Zepeto's billion-dollar valuation, turbocharged by SoftBank's $150 million injection, is making headlines. 200 million users, over 95 million items sold – the metrics are some of the strongest, most jaw-dropping statistics out there. Millions of people are downloading to make avatars, to craft worlds and to interact in this South Korean-born metaverse. Before we all climb aboard the Zepeto fad, let’s cool our jets for a second. This isn’t a victory for the Web3 revolution — it’s a possible detour.

Centralization Casts A Long Shadow

Zepeto, at its core, feels like Web3.Utility You’ve got these avatars, virtual items, heck, you’ve got a full-blown creator economy. However, scratch the surface and you will realize a heavily centralized ecosystem underneath. It’s less like a Web3 unicorn and more like a Web2 corporate competitor in metaverse costume. And that, my friends, should make you very scared.

Think of it like this: You're at a trendy restaurant. The food is incredible, the energy in the room is electric, but the menu is set in stone. Like a chef, the designer gets to decide what’s on the menu to you. Get this—they control their fee schedule and whether you are allowed to eat indoors. That's Zepeto. In all, not a very fun experience—a top down controlled, highly curated experience. Nice looking, but limited.

Web3 is pitched as a sparkling, NFTs-on-every-corner hawker center of gastronomical delights. Unlike in the old county fairs, here pretty much everyone can pitch a tent and bring their new creations and battle for your votes. It's chaotic, unpredictable, and truly democratic.

The problem here isn’t that Zepeto is evil. Its success might completely replace the vision many of us have for a more open metaverse. Most concerning, it would further the platform away from its original roots of decentralization, user ownership and permissionless innovation.

SoftBank's Signal A Red Flag?

SoftBank’s investment isn’t just about Zepeto; it’s about a trend. Big, corporate, centralized players are already circling the metaverse like sharks, chomping at the bit to dominate it. They recognize the tremendous opportunity out there, but they want to call all the shots and shape it for themselves. This is where the creeping anxiety enters.

Are we really creating a decentralized future, or one just filled with walled gardens created by the same old gatekeepers? The dangers of censorship, predatory monetization, and no meaningful user choice are possible. Now, picture your digital identity, your virtual rare coins that you’ve painstakingly collected over the years—all held at the mercy of a single corporation. That's not the Web3 dream. That's a nightmare.

This isn't just about Zepeto. This is no small matter, as it goes to the heart of what the internet is and should be. Are we going to let the same centralized forces that dominate Web2 control the metaverse, or are we going to fight for a truly open, decentralized alternative?

Remix Culture Not Corporate Control

Let's talk about music. Zepeto is more like a producer’s dream festival—carefully designed, high-end music and visuals, all seemingly curated by one mastermind. It's polished, professional, and predictable. Decentralized metaverse platforms, on the other hand, are more like an open-source music library. Everyone can join in, remix and mash up the remixes and discover an entirely new creation.

It’ll be essential to support the right projects – those truly building a decentralized future. Projects built on open-source blockchains with DAO governance, where users own their assets and have a voice in the platform's development. Projects that empower creators, not exploit them.

  • Zepeto: Controlled, curated, predictable.
  • Decentralized Metaverse: Open, collaborative, unpredictable, innovative.

This is not financial advice, but it is an invitation to act.

Now let’s just make sure the metaverse delivers on that promise. Together let’s create a future where power, quite literally, isn’t concentrated. We can’t allow Zepeto’s popularity to make us forget the risks that come with centralization. The future of Web3 depends on it.

This is not financial advice, but it's a call to action.

  • Developers: Contribute to open-source projects.
  • Investors: Fund decentralized platforms.
  • Users: Demand ownership and control.

Let's make sure the metaverse lives up to its promise. Let's build a future where power is distributed, not concentrated. Let's not let Zepeto's success blind us to the dangers of centralization. The future of Web3 depends on it.