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Special THANKS to David Kemmerer for coming onto the show!
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Facebook is Investing in the Metaverse
Throughout the years, the Metaverse has been gaining momentum. It is an iteration of the internet, facilitated by augmented reality headsets. Users are able to interact with cartoon avatars.
A big firm such as Facebook is betting on the future of the Metaverse. The company believes that the virtual space will allow for better interoperability, more creative tools, and more efficient business practices. However, there are some dark sides to the Metaverse. These include money laundering, trading scams, and regulatory uncertainty.
Mark Zuckerberg has already invested $10 billion in the Metaverse. He hopes to introduce the platform in October 2021.
Metaverse cryptos are illiquid and volatile. They may crash due to sneezes or other minor events. For this reason, they are not always wise to invest in.
In addition to a plethora of cryptocurrencies, the Metaverse is also home to nonfungible tokens (NFTs). NFTs are unique. Unlike typical tokens, they have real value. Using the Metaverse, you can buy and sell NFTs and exchange them for other currencies.
Some examples of NFTs include passes to closed clubs, passes to an event, or even tickets to a planet. This technology is largely untested. But it is a powerful tool that can make for a better future.
Animoca Brands has been an investor in many of the top play-to-earn games. They have partnered with Winkelvoss Capital, Sequoia China, and Soros Fund Management.
Another notable investment is Sandbox, a decentralized virtual world that is currently in beta testing. Originally, it was a subsidiary of Animoca.