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Is Facebook Getting in on the Metaverse?
The term “metaverse” was coined by author Neal Stephenson in 1992’s cyberpunk novel Snow Crash, in which a character escapes into a virtual reality simulation. It’s a concept that has been gaining ground in the tech world, with companies like Microsoft and Disney investing in virtual reality technology. While it’s unclear whether metaverses will be around for a long time, it’s likely that they’ll be here sooner rather than later.
The concept of creating virtual land using blockchain-based apps is still in its early stages, but companies like Microsoft, NVIDIA, and Epic Games are investing in metaverse projects. One company, VISA, has already purchased a NFT for $150,000 to explore the concept. Other companies are also getting in on the game with games. For example, Gucci has collaborated with the online game creation platform Roblox, introducing digital accessories in the form of NFTs. Coca-Cola has also sold digital tokens in the metaverse, giving gamers a stepping-stone to the platform.
Facebook is considering implementing a currency on the platform, which could be used across different apps and services. This would be similar to the proprietary currencies found in online games, such as Roblox’s Robux. While it might be difficult to predict the future of the metaverse, Facebook is working on different products to ensure that its users are satisfied with their experience. If this product is successful, Mark Zuckerberg could become a laughing stock on social media.