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Facebook, Oculus, and the Metaverse
Entrepreneurs are the driving force behind the future of the Metaverse. They create content, provide services, and do useful things for the metaworld. But they must be able to monetize their efforts in the most efficient way possible. For example, a virtual cinema could issue tokens that would allow visitors to view movies for a certain period of time. Other possibilities include using tokens as passes for events or to other planets. Hence, entrepreneurs should consider all these issues in their business model.
Facebook CEO Mark Zuckerberg has already mentioned the concept of the metaverse on a recent company call, and he called it “the next big thing” in the industry. But it’s not just Facebook that has stakes in the Metaverse. Facebook has rebranded itself as “Meta Platforms” and invested heavily in virtual reality and has rebranded itself as a metaverse company. But it seems like this term is only now being used in public.
While this idea may sound futuristic, many people are skeptical. Several proponents of the Metaverse have argued that the concept is still too new to define its exact definition. In addition, the term Metaverse was first used to describe a virtual space in which humans can play games, hang out, and browse the internet. The concept has even inspired a popular movie, Ready Player One, in 2018. Facebook’s acquisition of the virtual reality hardware and platform Oculus enables this technology.