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Facebook and the Metaverse
What is the Metaverse? Neal Stephenson, the author of the science fiction novel Snow Crash, first coined the term in 1992. He imagined lifelike avatars interacting in 3D structures. His novel described an Internet that was both virtual and “embodied.”
Blockchain-based apps like Decentraland, Axie Infinity, and SecondLive offer users the opportunity to own virtual land and play games in it to earn money. These blockchain-based game platforms utilize NFTs, which are tokens used to distribute revenue generated by the platform. The blockchain-based games also include the Star Atlas, a virtual space theme game. Solana uses this platform to develop the game. It is one of the largest metaverses available, and has attracted some of the world’s largest investment firms.
The company has also garnered the attention of tech and media companies. Microsoft recently acquired the gaming giant Activision Blizzard, a pioneer in the metaverse. Meanwhile, Sony has invested in Epic Games for $200 million. Animoca Brands, which has over 600 employees, is now on the fast track to becoming a profitable company. Tencent, a Chinese tech conglomerate, has also been acquiring game companies. It is the biggest investor in CryptoKitties and Dapper Labs, a creator of NBA Top Shot.
The Metaverse is a digital space that connects humans and avatars. Many tech companies are getting involved, and Facebook is one of them. The company owns a number of virtual reality and augmented reality platforms. The name of the new metaverse-based virtual world will be defining for it. The Facebook co-founder had previously praised the Metaverse as the next big thing. It is not clear, however, what Facebook is aiming for, but the company is putting money into research and development.
