Centralization persists despite decentralization

The metaverse future is neither pure decentralization nor competition down to marginal cost; the early internet was held back by heavy decentralization (AOL won as easy, cohesive, vertically integrated), while the last 15 years became too centralized. Regardless of decentralized protocols or blockchains, multiple forms of centralization (habit, brand, trust, IP, revenue-and-scale feedback loops) mean a handful of platforms will retain disproportionate share — though less power than today.