Facebook’s Metaverse – The Next Big Thing?
The Metaverse is a fictional world in which users can own virtual land and play games to earn money. The most well-known Metaverses are SecondLive, Decentraland, and Axie Infinity. These virtual worlds were designed to be decentralized and allow players to farm for tiles and sell them for blocks. Some Metaverses have even integrated cryptography into their systems. To access the Metaverse, users must wear clunky VR goggles.
The Metaverse is currently in its early stages of development. Some of the industries leading adoption of this new technology include energy & resources, media & entertainment, and high tech. Meanwhile, sectors such as transport and logistics are among the laggards. According to Gartner, the Metaverse will be a key theme in the Hype Cycle for Emerging Technologies in 2022. However, it will take at least 10 years for the technology to reach its peak productivity.
Facebook’s Chief Executive Officer, Mark Zuckerberg, has spoken out about the Metaverse on a recent call to investors. He has referred to the Metaverse as the next big thing, and called the company a “metaverse company.” While Zuckerberg has only recently begun using the term, his recent investments in virtual reality and other blockchain-based platforms show that he thinks the future is bright for the emerging technology.
The Sandbox is another metaverse project that has risen to prominence. This project gives players the opportunity to build and own their own games and share them with others. It aims to disrupt the game industry by rewarding game creators for participating in the ecosystem. The Sandbox is ranked in CoinGecko’s Top 5 Metaverse projects and represents 7% of the entire sector.