In your nightly crypto news wrap-up, we bring you the top crypto stories. Bitcoin shocks investors as wall street continues to free fall. Crypto’s largest stablecoin goes live on Polkadot, and GPU markets wander without a home after a successful Ethereum merge.
What We Discuss:
0:18 USD Goes Parabolic
1:14 Market Watch
2:29 Tether Joins Polkadot
3:25 GPU Market Enters Freefall
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Facebook’s Metaverse Will Support Cryptocurrency
Neal Stephenson’s 1992 novel Snow Crash introduced the concept of a metaverse, or shared digital space, which people can access. These digital environments contain virtual versions of real-world spaces and fantastical and whimsical realms. Although this concept has only recently emerged as a reality, it’s already a popular concept.
Users of a metaverse inhabit their own virtual world and interact with others using an online avatar. The metaverse allows users to freely move, speak, and take action. The metaverse also allows users to own virtual property. These properties can be sold or exchanged for non-fungible tokens, such as bitcoin and ethereum.
Blockchain-based apps in the metaverse allow users to own virtual land and earn money by playing virtual games. Some popular metaverses include SecondLive, Axie Infinity, and Decentraland. The latter is built on the Ethereum blockchain. It is built with a powerful editor that allows users to create animations and build virtual worlds.
The metaverse has attracted the attention of several major tech companies. Facebook, for example, is investing $50 million in the technology over the next two years. Another notable player is Microsoft, which is using Holoportation to enable people to access a digital environment using a VR headset. It has been predicted that the new metaverse will create a massively larger creative economy.
Facebook’s metaverse will also support non-fungible tokens, such as cryptocurrency. Using this technology, it will be possible to sell digital objects, such as limited edition virtual objects, in a way that is similar to buying real-world goods. The company already owns Oculus, the maker of virtual reality headsets, and it recently signaled a major hiring push for its metaverse unit.