In this video, Ben and J-Chains discuss the glaring issue of protection in the metaverse. Although we look at the metaverse as the Wild Wild West, in some ways, the internet is still the Wild Wild West – considering the accessibility given to kids. What do you think is proper regulation for this issue?
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Investing in the Metaverse
The Metaverse is an online virtual environment that merges augmented reality, virtual reality, 3D holographic avatars, video games, and other forms of communication to create a hyper-real alternate universe. There are already inklings of the Metaverse in online game universes, and the corporations behind those games want to be part of this emerging technology. However, the development of this emerging technology is still in its infancy. For now, investors are cautioning against jumping in head-first without knowing the ins and outs of the technology.
The metaverse is an innovative technology that will require constant confirmation of ownership. Tokens will be issued as a form of currency that will be traded in the blockchain, with information about ownership contained in their metadata. However, this technology has some drawbacks. Tokens in the Metaverse will have high transaction fees, and it’s important to note that many will be issued to the wrong people. Therefore, a person’s ownership of a token should be verified as it happens in the real world.
Several tech companies have gotten into the metaverse, including Microsoft, NVIDIA, and Epic Games. In fact, one of their investments in the metaverse was VISA, which bought the first NFT for $150,000. Other big companies are getting involved as well, including Gucci, which partnered with the online game platform Roblox. These brands are also major shareholders of NBA Top Shot creator Dapper Labs. A recent article from TechCrunch highlights the company’s strategy to build a successful metaverse.