Facebook and the Metaverse
Using blockchain technology, the Metaverse is a virtual world in which users own real land and can engage in various activities to earn money. Popular metaverses include SecondLive, Axie Infinity, and Decentraland. These are based on the Ethereum blockchain. In the Axie Infinity metaverse, users can purchase non-fungible tokens called Axies, which are basically virtual beings made from over 500 body components. They can breed with other Axies and sell the offspring to other players on the platform.
In recent years, several tech companies have announced their intentions to explore the Metaverse. Some have even invested in this technology, including Microsoft, NVIDIA, and Epic Games. In addition to these tech giants, popular brands have also gotten involved. Gucci and Coca-Cola have partnered with the online game creation platform Roblox to sell NFTs, which are digital accessories that users can use to access the Metaverse.
Facebook has also thrown a lot of money at Metaverse. This could be a sign of the company’s commitment to building its own metaverse. It has already invested in virtual reality headset maker Oculus, and its $10 billion investment in Metaverse may signal a more aggressive approach to the company. Facebook will also soon be trading under a new symbol.
The Metaverse has the potential to impact nearly every industry. It could change the way people shop, travel, and interact with others. It could also affect payments, entertainment, and consumer products. However, full use of the Metaverse could be decades away. In the meantime, much more technological progress will need to be made before it can reach its full potential.