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Facebook Rebrands Itself As a Metaverse Company
In the last 24 hours, prices of the Metaverse and related non-fungible tokens have skyrocketed. Facebook has announced that it is rebranding itself as a “metaverse company.” The company has also made several references to cryptocurrency and non-fungible tokens. Some of the coins associated with the Metaverse have gone up more than 100%. These include starlink, decentraland, and the sandbox.
The metaverse is powered by blockchain technology, allowing users to create virtual objects and worlds. Decentraland, for instance, is a blockchain-based platform where people can own land by buying land tokens, which are non-fungible. This decentralized platform has no central authority, meaning that people can do whatever they want with the land tokens. The system also has games and social spaces for people to engage in.
The Metaverse is not yet fully defined, but its foundation is solid. The technology that powers it is similar to those used in real estate and other industries. Several companies have invested in virtual land, including Microsoft and Facebook. The Metaverse itself is still in its early stages, but it is already an online living space. Users will have avatars and share a virtual world with other users.
Facebook is already investing in the metaverse and has plans to make it a more accessible place for non-fungible tokens that have thrived on the Ethereum protocol. This will make it easier for companies to sell limited edition digital objects. Furthermore, the company already owns virtual reality headset maker Oculus. It has also signaled a major hiring push for its metaverse unit.