Facebook Turns Into a Metaverse
In his 1992 novel, Snow Crash, Neal Stephenson first introduced the term “metaverse,” which is an amalgamation of virtual and physical realities. The metaverse is a shared digital space, where users can build their own virtual worlds, buy virtual goods and meet friends. In this world, people can participate in games, attend events, and trade items using cryptocurrency. It’s a very similar concept to the internet.
A virtual reality space that exists always, the metaverse allows users to interact with each other using their online avatar. The avatar allows users to move around freely, speak freely, and engage in actions and transactions. They can also buy and sell virtual property, sometimes using non-fungible tokens. The economics of the metaverse will play a key role in creating its ecosystem.
Facebook Chief Executive Mark Zuckerberg recently announced the concept of a “metaverse” during a company call. This rebranding essentially turns Facebook into a “metaverse” company, which has implications for the future of social media. The idea of a “metaverse” is an exciting new concept that has the potential to change the way we live and work.
The metaverse holds great promise for the future, but the real promise of a metaverse lies with the people who will use it. For example, the development of virtual or augmented reality games may result in the creation of in-game assets that can be traded or invested. Furthermore, blockchains supporting a metaverse can make it more secure and confirm the integrity of metaverse data. This means that cryptocurrencies could become the structural backbone of the metaverse.