The Sandbox and Facebook’s ‘Metaverse’
The term “metaverse” refers to virtual worlds where users can interact with avatars. These avatars are accessible through virtual reality headsets. In order to become a metaverse, it must be “decentralized.” Blockchain technology allows networks to be constructed without a central control. Metaverses like The Sandbox use crypto technology and non-fungible tokens to store ownership rights. While this technology is still in its infancy, it already offers a great deal of advantages.
The concept of the metaverse was first proposed by Neal Stephenson in his 1992 cyberpunk novel Snow Crash. Stephenson described the metaverse as a “shared digital space” with virtual versions of everyday spaces. There are virtual versions of everyday spaces and imaginative, whimsical spaces. This technology may even provide a new source of revenue for artists. As such, it may be a dangerous concept to take without research. In addition, the metaverse could create a new type of internet addiction.
Facebook has also taken an interest in the metaverse, making an investment in it. The company is partnering with Microsoft and Facebook to develop the platform. The metaverse has also been adopted by other companies, such as Zoom. Robby Yung, CEO of Animoca Brands, which owns The Sandbox, is a major shareholder of CryptoKitties. It has also invested in NBA Top Shot creator Dapper Labs.