Facebook and Microsoft Are Getting Into the Metaverse
Facebook is pouring big money into the Metaverse, and Microsoft is also getting into the act. These two big players are trying to establish a dominant presence in the virtual world space. A dominant player has the potential to leverage early network effects and grow into a mega-player. That might be worrying to some Facebook investors.
Zuckerberg hinted at this in a recent podcast interview, but didn’t specify the details of how the company plans to do that. He did however speak about avatar interoperability, referring to a possible future in which users can carry their own apparel to other Meta platforms. This may also lead to the freedom to use NFT-based avatars on other Meta platforms.
Entrepreneurs are a key part of the metaverse ecosystem. They will create content, provide services, and otherwise do useful things for the metaworld. The challenge is to monetize these services effectively. For instance, online cinemas could issue tokens to allow users to view a movie in the digital world. Tokens could also serve as passes to events or clubs, or even to another planet.
Blockchain-based apps are also a major component of the Metaverse ecosystem. These applications let users own virtual land and earn money through games and other activities. Some of the most popular metaverses include SecondLive, Decentraland, and Axie Infinity. These games use Ethereum-based crypto-assets, called Axies. These tokens are non-fungible and can be made up of more than 500 components. They can breed with each other up to seven times. Their offspring can then be sold on the gaming platform.