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Facebook’s $10 Billion Investment in the Metaverse Could Be a Step Forward For Crypto

Facebook has a lot of money to throw around and Microsoft is muscling into virtual worlds. If one of these firms is dominant, it can capture early network effects and become a titan. This might make some investors uncomfortable with Facebook’s $10 billion investment in Metaverse. But it also could be an important step forward for the future of the crypto world.

The Metaverse is a virtual world where you can interact with other avatars and use the resources that are available in the world. These virtual worlds are accessible through virtual reality headsets. In order to operate in a metaverse, the systems must be “decentralized.” Blockchain technology is one way to build networks without central control. Some metaverses use crypto technology to make the systems more secure. They use non-fungible tokens to secure ownership rights.

The Metaverse is driven by entrepreneurs. These entrepreneurs create content, create services, and do useful things for the metaworld. However, if they wish to succeed, they need to know how to monetize these services. For example, an online cinema could issue tokens for movie viewing rights. In addition, tokens could be used for closed-door clubs and events.

Facebook’s recent name change has caused prices of crypto and other non-fungible tokens to surge. Mark Zuckerberg has spoken about the need to rebrand the company as a “metaverse company” and has made references to crypto and non-fungible tokens. As a result, the prices of some metaverse-related coins jumped up by 100% or more in the last 24 hours. Among these coins are starlink, decentraland, and the sandbox.