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The Future of the Metaverse
The metaverse will be a conceptual world made of open settings and open assets. These assets could be anything from collectible NFT assets to 3D avatars that can be used in social interaction. Facebook is a huge company that recently invested $50 million in research on the concept. The company plans to hire at least 10,000 people in Europe over the next five years. However, the future of the metaverse is far from certain. The future of the Metaverse depends on what the community wants.
The term “metaverse” was first used in 1992 by American writer Neal Stephenson. Since then, the term has morphed into other technologies, such as virtual reality, augmented reality, and cryptocurrency. In 2018, the movie Ready Player One introduced the concept of virtual reality. In 2014, Facebook acquired the virtual reality hardware and software company Oculus. Today, more than one billion people use these technologies. But what is the future of the metaverse?
In addition to attracting investors, the metaverse market is also being used by gaming companies to make money. For example, the Animoca Group bought Sandbox, a blockchain-based gaming company, and it pivoted to blockchain technology. The rap star Snoop Dog built a home in Sandbox virtual land, and neighbors bought plots for $450,000 in Sand in-game tokens. Similarly, the Crazy Kings mobile game franchise also introduced the concept of “play-to-earn” models for players. In the past nine quarters, 10 leading investment firms have invested in the Metaverse.