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Facebook, Animoca Brands, Dapper Labs, and More Are Investing in the Metaverse
The term “metaverse” was coined in 1992 by author Neal Stephenson for a 3D virtual reality simulation. Over the years, the concept has evolved, with the emergence of virtual reality, augmented reality, and even cryptocurrency. Recently, Facebook and other tech giants have invested in virtual reality. However, it is still unclear if the metaverse will truly come to pass. Here’s what you need to know about the concept.
In 2021, Mark Zuckerberg, CEO of Facebook, unveils his plans for the metaverse, a shared virtual world for people to use as a virtual reality environment. This new virtual environment aims to offer a whole new level of entertainment, as well as a way to network with others and share information. Currently, Metaverse is not a very defined concept, but it will feature an extensive musical offering with collaborations from world-renowned musicians. Additionally, he plans to create additional content centers, such as a planet dedicated to meditation and self-actualization.
The company has invested in the metaverse, and has acquired land in Sandbox that is available for purchase. This allows people to make their own games and enjoy them in virtual worlds. The company also aims to disrupt the existing game maker industry, and reward game creators through a community system. CoinGecko ranked The Sandbox as one of the top Metaverse projects, representing 7% of the entire sector. But it’s not just gaming companies that are investing in the metaverse. Animoca Brands also owns NBA top shot creator Dapper Labs.