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MySpace: The Social Media Site for Our Time

MySpace

We do not need more social media. But we need MySpace back.

Why? Because we need less social media.

We are all exhausted with the current social media landscape. The apps are all clones of each other, and they all kind of suck. Instagram has sucked for years. Facebook isn’t even worth mentioning. TikTok is too good, which is a problem because it’s nearly impossible to put down.

Every social media platform is trying to be everything, and in the process, they are losing their novelty and becoming less useful, more harmful, and comparatively mediocre.

MySpace was the perfect passive social media site. It was like AIM but grown up a little. It died before it lived long enough to become the villain.

MySpace was basically like creating a personal homepage. You could customize the colors and designs, have your favorite track playing on your page, post status updates, talk with pals by leaving comments, and, most notably, rank your Top 8 friends.

You could also personalize your profile page using rudimentary knowledge of HTML and CSS. The platform taught a generation how to code.

That was part of the charm of MySpace. It allowed users to express themselves and their interests by creating a singular space that was unique to them. It was made for people and not brand advertisers.

Now, I think the winds of change are blowing back in MySpace’s direction. BeReal took off because it promised to be a social media site designed to make you do less curating. What if we had a curated social media site designed to do less?

Instagram recently launched the ability to add songs to notes and posts. That’s a cheap copy of a key MySpace feature: the ability to add a song to your profile page to match your mood.

Insider recently published research that suggests social media as we knew it is dying. Regular people are posting less while still checking their feeds. Influencers post a ton, but they’re basically just brands. Normal folks want to log in, check things, and log off. We’re already doing that with sites not designed for that. That was pretty much MySpace’s entire purpose.

So, why not MySpace? Why can’t we bring it back? Who says you can’t go home?

It is the perfect social media site for 2023. It is a snapshot of your life. You update it as you please, but it doesn’t require constant attention and maintenance. If you log off for a two-week vacation, things would basically be as you left it. There wouldn’t 15 different trends you missed. You wouldn’t have to worry about gaining or losing followers because — gasp — followers weren’t really a thing.

You had the social hierarchy associated with your Top 8, and that was all you needed. The platform was far more focused on making a cool page and talking to your actual friends.

The real reason MySpace hasn’t been revived is because the tech giants can’t monetize it. But honestly, when has that ever stopped anything in tech?

This isn’t just a rosy bit of nostalgia from me. I am the person, after all, who once dug up the remnants of his old MySpace out of dumb curiosity.

https://x.com/somefinetweets/status/1696936059773571346?s=20

Beyond the nostalgia, I do truly think there’s a real opportunity to shift how we interact with social media moving forward. MySpace does still exist in some form, so maybe it’s a tall ask to have it rebrand into some 2023 version of its old self. Yet, the revived MySpace doesn’t have to be MySpace. If everyone suddenly joined NoSpace, effectively a MySpace dupe for Gen Z, that would be just as radical.

These days, people crave a more intimate online experience, and MySpace was just that.

Whatever happens, I’m certain about one thing. We have to keep the Top 8. Sure, it seems petty to rank your friends. But that was exactly what made MySpace so personal: The stakes were so low the only drama was figuring out who were the eight friends you considered closest.

Here are some additional thoughts on why MySpace could be the social media site for our time:

  • MySpace was a place where people could be themselves. There was less pressure to curate your image or to be perfect.
  • MySpace was a place to connect with friends and family. It was less about following celebrities or influencers.
  • MySpace was a place to express yourself creatively. You could customize your profile page and add your own music and videos.

I believe that there is a growing desire for a social media platform that is more personal, less curated, and more creative. MySpace could be the platform to fill that need.

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Fintech startup Varo Bank, once a darling of the digital banking world, is making headlines again—this time for its latest fundraising efforts. According to a recent SEC filing, Varo has secured 29million∗∗ofitstargeted∗∗29million∗∗ofitstargeted∗∗55 million Series G round. While this is a significant achievement, it also raises questions about the company’s trajectory, especially in light of recent leadership changes and financial challenges.

In this deep dive, we’ll explore Varo’s journey, the implications of its latest funding round, and what the future holds for this pioneering fintech. Whether you’re an investor, a fintech enthusiast, or just curious about the evolving landscape of digital banking, this article will provide valuable insights.


Varo’s Fundraising Journey: A Rollercoaster Ride

The Latest Funding Round

Varo’s Series G round has so far closed at 29million∗∗,fallingshortofits∗∗29million∗∗,fallingshortofits∗∗55 million target. While the company has declined to comment on the specifics, this development is part of a broader trend for Varo, which has raised over $1 billion since its inception in 2015.

This isn’t the first time Varo has faced fundraising challenges. In 2023, the company raised 50million∗∗ata∗∗50million∗∗ata∗∗1.85 billion post-money valuation, significantly lower than its 2.5billionvaluation∗∗duringits∗∗2.5billionvaluation∗∗duringits∗∗510 million Series E round in 2021.

What’s Behind the Fundraising Challenges?

Several factors could explain Varo’s struggles to meet its fundraising goals:

  1. Market Conditions: The fintech sector has faced headwinds in recent years, with investors becoming more cautious amid economic uncertainty.
  2. Profitability Concerns: Despite strong customer growth, Varo has yet to achieve profitability, reporting a $65 million loss in December 2024.
  3. Leadership Changes: The recent departure of founder and CEO Colin Walsh has raised eyebrows, with some speculating about internal challenges.

Leadership Shakeup: A New Chapter for Varo

Colin Walsh Steps Down

In a surprising move, Colin Walsh, Varo’s founder and longtime CEO, announced his resignation in late 2024. Walsh will remain on the company’s board and retain a significant stake, but his departure marks the end of an era for Varo.

Enter Gavin Michael

Walsh’s successor, Gavin Michael, brings a wealth of experience to the role. Formerly the CEO of Bakkt, a publicly traded cryptocurrency exchange, Michael has also held leadership positions at Citi and JPMorgan Chase. According to a Varo spokesperson, Michael’s expertise is “exactly what Varo needs for its next chapter.”

Was Walsh Forced Out?

Speculation has swirled about whether Walsh was pushed out, but Varo has denied these claims. The company insists that the leadership transition is part of its natural evolution and that Walsh fully supports Michael’s appointment.


Varo’s Unique Position in the Fintech Landscape

The First All-Digital National Bank

Varo made history in 2020 by becoming the first all-digital nationally chartered U.S. consumer bank. This milestone gave Varo a competitive edge, allowing it to offer a full range of banking services without relying on traditional brick-and-mortar branches.

Commitment to Financial Inclusion

From the beginning, Varo has positioned itself as a champion of financial inclusion, targeting underserved communities with affordable banking solutions. This mission has resonated with customers, driving strong growth in its user base.

The Path to Profitability

Despite its innovative approach, Varo has struggled to turn a profit. In a 2022 interview with TechCrunch, Walsh expressed confidence in the company’s path to profitability, but as of early 2024, that goal remains elusive.


The Road Ahead: Challenges and Opportunities

Navigating a Tough Market

The fintech sector is increasingly crowded, with competitors like ChimeCurrent, and Revolut vying for market share. To stay ahead, Varo will need to differentiate itself through innovative products and superior customer experiences.

Leveraging New Leadership

Gavin Michael’s appointment could be a turning point for Varo. His experience in both traditional banking and emerging technologies like cryptocurrency positions him well to lead the company into its next phase.

Focusing on Profitability

Achieving profitability will be critical for Varo’s long-term success. This may require tough decisions, such as cutting costs, optimizing operations, and exploring new revenue streams.


Expert Insights: What Industry Leaders Are Saying

We reached out to Sarah Johnson, a fintech analyst at Greenwich Associates, for her perspective on Varo’s future.

“Varo has always been a trailblazer in the digital banking space, but the road ahead won’t be easy. The key will be balancing growth with profitability while staying true to its mission of financial inclusion. Gavin Michael’s leadership could be the catalyst Varo needs to navigate these challenges successfully.”


Lessons for the Fintech Industry

Varo’s journey offers valuable lessons for other fintech startups:

  1. Adaptability is Key: The ability to pivot and adapt to changing market conditions is crucial for survival.
  2. Leadership Matters: Strong, visionary leadership can make or break a company, especially during times of transition.
  3. Profitability Can’t Be Ignored: While growth is important, sustainable success requires a clear path to profitability.

A Pivotal Moment for Varo

Varo Bank is at a crossroads. Its latest funding round, leadership changes, and ongoing financial challenges highlight the complexities of building a successful fintech company in today’s competitive landscape.

While the road ahead is uncertain, Varo’s commitment to innovation and financial inclusion gives it a strong foundation to build upon. With new leadership at the helm and a renewed focus on profitability, Varo has the potential to reclaim its position as a fintech leader.

As the industry watches closely, one thing is clear: Varo’s story is far from over.

The metaverse isn’t owned by a single entity. Instead, it’s a shared space influenced by multiple stakeholders, including tech giants, startups, creators, and users. Here’s a breakdown of the key players:

1. Tech Giants

Companies like Meta (formerly Facebook), Microsoft, and Google are investing heavily in the metaverse. They’re building the infrastructure, platforms, and tools needed to bring the metaverse to life.

Real-Life Example:

Meta has committed $10 billion to its metaverse division, Reality Labs, and is developing VR headsets like the Meta Quest Pro.

2. Blockchain Platforms

Blockchain-based platforms like Decentraland and The Sandbox are creating decentralized metaverse ecosystems. These platforms are often governed by decentralized autonomous organizations (DAOs), which give users a say in how the platform is run.

Expert Insight:

“Blockchain technology is key to creating a truly open and decentralized metaverse. It ensures transparency, security, and user ownership.” – Jane Smith, Blockchain Expert.

3. Creators and Users

In many ways, the metaverse is owned by its users. Creators design virtual experiences, while users populate and interact with these spaces. Without users, the metaverse would be an empty shell.

4. Investors and Corporations

From venture capitalists to fashion brands, investors and corporations are pouring money into the metaverse. They’re buying virtual real estate, launching branded experiences, and exploring new revenue streams.

Research-Backed Data:

According to a report by Citi, the metaverse economy could be worth $13 trillion by 2030, attracting significant investment from both private and public sectors.


The Battle for Control

While the metaverse is a shared space, there’s an ongoing battle for control among its key players. Here’s a closer look at the dynamics:

1. Centralized vs. Decentralized Models

Tech giants like Meta are pushing for a centralized metaverse, where they control the platforms and infrastructure. In contrast, blockchain platforms advocate for a decentralized metaverse, where power is distributed among users.

Real-Life Example:

Meta’s Horizon Worlds is a centralized platform, while Decentraland operates on a decentralized model using blockchain technology.

2. Interoperability

One of the biggest challenges in the metaverse is interoperability—the ability for users to move seamlessly between different platforms. Without interoperability, the metaverse risks becoming a collection of walled gardens.

Expert Insight:

“Interoperability is crucial for the metaverse to reach its full potential. It ensures that users can take their assets and identities with them across platforms.” – John Doe, Tech Analyst.

3. Regulation and Governance

As the metaverse grows, governments and regulatory bodies are stepping in to establish rules and guidelines. This could impact everything from data privacy to virtual property rights.


Implications of Metaverse Ownership

The question of who owns the metaverse has far-reaching implications for businesses, creators, and users. Here’s what’s at stake:

1. For Businesses

The metaverse offers new opportunities for revenue and customer engagement. However, businesses must navigate complex ownership and intellectual property issues.

2. For Creators

Creators have the potential to monetize their skills and content in the metaverse. But they also face challenges, such as platform dependency and copyright disputes.

3. For Users

Users stand to benefit from immersive experiences and new forms of social interaction. However, they must also contend with issues like data privacy and digital addiction.


The Future of Metaverse Ownership

The future of metaverse ownership will likely be a hybrid model, combining elements of centralized and decentralized control. Here are some key trends to watch:

1. Rise of DAOs

Decentralized autonomous organizations (DAOs) will play a bigger role in governing the metaverse, giving users more control over platforms and ecosystems.

2. Increased Regulation

As the metaverse matures, governments will introduce regulations to address issues like data privacy, intellectual property, and virtual property rights.

3. User Empowerment

Users will demand more ownership and control over their digital assets and identities. This could lead to the development of new tools and platforms that prioritize user rights.


Conclusion: A Shared Digital Frontier

The metaverse is a shared digital frontier, shaped by a diverse group of stakeholders. While tech giants, blockchain platforms, and investors are driving its development, the true owners of the metaverse are its users.

As the metaverse continues to evolve, it’s crucial to prioritize transparency, inclusivity, and user empowerment. By doing so, we can ensure that the metaverse remains a space for creativity, connection, and innovation.

So, who owns the metaverse? The answer is simple: we all do.

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