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Facebook, Microsoft, and Others Are Getting Involved in the Metaverse
It is a virtual world where people can play, work, and communicate. This digital space is called the metaverse. The concept is said to be the next big leap in modern technology.
In a recent Facebook company call, CEO Mark Zuckerberg said that he believes the metaverse is the next chapter of the internet. While the term isn’t new, he’s recently been using it more publicly.
For many, the word metaverse is synonymous with VR or augmented reality. These gadgets are used to create immersive environments that provide an enhanced experience.
However, while these technologies are important in facilitating the metaverse, they also have their drawbacks. First, they can be expensive. Second, they can exacerbate wealth disparity. Third, they sometimes require clunky virtual-reality goggles.
Cryptocurrency plays a key role in accessing the metaverse. Cryptocurrency uses a secure, decentralized system to allow users to store and transfer their assets.
One example of a cryptocurrency in the metaverse is The Sandbox. This project combines a virtual world with gaming without the need for a central government. Using the Ethereum blockchain, the Sandbox’s system allows players to build and customize their own world.
Another example is the Axie platform, where “decentralized finance” rules. It offers an online arena where users can purchase NFTs and use them to access games, apps, and services. They can even purchase a virtual space or a virtual property.
Other major companies, such as Facebook, are getting involved in the metaverse. Microsoft has announced plans to explore it, and Facebook has invested in the development of a video game.