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Facebook’s New Metaverse – The Next Evolution of Social Media

Earlier this week, Mark Zuckerberg announced that Facebook is developing a new product called Metaverse. He believes it will be the next evolution of social media.

It is a shared virtual world where you can interact with others, regardless of time and place. It is a combination of virtual reality and the internet. The technology is designed to help users develop digital worlds using augmented reality gear.

It will also allow entrepreneurs to create content for the platform. This is where the economics of the metaverse will play a role. In addition to creating content, entrepreneurs will be able to monetize it. They will be able to do this by issuing tokens, which can be sold for real world value or used to purchase a variety of services.

The tokens will be non-fungible, which means they will have a permanent storage of ownership rights. This is important to the future of the metaverse because it allows for digital ownership of items within the virtual universe.

The NFTs are an integral part of the metaverse because they facilitate a permanent digital representation of legitimate ownership. By incorporating cryptography, the virtual representations of ownership are independent of the physical world.

The technology is also used to enhance avatar creation. The virtual humans are created as NPCs, or non-player characters, and provide multi-lingual services.

Raoul Pal, a former hedge fund manager and outspoken crypto enthusiast, believes that social tokens will become prevalent. His company, Animoca Brands, is a major shareholder in CryptoKitties and NBA Top Shot creator Dapper Labs.