In this NFT update, we aim to bring you the latest and most relevant NFT news today. Gobble, gobble! Goblins are taking over the NFT space. Drama amongst bears in this bear market. And this Hollywood star was stolen… Only this star is a Bored Ape!
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Facebook’s $10 Billion Investment in the Metaverse Could Be a Sign of Things to Come
The term “metaverse” was first coined in 1992 by author Neal Stephenson to describe 3D virtual spaces. It has been evolving as the technology of virtual reality, augmented reality, and cryptocurrency have advanced. In 2018, the virtual reality technology gained popularity with the release of Ernest Cline’s Ready Player One. Facebook bought the virtual reality hardware and platform Oculus in 2014.
Today, several blockchain-based apps allow users to own virtual land and earn money by playing games. Some of the most popular virtual reality games today are Fortnite and Decentraland. SecondLive uses the Ethereum blockchain, and Axie Infinity is another popular metaverse. Axies are non-fungible tokens made up of over 500 body components. They can breed up to seven times and sell their offspring to others on the gaming platform.
Facebook is throwing its money around, and Microsoft is muscling in on the decentralized metaverse space. In such an environment, a dominant player can capture early network effects and grow into a giant. Facebook’s $10 billion investment in the Metaverse could be a sign of things to come, and it’s still unclear how investors will react. There is no guarantee that any one company will become the dominant player. But if a decentralized autonomous organization is capable of bringing together developers, companies, and users, it’s bound to be a big player.
There are countless benefits of the metaverse. One example is that it can be a powerful tool for healthcare professionals. Medical staff can interact with patients in a virtual world. Another example is the blockchain-based multiplayer video game Star Atlas. Players can build space ships, battle monsters, and explore the universe in virtual space. Moreover, the games are available anywhere. The idea of exploring the virtual space is very appealing. This platform is the most promising platform for the future of virtual reality.
