Facebook’s Metaverse Could Be the Next Facebook
The Metaverse is a blockchain gaming platform that is undergoing a rapid transformation. The game platform is gaining popularity in the gaming industry, with a number of investors piling in. Among those investors are the likes of Index Ventures, which is a European private equity fund. Its investments have included Farfetch, Trello, and Revolut.
In 1992, author Neal Stephenson coined the term “metaverse” and it has since grown in popularity. It’s a term derived from the terms “meta” meaning “beyond,” “stem” meaning “universe,” and “verse,” meaning “multiverse.” The concept of a virtual reality that merges physical and virtual reality is fascinating, and it’s not hard to see why.
Incentives are a critical component of building a community-built Metaverse. Blockchain technology has provided the infrastructure to enable the Metaverse, but it will require incentives for individuals to participate. With that in mind, it’s possible to see a Facebook-like effect. After all, the company owns the popular virtual reality headset maker Oculus and has announced major hiring efforts for its Metaverse unit.
With the help of blockchain technology, users can create a virtual land and earn money by playing games. Many blockchain-based games are already on the rise. SecondLive, Axie Infinity, and Decentraland are some of the most popular.