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What is the Metaverse?

The metaverse is a persistent digital realm that can be accessed through virtual reality headsets. It’s a place where you can gather with friends, work, shop, or even go to the doctor.

The virtual worlds created in the metaverse are populated with avatars. Avatars are a way to interact with others. They give you the freedom to move around, and they allow you to engage in free speech.

Avatars can be used to buy and sell virtual property. Users can also pay for services. There are various options, including the use of a native currency called MANA.

Non-fungible tokens (NFTs) are important for the metaverse, as they will help establish digital ownership of items within it. Some NFTs are available for purchase, and they range in price from $4 to $100,000. These can be purchased with credit cards, debit cards, and bank transfers.

NFTs are used for things like psychological services, passes to closed clubs, and passes to other planets. Tokens can be traded for Ether or other currencies.

The tech giants are starting to make moves in the metaverse space. Facebook and Microsoft are both working on their own systems. While Microsoft’s focus is on work, Facebook’s is on social relationships.

Both systems will allow users to collaborate and communicate using avatars. However, Facebook’s will be open to everyone and not just consumers. People will be able to visit their virtual spaces as early as 2022.

With the announcement of Facebook’s new metaverse, the idea of a digital future has taken off. Now, it’s up to organizations to attract the talented people who can work in the metaverse. In order to do so, they must build purposeful innovation cultures.