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Facebook and Other Companies Are Building Their Own Versions of the Metaverse
The Metaverse is a shared, digital world. It’s a place where you can interact with people and build communities. You can also play games, shop, and earn money.
A number of companies, including Facebook, are building their own versions of the metaverse. These efforts may diverge from the open-source metaverses. But it’s clear that the tech behind the Metaverse will evolve over time.
For example, a company called Meta is a video game developer that has plans to build its own metaverse. The company has recently acquired Unit 2 a video game developer that created Crayta.
Several other firms have also begun marketing on the platform. Some are larger firms. Others, like The Sandbox, are backed by technology investors.
The Sandbox’s platform is built on the Ethereum blockchain and is backed by gaming brands such as Atari and Lionsgate. Users can create their own virtual worlds using powerful tools in the editor. They can then customize their spaceships and join factions to explore the universe.
Some have speculated that the Metaverse will end up being akin to an app store. Users will be able to download virtual objects and use them to purchase and sell virtual goods. This is facilitated by non-fungible tokens (NFTs).
NFTs are used to distribute revenue earned by the platform. NFTs allow for transparency in transactions on the blockchain. As a result, they are a critical tool in the creation and development of the Metaverse.
Besides being an important tool in the Metaverse, NFTs have the potential to be a basis for the economy. For example, players can exchange tokens for passes to closed clubs and events. Or, they can buy and sell items using their digital avatars.