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What is the Metaverse?
The term Metaverse was first used by Neal Stephenson in his 1992 novel Snow Crash. He coined the word in order to define the merging of augmented reality with virtual reality. It is a place where people can interact with each other in real time.
Unlike traditional virtual worlds, Metaverses are completely decentralized. That is, they are governed by cryptography. This allows users to build their own worlds, as well as create objects and items of value.
Metaverses are built on blockchain technology. They use NFTs (non-fungible tokens) to provide digital ownership. These tokens are used to distribute revenue earned by the platform.
Currently, popular metaverses include SecondLive, Axie Infinity, and Decentraland. However, there are many other metaverses out there. Several large firms have started marketing on these platforms.
Meta Financials, owned by WhatsApp, Instagram, and Facebook, is planning to launch small business loans and financial products. These companies could be potential competitors for Facebook.
Animoca Brands, a major shareholder in CryptoKitties and The Sandbox, also plans to build its own Metaverse. Meanwhile, Microsoft announced that it will explore the concept of a Metaverse.
Despite these efforts, the market for metaverse cryptos has been relatively slow. Although some of these cryptos have recently risen, there is still a lot of volatility and uncertainty surrounding them.
Some of these cryptos can even crash. So if you are considering investing, make sure you have a good understanding of how the metaverse works.