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Facebook working on its metaverse, meaning to integrate NFTs

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TL: DR Breakdown

  • Facebook’s plans to build a metaverse are underway, expected to integrate NFTs into the ecosystem.
  • The platform is also rebranding to Meta to match this recent progress.

Recently, Facebook posted details on its plans to build a metaverse, a growing trend in the gaming world. Facebook is currently the most used social media website, recording over 3 billion users globally. This approach will be vital to expanding its services into a growing innovation within the crypto world.

In the simplest terms, a metaverse is a virtual world that participants can interact with others and build according to their imagination. Additionally, some offer trading services, games, developer options, among others. Lately, there has been a boom in metaverse creation within the gaming industry, introducing more exciting opportunities for gamers. 

Recent reports also show that Facebook will include NFTs in its metaverse to account for the booming industry. NFTs will play a significant role in the progression of crypto development and adoption. Furthermore, the tokens introduce rarity and earning opportunities for both developers and holders.

Facebook set aside a $50 million investment to research the metaverse and build more software components. The social media site expressed its wish to create something reliable and beneficial to its users and other people globally. As such, it expects to team up with several entities, including financial companies, tech developers, and regulatory authorities. 

The Facebook renaming

The Facebook metaverse will have ‘Meta,’ which the social media platform wishes to adopt soon. This rebranding is bringing a new age to the controversial website. The name choice stands for its current vision to expand and build more.

Facebook’s CEO Mark Zuckerberg explained that it is yet to kick off significant works on the metaverse. However, software updates are rolling out, an indicator of more to come. 

It also hopes to eradicate issues concerning censorship while maintaining a safe environment for its users. It expressed further the obstacles virtual reality presents as content is not controllable. However, it maintains its input in security for its users and their data.

Over the years, it has fallen victim to several cases, especially concerning user data. Many believe that the platform and other social media sites under it have been selling information to companies. This assumption goes against privacy regulations globally. Moreover, it places the consumer as the product, which is also unethical.

Opening more doors

Facebook objectives do not end at creating a virtual universe that users can utilize as an escape. It also hopes to develop a virtual reality headset to bring more significant things to the VR industry. Cambria will be like no other, offering a user an emotional link to the virtual space.

Additionally, it hopes to create more jobs through the metaverse for users globally. It expects a progression in the digital economy on its platform by creating competition and broader markets.

Development is at the core of its mindset, opening more pathways that brilliant minds worldwide can exploit. Women empowerment is also on its list of missions, recognizing the underrepresentation women endure. Education is also essential in its plans, partnering with different institutions, including Howard University, University of Hong Kong, Seoul National University, to mention but a few.

While providing academic insights, the institutions will play a part in straightening out the ethics and responsibility required by Facebook. Eventually, it maintains that the completion of this project might take over a decade to ensure thorough execution of all its plans while ensuring regulation and safety.

Edith Muthoni

Edith Muthoni

Edith is an investment writer, trader, and personal finance coach specializing in investments advice around the fintech niche. Her fields of expertise include stocks, cryptocurrencies, blockchain, and cryptocurrency investments.

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