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Facebook, Google, and Others Are Investing in the Metaverse
During the World Economic Forum last week, Mark Zuckerberg, co-founder and CEO of Facebook, announced that his company was investing in a new technology called Meta. This new technology will be a persistent virtual world that combines virtual reality (VR) and augmented reality (AR) technology. It will also be a social network that will include Facebook Messenger and Instagram.
According to Citi GPS, by 2030, there will be five billion people using the Metaverse. Some of the companies leading the effort include Facebook, Google, and video game companies. Among them are companies like Animoca Brands, Roblox, Enjin, and Decentraland.
These companies are leading efforts to build the Metaverse. They are also investing in foundational technologies in cryptocurrencies and non-fungible tokens (NFTs).
These are tokens that are used to authenticate ownership on a digital ledger. These can be used to store value and buy or sell real world assets. Some companies are also using them for in-game currency.
These currencies are being used in virtual reality worlds like Fortnite. They allow users to play games, go to work, or go to the doctor.
Some of these currencies have been volatile. For example, the AXS token has reached an all-time high of $162 after Facebook announced it was rebranding as Meta. But, it’s important to understand how these currencies work before investing in them.
Another way to profit in the Metaverse is by renting out virtual land. Users can buy “bloks” of real estate on the Metaverse through crypto-based apps.