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Facebook Invests $10 Billion in the Metaverse
Several months ago, Facebook’s CEO Mark Zuckerberg announced plans for a shift in the social networking platform’s business model. He stated that Facebook would invest $10 billion in its Metaverse platform this year.
Several popular metaverses, including Axie Infinity, Decentraland, and Second Live, use crypto technology to power their virtual worlds. These platforms are largely composed of video games, with players building avatars to interact in virtual worlds.
While some of the biggest companies on the internet are attempting to dominate the metaverse market, it is still a relatively young field. The crypto community is worried about the possibility of a big-tech metaverse taking over the market.
Decentraland, a metaverse powered by the Ethereum blockchain, has already begun to build a community. In addition to allowing players to monetize their time in the Metaverse, it has also become a popular marketing platform for several larger firms.
Amos Whitewolf, the founder of Axie Infinity, was ranked as the top player for several months in 2021. During this time, he reinvested some of his play-to-earn winnings into his startup.
Axie Infinity shards (AXS), the game’s coin, have jumped 11% in the last 24 hours. Players can acquire Axie Infinity shards through breeding Axies, winning tournaments, and engaging in matches. These can be exchanged for other currencies, and they can also be used to win prizes through staking.
Axie Infinity Shards are regulated on the Decentraland platform, with players able to vote on community treasury funds. This gives Axies ownership rights, and allows them to be bred with other Axies.