tesla will resume accepting Bitcoin after concluding its due diligence on energy usage (2) Jack Dorsey (Twitter): Bitcoin is a “big part” of Twitter’s future (3) London’s City A.M. newspaper: Amazon will begin accepting bitcoin payments in Q4 2021. These constellations despite the high voltage assault by China on the digital currency pushed BTC to  near $40,000 per unit, appreciating 16% in 24 hours. 

Bitcoin and other cryptocurrencies have leapt on rumors that Amazon is about to enter the space. Bitcoin is, at the time of writing, just north of $38,000; it was very recently below $30,000. Amazon posted a job ad for a “digital currency and blockchain product lead,” and a spokesperson reportedly said over the weekend that the company believes “the future will be built on new technologies that enable modern, fast, and inexpensive payments.” (Fortune)

The speculation began after Amazon posted a job advert for a “Digital Currency and Blockchain Product Lead” based out of its Seattle headquarters. The job posting, which was first picked up by crypto publications last week, said the role would be based within Amazon’s Payment Acceptance & Experience Team, suggesting the company could be looking to accept cryptocurrencies in the near future.

Amazon’s job posting said the role would involve “innovat[ing] on behalf of customers within the payments and financial systems of one of the largest e-commerce companies in the world”.

Now, if BTC can move this way, I am hoping that e-Naira when it finally launches in Oct (as rumoured), will help the Naira appreciate by 16% against US dollars. Would that not be awesome? Surely indeed. We need to get three datasets to proclaim the ascension of Naira! Lol.

Seriously, if your business has not invested to deepen market perception, you may not have any future.   Toyota’s revenue is $247 billion, selling close to 10 million cars; Tesla revenue is $31 billion, selling about 500k cars. Yet, Toyota market cap is below $300 billion  while Tesla is above $600 billion. As I wrote in Harvard, perception is the king of modern business; improve your playbook on it. BTC is running on it.

Yet as that happens, we need to remember that  things are falling in China. This is how Fortune summarizes it in a newsletter: “Chinese crackdowns on various sectors continue, knocking a wider array of stocks. Education technology has been whacked by a new ruled banning companies that teach school curriculums from making profits, raising capital or going public. Tencent’s shares fell around 6% after the firm was told to end its exclusive licensing agreements with labels around the world. New regulations on the food-delivery sector have removed 15% from Meituan’s share price, and Didi’s descent continues, pushing SoftBank’s bet on the ride-hailing firm $4 billion into the red”.

He elevates brands, turning them into outperformers. And we enjoyed one of the finest traditions in Federal University of Technology Owerri (FUTO) together: the Vice Chancellor University Scholar Award. On the matriculation day, before the new students, parents and the world, the Vice Chancellor would call all the current best graduating students by department and year to the podium, and then announce to the world: “For the last academic session, these are the best students in FUTO. New students, if you have academic questions, these are the ones to contact.”

Magically, the VC has created a problem: you cannot hide. That was how I met Emmanuel – and to his tenacity, he kept coming back and back to the podium. And we continue post graduation. He took that FUTO excellence to the markets and he is winning awards for Jotna (The La Casera Company Plc) as the Group Marketing Director.

On Aug 5, he will be at Tekedia Live to share how we can build brands and drive #marketing, focusing on the FMCGs sector. We think his course on FMCGs marketing is peerless.

Emmanuel Agu. Msc, MBA, Fnimn, Fimc, Ashridge Alumnus , welcome back to Tekedia Institute.