FTX is not here to add to the crypto space; they’re here to destroy everything else to acquire a monopoly.
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What is the Metaverse?
The Metaverse is a virtual world where users can buy and own real estate and engage in virtual gaming and activities. The platform is run on a blockchain and users can play for free or play for money. There are several popular Metaverses on the market, including SecondLive, Decentraland, and Axie Infinity. These platforms are built on the Ethereum blockchain. Users earn virtual currency known as Axies (not fungible tokens), which can be used to purchase real estate. Axies are also able to breed with each other up to seven times, and their offspring can be sold on the gaming platform.
While the metaverse is still young, it is already gaining popularity. It is expected that by 2030, five billion people will use it. However, the potential for addiction is enormous, and it’s important to exercise self-control. In addition, a lot of people who use the metaverse could lose touch with their real-world friends and family. This is especially true considering the high costs of the hardware and software used to enter the metaverse. Moreover, the use of these technologies could exacerbate inequality of wealth.
While the market has not yet reached its full potential, investors are still investing heavily in the metaverse. One of the companies that has raised more than $810 million in funding in the past two years is Animoca Brands. The company has partnered with Winkelvoss Capital, Sequoia China, and Soros Fund Management. This year, it added another $150 million from Temasek and Boyu Capital. It is now valued at $5 billion.
