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Mark Zuckerberg and the Metaverse

The metaverse is a virtual world created by combining physical reality with artificial intelligence. This virtual world will be a social and entertainment hub in which people can meet and make friends with AI avatars. The metaverse is expected to become a reality within five to ten years, according to its CEO, Mark Zuckerberg. In the meantime, certain aspects of the metaverse are already being made available, such as ultra-fast broadband, virtual reality headgear, and persistent, always-on online worlds. Some metaverse games have already been created, such as Roblox, which has created virtual concerts and stores within the world. Fortnite is already close to this, with its “virtual worlds.”

A recent acquisition of Sandbox, a blockchain-based gaming platform, led to the company pivoting its focus from traditional games to the metaverse. Sandbox even became so popular that rapper Snoop Dog purchased a plot of land in the metaverse and started building a house on it. His neighbors began buying plots of land online for $450,000 in Sand in-game tokens. In addition to video game companies, a number of popular brands have become involved in the metaverse. One of the largest is the video game giant Epic Games, which created Fortnite and is raising $1 billion for its project. Coca-Cola also has outlined its own vision for the metaverse, including a game that lets players collect digital accessories.

The metaverse will require permissionless identity, high-speed exchange, and financial services. There will be a need for data storage for billions of people, and crypto assets are an obvious answer to this problem. As people live in the metaverse, they will also need to sell digital items and seek to trade them with others. It is likely that cryptocurrency will become the currency of the metaverse, and blockchain technology will play a central role in this development.

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