Facebook Invests $10 Billion in Metaverse
Facebook has a lot riding on its $10 billion investment in Metaverse. After all, the company owns virtual reality headset maker Oculus, and it has made a major hiring push for its Metaverse unit. Facebook has also thrown its weight behind the NFT, or non-fungible tokens. With NFT, unique tokens are created, and transaction transparency is assured through the blockchain. Each token’s metadata includes information about its owner.
In the Metaverse, players can buy, sell, and develop property, and they can do so while using their mobile devices. As an added bonus, players can use their Axie Infinity Shards to vote for community treasury funds, and they can use them for prize winnings, including virtual property. This virtual world has become so popular that several larger firms have even begun marketing their products on it.
While the future of the metaverse looks very bright, there are also some serious issues. Regulatory uncertainty, data privacy issues, and money laundering are a few of the dark side issues. It is also important to remember that the most popular cryptocurrencies are highly volatile. Despite these concerns, many believe that the metaverse could be the next big leap in modern technology.
In the near future, metaverses will be accessible from mobile devices, desktop computers, game consoles, and virtual reality glasses and headsets. They will enable millions of users to work, collaborate, and play with others. Some companies already have their sights set on building a metaverse. Epic Games, for example, recently announced a $1 billion funding round in April 2021.