In tonight’s crypto news wrap-up, I cover the upcoming Fed meeting, the Central African Republic moving towards crypto adoption, and David Beckham attaching himself to the latest metaverse project.
https://www.youtube.com/watch?v=0dEcDqgcTyo
0:00 Intro
0:24 Dow Drop
3:16 Frankie Candles
4:21 Central African Republican
5:22 DigitalBits
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What is the Metaverse?
If you’ve been following the recent developments in virtual reality, then you’ve likely heard of the Metaverse. However, what exactly is it? There are several different types of virtual environments, and these can include real estate websites, virtual boxing classes, and even a crypto currency marketplace. While the concept of virtual worlds is relatively new, it’s already seen success in gaming, and a number of different industries have begun to experiment with VR.
Some of the first projects to use the concept are from the gaming industry, including the blockchain-based game Roblox. It uses Blockchain technology and a blockchain to distribute revenue earned by the platform. Microsoft plans to launch its own metaverse by 2022, and will offer the service for its Teams customers. It has also acquired stakes in CryptoKitties and NBA Top Shot creator Dapper Labs, and is working on a game called Star Atlas.
The Metaverse will be driven by entrepreneurs who will create services and produce content useful to the metaworld. To get involved, it’s important to understand how to monetize your service. For example, you can create a non-fungible token to own a session in a virtual cinema. Alternatively, you can use this token as a pass to an event or even to another planet. This way, your users can pay to be able to participate.
Despite its popularity and widespread adoption, the Metaverse isn’t without its critics. Many prominent figures in the crypto community are sceptical about its potential. Founders of companies such as Facebook are reportedly concerned about the possibility of a big tech company controlling the metaverse and monetizing it for their own purposes. Similarly, Facebook’s decision to charge 47.5% of each NFT sold to its users may sound surprising, but it is also a sign of a larger problem for the crypto industry.
