In this video, we will discuss the price of Bitcoin, Ethereum, and the top altcoins. We’ll take a look at the cryptocurrency markets and the latest crypto news.
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What is the Metaverse?
The metaverse is a virtual space that users can access through mobile devices, desktop computers, game consoles, and virtual reality glasses. It will eventually allow millions of users to work, collaborate, and play together. Already, several companies have ventured into this space. One of these is Epic Games, which recently raised $1 billion in funding to develop the technology. The game studio has also laid out its vision for the metaverse.
While this technology is based on a blockchain and a digital identity, the real promise of Metaverse lies in the hands of its users. They are able to turn digital assets into in-game assets through play-to-earn games. In addition, they can invest in and trade non-fungible tokens on the metaverse. But this is only possible if the blockchain backing the metaverse secures and verifies the data.
Many major companies have invested in metaverse projects, including Activision Blizzard, Microsoft, and Epic Games. The tech giant has invested $1 billion into Epic Games, one of the biggest players in the metaverse. Other popular brands are making their mark on the metaverse, including Gucci and Coca-Cola. Gucci, for example, partnered with the online game platform Roblox to sell digital accessories in the form of NFTs. Coca-Cola also sold digital tokens that can be used in the metaverse.
Blockchain-based games also play a big role in the metaverse. Axie Infinity is a popular example, as it uses blockchain technology to enable users to own virtual land. Users can earn BLOKs by engaging in matches and tournaments, and can also stake their BLOKs for prizes. The game has already gained popularity and several larger companies are marketing on the platform.