A “SOURCE” says that the binance deal might fall through. What this means and how this plays out in the BIG picture of things.
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Facebook’s Mark Zuckerberg and the Metaverse
Metaverse is a blockchain-based virtual reality game in which users can create and own their own virtual land. Users can use these virtual lands for gaming and earn money. Popular metaverses include SecondLive and Axie Infinity. These virtual worlds use Ethereum blockchain technology. The virtual world consists of non-fungible tokens called Axies. Axies can breed with other Axies, and their offspring can be sold on the gaming platform.
While some Web3 developers have feared that Meta would take on this role, Meta’s messaging has gradually shifted to suggest a different approach. Mark Zuckerberg, the company’s co-founder and CEO, recently took his strongest stance yet in favor of an open metaverse. In contrast, closed ecosystems focus on tight control and integration. They claim to create the most value.
Incentivizing community-built content is key in building a metaverse. Virtual and augmented reality will enhance digital content. Artificial intelligence will help users create avatars, build digital humans as NPCs, and provide security and multilingual services. While these technologies are essential for creating a metaverse, they also pose significant challenges.
To create a robust ecosystem, entrepreneurs will have to create services that will be valuable and monetized effectively. Many of these services will involve using non-fungible tokens. One example is an online cinema that issues tokens for movie viewing rights. Tokens could also be used as passes to events or closed clubs. This way, users can access the virtual world without the need for a third party.