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Facebook and the Metaverse
The Metaverse is the perceived virtual universe created by blockchain-based applications. In such an environment, users can create their own land and play games for money. Popular metaverses include SecondLive and Axie Infinity, built on the Ethereum blockchain. In such a virtual land, players can trade Axies, which can be used to fight other players. Axies can breed up to seven times and can be sold for rewards. Several larger companies are now marketing on the platform.
The Facebook-owned Facebook has been under fire for years over security, privacy, and fake news. Facebook has vowed to build the Metaverse responsibly, stressing its focus on privacy and collaboration with external firms. While this may be true, some in the crypto community question Facebook’s intentions. One crypto fund manager even called Facebook a “threat” to the Metaverse. But this is a question for another time. Here’s what you need to know about Facebook’s plans for the Metaverse.
The metaverse will be available for desktop computers, mobile devices, game consoles, virtual reality headsets, and virtual reality glasses. As with real world virtual reality, the metaverse will enable millions of people to collaborate, work, and play. Already, some companies are exploring the idea of creating virtual worlds. Decentraland, for example, has sold a plot of virtual land for $2.43 million. Microsoft announced an $1 billion funding round in April 2021.
