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***NOT FINANCIAL, LEGAL, OR TAX ADVICE! This channel is for entertainment purposes only and is just my opinion as I am not an expert or a financial planner. Please perform your own research.
Facebook, Metaverse, and Microsoft Are Working Together to Create a Decentralized, Open, and Interoperable Metaverse
Despite some initial concerns, Metaverse is gaining momentum. In a recent interview, Mark Zuckerberg, the CEO of Facebook, laid out a vision of the future of the Internet. His plan for a “decentralized, open, and interoperable Metaverse” involves a number of components. He hopes to make it easy for users to mint NFTs and to display them.
NFTs are digital assets that can be created, traded, and tracked on a blockchain. They have potential to become an important structural backbone of a Metaverse. These assets can be used for digital content, psychological services, and even physical media. They are unique because they can be traced on the blockchain, and because of their non-fungible nature.
There are currently two major social networks planning to move into the NFT market: Facebook and Meta. Both are working with crypto technology, and the former announced a partnership with Microsoft last October.
Axie Infinity is a popular metaverse that uses crypto technology. Players can use Axies to breed them, vote on community treasury funds, and win prizes by participating in matches and tournaments. Axies can be constructed from over 500 body parts, and they can breed up to seven times.
The Sandbox is another metaverse that uses crypto technology. 1980s gaming superstar Atari invested heavily in it. It is also owned by Animoca Brands, which is a major shareholder in NBA Top Shot creator Dapper Labs.
Meta’s avatar system will be integrated into Teams. Teams users will be able to visit virtual spaces as early as 2022.