Facebook’s Metaverse Is More Than Just a Game
While Facebook’s shift to a more corporate-like model, the Metaverse is still a fascinating concept. A company that has spent billions of dollars to develop virtual reality technology, Meta is now focusing on creating a private, interoperable, decentralized metaverse for people to create, share, and monetize their creations. Despite all the hype surrounding the Metaverse, Facebook’s CEO has been cautious about its impact on cryptocurrencies, and is still skeptical of the project’s potential.
While many people associate the term “virtual reality” with games, the term has a broader meaning, as virtual worlds can be anything from a real estate website to an AI avatar. The Metaverse, in contrast to traditional VR experiences, is highly social, and gamers can invite their real-life friends to engage in social interactions and form relationships. In addition, gamers may be able to sell items they make in the virtual world to other users in the metaverse, in return for cryptocurrency.
Microsoft, NVIDIA, and Epic Games have all publicly announced plans to explore the Metaverse, and VISA has invested $150,000 in the first NFT. Other big players in the game space include popular brands like Gucci and Coca-Cola. Gucci has collaborated with the online game creation system Roblox to sell digital accessories in the form of NFTs, while Coca-Cola has created digital tokens that act as stepping stones into the Metaverse.