• BTC Dominance: %
XBT.Market
Advertisement
  • Home
  • Coins MarketCap
  • Crypto Exchanges
  • Crypto Calculator
  • Top Gainers and Loser
  • News
  • Contact Us
No Result
View All Result
XBT.Market
No Result
View All Result
Home Bitcoin

FTC files lawsuit against Meta over attempted monopolization of metaverse

Jon Hartney by Jon Hartney
July 27, 2022
in Bitcoin, Blockchain, Business, Market
0
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

The government watchdog previously filed a lawsuit against the social media giant in 2020 for alleged “anticompetitive conduct” in its acquisitions of WhatsApp and Instagram.

The United States Federal Trade Commission, or FTC, has filed a lawsuit against Meta and CEO Mark Zuckerberg in an attempt to stop the social media giant from “its ultimate goal of owning the entire ‘metaverse’.”

In a complaint filed in the Northern District of California on Wednesday, the FTC alleged Meta’s and Zuckerberg’s potential acquisition of virtual reality firm Within and its fitness app Supernatural was illegal according to U.S. antitrust laws and a way for the social media firm to “buy its way to the top” as opposed to “competing on the merits.” The complaint alleged that under Zuckerberg, Meta was “a potential entrant in the virtual reality dedicated fitness app market” with the resources necessary to develop its own app, but instead chose to own Supernatural by purchasing Within. The move would allegedly hinder “future innovation and competitive rivalry” among companies in the United States.

Related articles

Bitcoin derivatives data shows room for BTC price to move higher this week

January 23, 2023

Bitcoin price consolidation opens the door for APE, MANA, AAVE and FIL to move higher

January 22, 2023

“As Meta fully recognizes, network effects on a digital platform can cause the platform to become more powerful — and its rivals weaker and less able to seriously compete — as it gains more users, content, and developers,” said the complaint. “The acquisition of new users, content, and developers each feed into one another, creating a self-reinforcing cycle that entrenches the company’s early lead. This market dynamic can spur companies to compete harder in beneficial ways by, for example, adding useful product features or hiring additional employees.”

The FTC said it planned to block Meta’s acquisition of Within in an effort to promote competition and help consumers:

“The mere possibility of Meta’s entry has likely influenced competition in the virtual reality dedicated fitness app market. If Meta is allowed to buy Within, that competitive pressure will slacken.”

FTC seeks to block virtual reality giant Meta’s acquisition of popular app creator Within: https://t.co/b87juAolBw

— FTC (@FTC) July 27, 2022

Meta’s move toward allegedly acquiring any potential threats to its bottom line is nothing new. In 2020, the FTC filed a complaint against Facebook — before the firm rebranded to Meta — for “anticompetitive conduct” for its $19 billion acquisition of WhatsApp in 2014 and $1 billion purchase of Instagram in 2012, citing similar concerns around stifling innovation. Both apps, handling messaging services and photo sharing, respectively, were alleged rivals to Facebook’s Messenger app and main platform.

“Facebook’s acquisition of Instagram for $1 billion in April 2012 allegedly both neutralizes the direct threat posed by Instagram and makes it more difficult for another personal social networking competitor to gain scale,” said the FTC at the time. “[Its] acquisition of WhatsApp allegedly both neutralizes the prospect that WhatsApp itself might threaten Facebook’s personal social networking monopoly and ensures that any future threat will have a more difficult time gaining scale in mobile messaging.”

Related: Experts clash on where virtual reality sits in the Metaverse

Since Facebook rebranded to Meta in October 2021, the social media firm has announced many initiatives focused on expanding into the metaverse, including potentially launching a payments platform with support for cryptocurrency. In May, Meta opened a brick-and-mortar store in the San Francisco Bay Area which sells hardware for the virtual reality space.

Unless the court stops Meta from acquiring Within, the sale would likely go through on Aug. 1 according to the complaint.

Read Entire Article
Tags: CointelegraphCryptocurrencyInvestmentMining Bitcoin
Share76Tweet47

Related Posts

Bitcoin derivatives data shows room for BTC price to move higher this week

by Jon Hartney
January 23, 2023
0

BTC options data suggest that the Bitcoin price rally still has legs, even with wider economic concerns growing and the

Bitcoin price consolidation opens the door for APE, MANA, AAVE and FIL to move higher

by Jon Hartney
January 22, 2023
0

BTC could take a break from its sharp rally and if BTC price bounces off underlying support, APE, MANA, AAVE...

Genesis bankruptcy case scheduled for first hearing

by Jon Hartney
January 22, 2023
0

The first hearing in Genesis Capital's bankruptcy case will be held on January 23, according to court filings

Terra lending protocol Mars to launch mainnet

by Jon Hartney
January 22, 2023
0

The Mars Hub will launch an independent Cosmos application chain and issue MARS to users who hold the token during...

Central African Republic eyes legal framework for crypto adoption

by Jon Hartney
January 22, 2023
0

A 15-member committee is tasked with working on a legal framework that will allow cryptocurrencies to operate in

Load More
  • Trending
  • Comments
  • Latest

Ethereum Classic gets ‘endorsement’ from Vitalik Buterin, but ETC price still risks 50% crash

July 27, 2022

Critique on Helium’s $6.5K monthly revenue causes a stir

July 28, 2022

All aboard! Elon Musk’s Vegas Loop now taking Dogecoin payments

July 7, 2022

Cardano Vasil hard fork hit with another delay for several weeks

July 29, 2022

All aboard! Elon Musk’s Vegas Loop now taking Dogecoin payments

0

Crypto owners banned from working on US Government crypto policies

0

Korean startup Uprise lost $20M shorting LUNC

0

Ethereum testnet Merge mostly successful — ‘Hiccups will not delay the Merge.’

0

Bitcoin derivatives data shows room for BTC price to move higher this week

January 23, 2023

Bitcoin price consolidation opens the door for APE, MANA, AAVE and FIL to move higher

January 22, 2023

Genesis bankruptcy case scheduled for first hearing

January 22, 2023

Terra lending protocol Mars to launch mainnet

January 22, 2023

XBT.Market

This website is an automated news feed powered by the Nebulome cloud system. The site is made possible by YYC TECH Consulting and Alberta Digital Mining Company. As a team with major crypto and bitcoin enthusiasm, we have curated major sources of news, trading and financial data to bring you, our viewer, an unbiased source of truth.

Recent Posts

  • Bitcoin derivatives data shows room for BTC price to move higher this week January 23, 2023
  • Bitcoin price consolidation opens the door for APE, MANA, AAVE and FIL to move higher January 22, 2023
  • Genesis bankruptcy case scheduled for first hearing January 22, 2023
  • Terra lending protocol Mars to launch mainnet January 22, 2023
  • Central African Republic eyes legal framework for crypto adoption January 22, 2023

News Categories

  • Bitcoin
  • Blockchain
  • Business
  • Market

Tags

bitcoinMagzine Cointelegraph Cryptocurrency insidebitcoins Investment Mining Bitcoin NewsBTC

Quicklinks

  • Home
  • Coins MarketCap
  • Crypto Exchanges
  • Crypto Calculator
  • Top Gainers and Loser
  • News
  • Contact Us

© 2022 Xbt.Market - Powered by YYC Tech Consulting & ADMCO.

No Result
View All Result
  • Home
  • Coins MarketCap
  • Crypto Exchanges
  • Crypto Calculator
  • Top Gainers and Loser
  • News
  • Contact Us

© 2022 Xbt.Market by Nebulome.

  • bitcoinBitcoin(BTC)$23,398.000.25%
  • ethereumEthereum(ETH)$1,668.230.77%
  • USDEXUSDEX(USDEX)$1.07-0.53%
  • tetherTether(USDT)$1.000.01%
  • binancecoinBNB(BNB)$332.661.38%
  • usd-coinUSD Coin(USDC)$1.00-0.01%
  • rippleXRP(XRP)$0.4112520.40%
  • Binance USDBinance USD(BUSD)$1.000.01%
  • cardanoCardano(ADA)$0.400132-0.20%
  • dogecoinDogecoin(DOGE)$0.0955622.11%
  • matic-networkPolygon(MATIC)$1.240.90%
  • OKBOKB(OKB)$44.206.52%
  • SolanaSolana(SOL)$24.41-0.32%
  • Shiba InuShiba Inu(SHIB)$0.0000158.18%
  • Lido Staked EtherLido Staked Ether(STETH)$1,663.870.83%
  • polkadotPolkadot(DOT)$6.88-0.02%
  • litecoinLitecoin(LTC)$98.58-0.41%
  • AvalancheAvalanche(AVAX)$21.01-0.82%
  • tronTRON(TRX)$0.0646041.81%
  • UniswapUniswap(UNI)$7.262.09%
  • daiDai(DAI)$1.000.11%
  • cosmosCosmos Hub(ATOM)$14.70-0.55%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$23,393.000.18%
  • chainlinkChainlink(LINK)$7.230.42%
  • ToncoinToncoin(TON)$2.330.02%
  • ethereum-classicEthereum Classic(ETC)$23.862.34%
  • leo-tokenLEO Token(LEO)$3.511.88%
  • moneroMonero(XMR)$173.160.20%
  • AptosAptos(APT)$16.660.87%
  • bitcoin-cashBitcoin Cash(BCH)$137.720.45%
  • Aerarium FiAerarium Fi(AERA)$7.14-13.09%
  • stellarStellar(XLM)$0.0931770.18%
  • ApeCoinApeCoin(APE)$5.90-0.62%
  • NEAR ProtocolNEAR Protocol(NEAR)$2.522.75%
  • CronosCronos(CRO)$0.0837112.20%
  • filecoinFilecoin(FIL)$5.52-1.10%
  • QuantQuant(QNT)$143.28-0.72%
  • algorandAlgorand(ALGO)$0.2682320.06%
  • HederaHedera(HBAR)$0.0734633.59%
  • Lido DAOLido DAO(LDO)$2.19-3.87%
  • vechainVeChain(VET)$0.0249531.25%
  • FantomFantom(FTM)$0.61-2.83%
  • Internet ComputerInternet Computer(ICP)$5.942.27%
  • decentralandDecentraland(MANA)$0.780.17%
  • The SandboxThe Sandbox(SAND)$0.772.23%
  • Axie InfinityAxie Infinity(AXS)$11.643.16%
  • AaveAave(AAVE)$88.83-0.99%
  • eosEOS(EOS)$1.110.91%
  • FlowFlow(FLOW)$1.16-0.05%
  • MultiversXMultiversX(EGLD)$46.781.94%
  • Terra Luna ClassicTerra Luna Classic(LUNC)$0.000193-1.53%
  • theta-tokenTheta Network(THETA)$1.143.36%
  • tezosTezos(XTZ)$1.194.06%
  • FraxFrax(FRAX)$1.000.03%
  • The GraphThe Graph(GRT)$0.11112712.14%
  • true-usdTrueUSD(TUSD)$1.000.02%
  • huobi-tokenHuobi(HT)$5.813.41%
  • paxos-standardPax Dollar(USDP)$1.000.01%
  • kucoin-sharesKuCoin(KCS)$8.821.15%
  • havvenSynthetix Network(SNX)$2.694.68%
  • bitcoin-cash-svBitcoin SV(BSV)$43.51-0.06%
  • Curve DAOCurve DAO(CRV)$1.09-0.95%
  • ChilizChiliz(CHZ)$0.1456870.56%
  • PancakeSwapPancakeSwap(CAKE)$4.586.09%
  • Rocket PoolRocket Pool(RPL)$40.480.55%
  • Frax ShareFrax Share(FXS)$10.25-4.91%
  • eCasheCash(XEC)$0.0000390.99%
  • BitTorrentBitTorrent(BTT)$0.0000011.33%
  • ImmutableXImmutableX(IMX)$0.91-2.65%
  • USDDUSDD(USDD)$0.990.06%
  • Trust WalletTrust Wallet(TWT)$1.691.48%
  • iotaIOTA(MIOTA)$0.2486243.91%
  • BitDAOBitDAO(BIT)$0.580.69%
  • dashDash(DASH)$60.94-1.21%
  • Mina ProtocolMina Protocol(MINA)$0.82-2.72%
  • KlaytnKlaytn(KLAY)$0.2139921.60%
  • GateGate(GT)$4.50-0.55%
  • OptimismOptimism(OP)$2.99-0.96%
  • makerMaker(MKR)$706.101.51%
  • neoNEO(NEO)$8.81-0.26%
  • cUSDCcUSDC(CUSDC)$0.022730-0.05%
  • ArweaveArweave(AR)$11.92-2.02%
  • zcashZcash(ZEC)$46.35-0.23%
  • GMXGMX(GMX)$70.38-4.84%
  • OKCOKC(OKT)$32.928.72%
  • RadixRadix(XRD)$0.057414-2.92%
  • gemini-dollarGemini Dollar(GUSD)$1.00-0.05%
  • cDAIcDAI(CDAI)$0.0221790.08%
  • THORChainTHORChain(RUNE)$1.87-0.59%
  • OsmosisOsmosis(OSMO)$1.05-4.05%
  • Tokenize XchangeTokenize Xchange(TKX)$6.831.18%
  • RenderRender(RNDR)$1.818.95%
  • WhiteBIT TokenWhiteBIT Token(WBT)$4.10-0.39%
  • Baby Doge CoinBaby Doge Coin(BABYDOGE)$0.00000051.72%
  • loopringLoopring(LRC)$0.403167-1.27%
  • PAX GoldPAX Gold(PAXG)$1,863.860.00%
  • zilliqaZilliqa(ZIL)$0.030295-0.95%
  • enjincoinEnjin Coin(ENJ)$0.4870833.63%
  • Convex FinanceConvex Finance(CVX)$6.53-1.03%
  • 1inch1inch(1INCH)$0.619.17%