If we are headed into recession, why fight for more jobs to be created that will be eliminated in the near future based on market conditions?
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Facebook’s New Metaverse
Facebook is preparing to launch a new virtual world called the metaverse, where users will exist as avatars. The social network recently announced a $50 million fund for metaverse research. The goal of the fund is to improve the user experience. After the name change, the native tokens of the top blockchain-based play-to-earn games jumped by as much as 10%. However, many are skeptical about the Facebook’s intentions.
Despite its vague and futuristic description, the term “metaverse” has a long history. First used in 1992 by Neal Stephenson, it has grown over the years to encompass virtual reality, augmented reality, and cryptocurrency. The concept of a metaverse was made popular by Ernest Cline’s novel Ready Player One, which became a successful movie in 2018. In 2014, Facebook purchased the virtual reality platform Oculus. This has allowed millions of users to participate in the metaverse.
With the new metaverse, the technology has the potential to unlock a massively expanded creative economy. For example, it can help users make friends in AI avatars. The company also announced the first user experiences for Horizon Home and Horizon Venues. Mark expressed a desire to make working from home a reality, and believes that Metaverse will make it easier for colleagues to interact with one another. In the future, he hopes to see this concept take off in multiple industries.
In the meantime, investors have begun to invest in the technology. Microsoft, NVIDIA, and Epic Games have all announced plans to explore the metaverse. In addition, VISA recently bought the first NFT for $150,000. Brands such as Gucci and Coca-Cola are getting in on the action. Andreessen Horowitz has invested in various metaverse projects, including Open Sea and Roblox. Its investments have been among the most successful among venture capital funds in the last nine quarters.