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Facebook, NVIDIA, and Other Companies Are Investing in the Metaverse
Metaverses are virtual worlds where users can inhabit their own space and interact with others using a virtual avatar. A user can freely move and speak and can even trade virtual properties. The technology behind these virtual worlds has made them very popular, and several large firms are already marketing them on the platform. To access them, users must use clunky VR goggles.
Microsoft has announced plans to build its own metaverse. Users of its Teams application will be able to visit these virtual worlds as early as 2022. The technology for creating these virtual spaces can be a combination of software and hardware, including data centers and blockchain technology. For businesses, the potential of the metaverse means a new way to reach customers and expand markets.
Facebook is one of the companies investing in this tech. The company has raised $810 million in funding over the past two years. It has partnered with Sequoia China and Soros Fund Management. In addition, Temasek and Boyu Capital have each invested $150 million into the project. The company is now valued at $5 billion.
The company has backed several projects that are looking to take advantage of the Metaverse. It is also supported by large companies, including Microsoft, NVIDIA, and Epic Games. Its metaverse runs on the Ethereum blockchain, which offers high levels of security and safety but also high gas costs. The company also offers a powerful editor that allows users to build their own virtual worlds and create animations.