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Facebook and the Metaverse
The term “metaverse” is a combination of the prefix “meta” and “universe.” It refers to shared virtual worlds where crypto is used to purchase avatars, buildings, and land. In the metaverse, people can buy and sell digital goods, attend events, and socialize with other users. Facebook is one of the largest companies working in this area. As the term suggests, it is a concept that is becoming increasingly popular.
Its rise in popularity has sparked an influx of investment in the crypto-based ecosystem. Investing in blockchain-based platforms such as Ethereum and Metaverse will help the industry grow. There are a number of companies putting their money behind the technology, from Animoca Brands, creators of popular games like Fortnite, and Roblox. These companies have large budgets, and are trying to take advantage of this new way to interact with others.
Among the most popular ways to gain access to the metaverse is by purchasing metaverse land. This digital real estate typically exists in the form of non-fungible tokens, but it is not a suitable investment for the average investor. But if you’re thinking about long-term investment, metaverse land may be an option for you. In fact, Facebook’s recent rebranding as Meta has already boosted the price of metaverse coins.
The company behind Facebook’s plans to acquire virtual land in the metaverse has been criticized for a number of reasons, including security, privacy, and fake news and hate speech. Facebook has made statements that it will work responsibly to build the metaverse, but many in the crypto community don’t believe these statements. The crypto fund manager Yat Siu, for example, called Facebook a “threat to the metaverse. Apparently, he didn’t read the news properly, but it seems that he isn’t.