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Facebook Invests $10 Billion Into the Metaverse
Earlier this week, Facebook announced that it would invest $10 billion into a new iteration of the internet, the Metaverse. The company says it’s convinced that the metaverse will be the next chapter in the internet.
It’s a place where people can explore, create and interact in a virtual world. It’s also a space where users can sell and trade virtual goods.
Facebook’s big investment is not the only major corporation that’s dipping into the Metaverse. Microsoft, Animoca Brands, and even Andreessen Horowitz have thrown their hats in the ring. All are working toward a common goal: building a platform for users to control their own digital experiences.
Those participating in the Metaverse will be able to interact with others, shop, and learn about new ideas. They can also build their own digital worlds and property. Using crypto technology, they can move assets from one platform to another, safely and securely.
Cryptocurrency and NFTs are a key component of the Metaverse. These tokens allow for transparency in transactions on the blockchain. Users can invest in non-fungible tokens, or NFTs, and buy and sell virtual goods. Those tokens can be used as passes to events or closed clubs.
According to Wall Street Journal, commerce is taking place with NFTs. This means that you can now buy a virtual Coke or a pair of Adidas shoes in the Metaverse.
One of the most popular Metaverse games is Etheria, which ran on the Ethereum blockchain. Players could farm tiles to collect blocks and buy tiles.