The metaverse is a virtual world that always exists, inhabited by avatars. Unlike the real world, the metaverse allows users to move, speak, and interact freely. They can also own virtual property and exchange it for non-fungible tokens. These tokens have multiple applications and are a growing part of the digital economy.
The metaverse is a new world built for the digital age. Facebook wants to lead the charge, investing $50 million over the next two years and hiring up to 10,000 employees in Europe over the next five years. Facebook plans to use its virtual land to build a virtual world in which users can interact and share their interests.
Animoca Brands and SoftBank are among the investors backing the metaverse. The developer behind “The Walking Dead” franchise has also invested in the project and has built a new zone for users to explore. Snoop Dog has also bought a mansion in the virtual world and will use it to host live concerts.
Other major players in the metaverse include Microsoft, NVIDIA, and Epic Games. Facebook’s metaverse is expected to be different than existing open source metaverses, as it will include NFTs and Novi crypto wallet. It will also feature a stablecoin, the Diem. The latter has been delayed by US lawmakers last month.