Larry Fink from BlackRock with 10 TRILLION Assets Under Management and Jamie Dimon from JP Morgan have some pretty negative views on the market and economy but what are people REALLY doing behind the scenes?
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0:00 – Market Recap | Topics Overview
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What is the Metaverse?
Founded in 2012, the Metaverse is an online virtual world that users can own and develop. The blockchain-based apps are a good example of metaverses. Users can create virtual land on which to build or play and earn coins or real money. Currently, some popular metaverses are Decentraland, Axie Infinity, and SecondLive. These are built on the Ethereum blockchain and allow users to create virtual property with a range of options. Axies are non-fungible tokens that can be used to create virtual creatures. In addition to being non-fungible, these creatures can breed up to seven times, with the offspring being sold on the gaming platform.
The concept is essentially similar to Facebook’s. It combines AR and VR to create a first-person experience. Users can go shopping on one platform, buy a Burberry shirt on another, and then hop to another to enjoy a different version of the same experience. People can also engage in live entertainment, real estate, and other activities on these platforms. Ultimately, the concept of the metaverse is exciting. It combines aspects of blockchain, virtual reality, and Web 3.0 to allow users to interact with one another.
Despite the growing popularity of this new platform, it still requires some work. Accessible hardware and interoperability, which allow virtual items to move from one platform to another, are among the biggest challenges. Additionally, there will be legal, commercial, and policing challenges to overcome. By 2030, most people will be in the metaverse. It is also important to invest early in metaverse-related companies. If you buy in early enough, you can earn significant returns.