Deezy brings us tonight’s nightly crypto news wrap-up covering AIP-70 greenlights the Bored Ape Gazette, VC firm Adreessesn Horowitz raises big bucks for VeeFriends and is Axie Infinity in hot water for insider trading?

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The Metaverse and Cryptocurrency

The Metaverse will be an entirely new way to play and enjoy VR games. Instead of being lonely, gamers can socialize with real life friends. These virtual friends will engage with them in conversation and form relationships. Players will also be able to earn cryptocurrency by engaging in productive activities. Some of the possibilities include selling items to other users. In addition, the architecture of the Metaverse may allow players to create portable game assets, such as character avatars, weapons, or items. The rules governing persistent ownership will be different than in traditional VR games.

Blockchain-based apps on the Metaverse allow users to own virtual land and play games to earn money. Popular ones include SecondLive, Axie Infinity, and Decentraland. For example, Axie Infinity uses Ethereum blockchain to distribute revenue earned by the platform. The currency is called “Axies.” In the game, users can collect the components of Axies, which are referred to as “non-fungible tokens”. The Axie has over 500 body parts and can breed up to seven times. Their offspring can be sold on the gaming platform.

Microsoft and Facebook have thrown money at the Metaverse, while other tech companies are muscling in the virtual world space. One company can become the dominant player and capture early network effects. Facebook, for instance, could flex its muscles in this market due to its network effect, and the Metaverse war will be between ecosystems, not between individuals. However, these companies are making significant investments, so investors in Facebook should be wary of a big tech company taking over the Metaverse.

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