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Facebook’s Metaverse – The Next Chapter in the Internet
Facebook has rebranded itself as “Meta”. This change opens up a whole new vista of possibilities for the tech giant. It will not only allow Facebook to build its own virtual world, but it will also give it the ability to create new business opportunities.
Zuckerberg described the concept of the metaverse as the next chapter in the internet. The platform will include non-fungible tokens (NFTs), which will enable users to monetize time spent in the virtual world.
NFTs will enable users to create and maintain ownership of items in the metaverse. Tokens can be used to pay for goods and services, or to access interactive apps and games.
Several companies have joined the fight for decentralized ownership. The Sandbox, created by Animoca Brands, is one example. Other platforms include Decentraland and Axie Infinity.
Unlike traditional currencies, cryptocurrencies can be transferred from one platform to another without the need for a middleman. The blockchain technology of these currencies allows users to own their assets.
Many cryptocurrencies have fallen off their recent highs. These losses could affect Facebook’s monetization push. However, there are still some promising metaverses out there.
Metaverses are virtual worlds that are accessed through virtual reality headsets. Users interact with others using avatars. They can own virtual property, shop for and sell goods, and learn about new ideas.
One of the most popular metaverses is Decentraland. Users can develop and sell virtual properties, or buy virtual land for development. There is also a native cryptocurrency called MANA.