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Is Facebook’s Metaverse the Future of Gaming?
Neal Stephenson introduced the term’metaverse’ in 1992. He used it to describe 3D virtual environments and has since developed the concept into a variety of technologies including cryptocurrency and virtual reality. The concept of a virtual world has gained widespread acceptance thanks to Ernest Cline’s book ‘Ready Player One’ which was made into a popular film in 2018. Facebook’s acquisition of virtual reality platform Oculus and hardware company ‘Rift’ has also contributed to the growing popularity of the concept.
Some people believe the Metaverse is the future of gaming, and there is no question that it is changing the way we play video games. Blockchain-based applications such as Minecraft, Angry Birds, and Decentraland allow users to own virtual land that they can then play to earn real money. Other popular metaverses include Axie Infinity, SecondLive, and Decentraland. The latter two are built on the Ethereum blockchain. Axies are non-fungible tokens derived from the game’s game-playing system. Axies can be constructed from over 500 different body parts. Once created, Axies can breed up to seven times, with the offspring being sold on the gaming platform.
For the most part, a metaverse is driven by entrepreneurs. Entrepreneurs will create content, provide services, and otherwise contribute to the development of the metaworld. It is critical that they monetize their services effectively to make money. For example, a virtual cinema could issue tokens that allow users to view movies for a certain period of time. The tokens could also be used to purchase ‘passes’ to events, including virtual planets.