The metaverse as envisioned by Matthew Ball, a venture capitalist and writer, and later on Zuckerburg, is “an expansive network of persistent, real-time rendered 3D worlds and simulations of the facebook metaverse.

In other words, the metaverse is a present hypothetical version of the internet that provisions online 3-D virtual environments. This is done through personal computing (a current example is the online game Second Life), virtual reality headsets, and augmented reality headsets.

Second Life for Facebook Metaverse

The current facebook metaverse debate questioning if facebook will  be replaced by the metaverse reveals not everyone is happy with the company making a mark in a space that has existed for years. AUDIE CORNISH, HOST: Mark Zuckerberg says the metaverse is not just the next chapter of his company.

That’s is not ignoring that elements of the metaverse exist currently. There are games like Roblox and Fortnite that form the foundation for what many deliberate to be the future of the metaverse. More precisely, virtual avatars who can interact with their virtual environment, and other players. They can also purchase merchandise in-game, such as clothing and decorative accessories, to personalise the experience.

Metaverse and NFT: How Are They Related?

An NFT, or non-fungible token, is anything digital that cannot be changed as it doesn’t have a tangible value. The most known forms of NFT today are digital art like animations. However, within the metaverse, an NFT can become so much more.

According to Morgan Stanley, the multinational investment bank, NFTs have the potential to become a $56 billion market by 2030. How? All thanks to the demand the facebook metaverse will create.

With the increase in virtual avatars, the request for virtual fashion will skyrocket. The need to personalise oneself within the digital space is undisputable and fashion is one of the easiest ways to do so. Just look at the accomplishment of markets found on Fortnite and Roblox, virtual games with an avatar.

An Open And Fair Economy

Presently, users and businesses can port over real-world assets and services into a virtual dispersed environment, known as the metaverse. One way of attractive more real-world assets to the metaverse is by using innovative gaming models with interoperable blockchain games.

The play-to-earn gaming model is one such approach that not only engages, but also authorises players of blockchain games. By relying on NFTs, players can take part in financial in-game economies in the metaverse and get rewards for the value that they add, fundamentally earning while they play. Play-to-earn games are also fair in the metaverse, as players get full ownership of their assets instead of being controlled by a single game entity like most traditional games.

If you’re wondering how to take part in these financial in-game economies, Binance NFT’s IGO introduction offers a variety of in-game assets from gaming developments where players can collect and import into different gaming environments for use. Such in-game NFTs are in high demand, as replicated in the response of IGO launches, where all NFTs were sold out from the actual drop. Successful examples of such play-to-earn games include Axie Infinite (AXS), My Neighbor Alice (Alice), and many others.

One thought on “The Facebook Metaverse Debate – Will NFTs create a fairer economy?”
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