Facebook’s Metaverse – The Next Chapter in the Internet
The market for the Metaverse is expected to grow to $21.7 trillion by 2030. It includes cryptocurrencies, mixed-reality technology, and artificial intelligence. Its investors include Index Ventures, a European private equity firm that focuses on later-stage companies. Among the companies it has invested in are Trello, Farfetch, and Revolut.
Facebook has expressed interest in the Metaverse, stating that it would invest $50 million in the next two years and hire 10,000 people in Europe. Zuckerberg also noted that metaverse technology will weave itself through social media apps. “The Metaverse is the next chapter in the internet,” Zuckerberg said. “It will unlock a vast new creative economy.”
The Facebook Metaverse is expected to be a hybrid of online social experiences, with the option to expand it into three dimensions. The social network believes that this new technology will create a new virtual economy, hosting hundreds of billions in digital commerce and providing millions of new jobs for creators. While no single company will be the sole owner of the Metaverse, companies that invest will play a significant role in shaping its infrastructure and design.
The Metaverse uses Blockchain technology, which is well-established. The metaverse itself, however, is still developing. It is still unclear how the platform will affect users’ digital assets. As such, there is still uncertainty surrounding the value of non-fungible tokens (NFTs). However, many of these NFTs have shown growth and promise and are now seen as investment opportunities.