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Facebook’s New Metaverse Could Threaten Cryptocurrency
If you’ve been wondering about the future of virtual reality, you might have heard of the Metaverse. This is a hybrid of AR and VR, allowing users to hop from one platform to the next. You can buy a Burberry shirt on one platform and take your avatar to another with a new drip, and invite friends over to hang out at your house in the Metaverse. It combines aspects of blockchain, Web 3.0, VR, and AR.
The concept behind the metaverse has many benefits, and Mark Zuckerberg has lauded its promise. While it’s not clear what exactly the metaverse is, it’s a cyberspace parallel to our physical reality. The Metaverse will enable avatar interaction and communication, and it will create an ecosystem that is built on the blending of virtual and augmented reality. While this sounds like science fiction, the future of virtual reality is already here, and Facebook is investing heavily in the technology that will bring the concept to the masses.
While Facebook has come under fire for its policies regarding privacy and security, fake news, and hate speech, it has promised to build the metaverse responsibly and openly with external firms. But some in the crypto community are sceptical of Facebook’s commitment. In a recent interview with Fortune, Facebook outlined its plans to build the metaverse responsibly. Founder Yat Siu wrote that Facebook’s recent announcement could actually threaten the Metaverse.