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Facebook’s New Metaverse

Earlier this week, Facebook announced plans to invest $10 billion into a new division, called Metaverse, this year. Metaverse is Facebook’s attempt to build its own virtual world. Currently, the company has invested in the virtual reality headset maker Oculus.

Zuckerberg believes the metaverse will replace the mobile internet. It will facilitate social interactions between people in virtual worlds. It will also provide businesses new ways to expand their markets.

The metaverse is expected to be a digitally decentralized economy that relies on blockchain technology. This technology secures digital assets, incentivizes users to trade, and facilitates the creation of Dapps. It also facilitates the creation of networks without central control.

Cryptocurrency plays a large role in the metaverse economy. The blockchain technology supports the creation of NFTs (Non-fungible tokens), which are unique tokens created on the blockchain. NFTs can be virtual lands, trading cards, passes to events, and even passes to closed clubs.

NFTs are relatively new, but they have already flourished on the Ethereum protocol. The first NFT was purchased by VISA for $150,000. Other companies such as Gucci have launched digital accessories in NFTs.

Some metaverses are built entirely on NFTs. The Sandbox project, for example, combines a virtual world with gaming without central governance. The Sandbox is owned by Animoca Brands, which is also a major shareholder in NBA Top Shot creator Dapper Labs.

Facebook plans to support NFTs in the future. The company has signaled a hiring push for its new metaverse division.