In the 2008 recession, large corporations – who were responsible for it – got governmental bailouts while the lower and middle class paid the price. Could we see this happening again?
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Will Big Tech Take Over the Metaverse?
A pandemic has brought millions of young people to the virtual worlds of Minecraft and The Sandbox. This game, developed by Animoca Brands, is now hosted on Zoom, a company specializing in gaming. Animoca is also a large shareholder in CryptoKitties and NBA Top Shot creator Dapper Labs. Many crypto fans are concerned that big tech will take over the Metaverse and turn it into a massive app store.
Blockchain-based applications allow users to create virtual lands in which they can play games, trade goods and services, and even earn money. The popular metaverses are SecondLive and Axie Infinity. Axies, or non-fungible tokens, are generated by a system in which users trade in virtual items in order to gain currency. They can breed seven times and sell their offspring on the gaming platform. Many of these platforms are designed to attract gamers, and the Axie Infinity token reached $162 last week.
While the future of the Internet is not yet clear, there are signs that it will begin to shape our lives. Facebook’s founder Mark Zuckerberg has recently renamed his parent company Meta Platforms Inc. as Metaverse, which will help promote its creation. In addition to Facebook, Microsoft and NASCAR are working on projects related to the metaverse. This will allow people to create avatars in the virtual world and interact with other avatars.