Facebook’s Metaverse and Cryptocurrency
The Metaverse is a single virtual reality in which users can create avatars, play games, and even meet up with friends. It also has cryptocurrency, facilitating the creation of a digital economy, and allows users to create virtual representations of legitimate ownership. In the current world, it is reminiscent of videogames such as Roblox and Fortnite, but the future of this world could be much bigger.
During his announcement, Facebook CEO Mark Zuckerberg dubbed the concept of the metaverse “the next chapter of the Internet”. It offers a completely free space in which users can do just about anything they want. They can gather with others, work, play, shop, or even learn about new ideas. In the future, the metaverse could put the entire physical world at people’s fingertips.
In 1992, Neal Stephenson coined the term “metaverse” to describe a shared digital space. The metaverse in Stephenson’s seminal novel Snow Crash is populated with virtual versions of everyday places. These spaces are both whimsical and fantastic. The Metaverse is a vast, virtual space, and its scope is yet to be determined.
While the Metaverse is still largely unknown, there is a large amount of potential for investment. Many of the metaverse-based games feature in-metaverse tokens that can be used for transactions, staking, or buying voting rights.