Tonight in your nightly crypto news wrap up. Inflation numbers rise to the highest they’ve been in 4 decades…Jen Psaki keeps her eyes on Putin as we keep our eyes on the charts while an explosive announcement rocks the XRP community.
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Will Facebook Support NFTs?
The concept of a “metaverse” has been on the minds of the tech industry for several years. It’s closely related to virtual reality, and Mark Zuckerberg, Facebook’s CEO, recently teased that the company would support NFTs in the future. As a result, Facebook invested $10 billion into the concept this year. Other notable figures in the crypto world have expressed similar views. For example, Raoul Pal, a former hedge fund manager, is a big proponent of the concept.
Gaming platforms like Roblox and Fortnite are early examples of metaverses. Both are virtual worlds that allow users to collaborate and exchange Robux, a virtual currency used in the game. Another popular example is Pokemon Go, a popular augmented reality game platform. While the technology behind these technologies is fairly new, the idea is already being explored in real-world environments. It’s not clear whether the metaverse will be a viable business model for Facebook or merely a fad.
For the moment, the idea of a single virtual reality is intriguing. People will use avatars to browse the web, play games, and hang out. In this way, the metaverse is similar to the internet, but has the added benefit of being ‘interoperable’. Virtual goods can be taken from one platform to another, just like real world clothing can be worn from mall to movie theater. However, one potential issue with a metaverse is that Zuckerberg may want to control the metaverse. If this is the case, it would be likely to operate on a blockchain, which would make it possible for anyone to participate.