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Facebook and the Metaverse

Facebook’s Mark Zuckerberg recently introduced the concept of the metaverse, the next chapter of the internet. The metaverse is a place where people can gather with others, work, play, shop, and learn about new ideas. This world is largely comprised of video games and NFTs, and is accessible via VR goggles.

Incentives are key to a community-built Metaverse, and crypto-asset protocols are creating the infrastructure to make this happen. Facebook is already a living online environment with its Facebook app, and its frequency and content reveals some of its users’ personal information. Facebook is clearly betting on the Metaverse as the next evolution of social media, and the success of the Metaverse will depend on the implementation of play-to-earn models.

While the concept of cryptocurrency in the metaverse is relatively new, there are already many popular brands using it to encourage user adoption. For instance, The Sandbox has partnered with Lionsgate to create a metaverse destination themed around “Hellboy.” The Sandbox runs on the Ethereum blockchain, which has top-quality security, but can be expensive due to the high gas fees. The Sandbox project includes a powerful editor that enables users to create animations and virtual worlds.

Facebook is also a major player in the Metaverse. The social networking giant is constantly facing antitrust questions and criticism for spreading misinformation and division. The social network has huge potential for a community-run Metaverse, and Facebook believes that the metaverse will be a major force in a new virtual economy that supports hundreds of billions of dollars in digital commerce. The Facebook CEO has stated that the Metaverse will create millions of jobs for creators.