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Facebook Entering the Cryptoverse
Facebook rebranded as Meta last year. In its vision for the future, the metaverse will be a conceptual collection of open settings and worlds that are interoperable. Those assets could include 3D avatars and other collectibles that allow users to socialize and collaborate. The company may even expand its concept beyond the virtual world, creating a “metaverse” that will become the next great labor platform. If successful, the Metaverse may be the gateway to the future of most physical experiences and become the next great labor platform.
Many of today’s biggest technology companies are involved with the metaverse. Companies like Microsoft, NVIDIA, and Epic Games have made major investments. The company has also acquired some of the largest game companies, including the creators of popular series like Halo, Fallout, and The Elder Scrolls. Another example of a brand entering the metaverse is Minecraft. The popular game exemplifies the creator economy in the metaverse. Many other companies have entered the fray, such as Coca-Cola, which recently sold digital tokens that serve as a stepping stone to the metaverse.
While Facebook has made headlines for promoting fake news and hate speech, the company has also been criticized for its recent policies and practices around privacy and security. However, the company’s statement about its commitment to responsibly build the metaverse emphasizes its emphasis on privacy and open collaboration with outside firms. While Facebook’s promises may be welcome news for the crypto community, some critics are skeptical. Cryptocurrency entrepreneur Yat Siu has warned that Facebook’s involvement could potentially damage the metaverse.