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The Metaverse is an alternative universe that allows people to connect with each other and create art. It’s a virtual world that is always available. In it, users can shop, socialize, and create new ideas. They can interact with others using an online avatar.
A number of industries have embraced the Metaverse to increase business value. Some industries have created in-house marketplaces for cryptos. These include the NBA Top Shot creator Dapper Labs, and Animoca Brands, which is a major shareholder of CryptoKitties.
Using crypto technology, people can securely own their assets. These assets can be traded for other currencies, and they can be used to purchase goods and services. There are also NFTs, or non-fungible tokens, which are in-game collectibles. Various brands have designed these NFTs to incentivize users.
Facebook’s decision to rebrand itself as Meta was a move that catapulted the tech concept into the mainstream. Many are skeptical, however. Despite the skepticism, some have argued that the Metaverse is the future.
According to Mark Zuckerberg, the Metaverse is “the next chapter in the internet.” He has not yet released details about how the company will develop this next chapter, but he did release a lengthy video in October.
The Metaverse is set to disrupt the digital economy. Because of its decentralized nature, it presents businesses with new opportunities to expand their markets. But some are concerned that it will become a haven for scams.
One example of a metaverse that uses cryptocurrencies is The Sandbox. Developed by a group of tech veterans, the project is combining virtual worlds with gaming. It’s currently under development, and corporations are likely to invest in land within the system.