Hussein is in the CENTER of this entire thing, and he has receipts. 😳
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Facebook, Microsoft, and the Metaverse
A metaverse is a virtual world where users can create and interact with avatars. They are accessible through virtual reality headsets. In order to be viable, a metaverse must be “decentralized,” meaning that no central authority controls its operations. This is where blockchain technology comes into play. This technology enables networks to function without central control. This makes it possible for metaverses such as The Sandbox to use crypto technology to maintain ownership rights.
While Facebook is throwing big money into Metaverse, Microsoft has been pushing the technology with similar moves. It’s possible that one of these companies will dominate the metaverse, much like Facebook did with the social network. This is a cause for concern for many crypto fans. The fear is that a dominant player will take advantage of the early network effects and grow into a gigantic player.
With the help of blockchain technology, users can own virtual land and earn money. There are several popular metaverses, including SecondLive and Axie Infinity. Axies, or non-fungible tokens, are used in these virtual worlds. They are used in massive multiplayer online games and can be sold for real world money. However, investing in metaverse cryptos is not recommended. Since these virtual currencies are still relatively new and have small user bases, their prices can fall with the smallest of sneezes.
As a business opportunity, the metaverse will have a number of opportunities for entrepreneurs. These entrepreneurs will create new content, provide services, and do useful things for the metaverse. The key is to monetize these services efficiently. For example, an online cinema could issue tokens for movie viewing rights. Tokens can also be used for event or club passes.