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Facebook Is Building a Metaverse
During a recent company call, Facebook CEO Mark Zuckerberg mentioned that the social networking giant is “building a metaverse company.” While this is a very bold statement, it does not indicate that Meta plans to build with the creators of the Web 3.
The concept of a metaverse has been gaining traction for years, but its full potential has yet to be realized. It’s a combination of software and hardware that enables users to hop between platforms, create content, and collaborate with others in a virtual world.
The first step in building a metaverse is to create a currency that will be used across different services. For example, Roblox, a game creation platform, has launched Robux, a similar currency to the Metaverse currency that Facebook is developing.
This type of currency is similar to the in-game tokens in online games. These are designed to be used in specific metaverse environments, and they can be sold or traded for real world value.
Crypto currency isn’t necessarily the best investment. Metaverse cryptos are relatively new, and they have very small user bases. Their volatility and illiquid nature could cause problems. They are also susceptible to sneezes and crashes.
The development of a metaverse will rely on the ability to create value, and it will be driven by entrepreneurs. Entrepreneurs will create content, provide services, and monetize their services.
In order to achieve success, a decentralized autonomous organization will need to create a platform that is able to attract and retain users. This will require partnerships with corporations, commercial partnerships, and platform creations.