The hypocrisy of JP Morgan Chase is glaring here. They continued to bank Jeffery Epstein even after he was convicted of child prostitution. Yet, Kanye West says something they didn’t like on Twitter, and his account gets closed.
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Facebook and the Metaverse
Metaverse is a virtual world where users can own their own virtual land and earn money by playing games. Some of the most popular metaverses include SecondLive, Axie Infinity, and Decentraland. The latter is built on the Ethereum blockchain and features non-fungible tokens called Axies. Axies are made up of more than 500 parts and can breed with other Axies, and their offspring can be sold on the gaming platform.
In the metaverse, each person inhabits their own space and interacts with others using a virtual avatar. This gives them freedom of movement and speech. In addition, they can own virtual property that can be sold or exchanged for non-fungible tokens. It may be difficult to predict who will dominate this new virtual world.
While this concept is still in its infancy, Facebook has invested heavily in augmented reality and virtual reality, which could make Metaverse a reality in the near future. Moreover, the company has announced that it has a major initiative to build Metaverse in Europe. One interesting aspect of the company’s strategy is its approach to payments, which could make cryptocurrencies such as Ethereum the structural backbone of Metaverse.
While Facebook has already jumped in to create a Metaverse-based version of its social network, it’s not the only tech company interested in this new digital world. Many of the companies involved will play an important role in building the infrastructure and shaping the design of the new virtual world.
