For most of our country’s history, home and land ownership have been an essential part of the American dream. Getting on the property ladder represented a transition to adulthood and was touted as one of the best investments money could buy. But what happens when the American dream is hijacked by billionaires, institutional investors, and foreign entities?
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The Metaverse – Facebook’s Virtual World
The idea of a digital world that exists entirely outside of the real world is still a bit of a mystery. While there are many companies that are planning to explore the metaverse, the first one was acquired for $150,000 by VISA, a tech veteran from the online gaming industry. Other notable players in the metaverse include popular brands like Gucci and Coca-Cola. Gucci partnered with Roblox, a popular online game creation platform, to sell digital accessories in the form of NFTs. Coca-Cola is selling digital tokens as stepping stones into the metaverse.
The concept of a virtual world is nothing new, but its concept has been the subject of much speculation in recent weeks. After renaming its social network, Facebook and rivals Instagram to Meta, Facebook founder Mark Zuckerberg announced plans to create a digital space using AR and VR technology. The metaverse will enable users to collaborate, communicate, and relax in a completely new environment. Many in Silicon Valley believe that the metaverse is the next evolution in modern technology.
The metaverse is a virtual world that combines the concepts of augmented reality, virtual reality, and holographic avatars. These virtual worlds are accessed through a virtual reality headset. To create a metaverse, a network must be “decentralized.” Blockchain technology enables decentralized networks with no central authority, and metaverses such as The Sandbox use crypto technology to store ownership rights. By using non-fungible tokens, these virtual spaces are fully interactive and open to all.