metaverse Facebook Zuckerberg NFT

Explained: What is Metaverse? How Would Facebook Invest in Metaverse, NFT?

metaverse Facebook Zuckerberg NFT
Metaverse has become a hot topic in the internet technology sector. Facebook is investing big into metaverse and crypto collectible NFT. What exactly is a metaverse? Why can metaverse attract Facebook and other tech giants to join?

Metaverse roots from the 1992 Neal Stephenson science fiction novel Snow Crash. Metaverse allows users to connect, play, and work with each other, leveraging virtual reality (VR) and other technologies. Think of Ready Player One and Avatar.

While the internet allows people to interact on the screen, metaverse enables everyone to completely immerse in the digital space. Therefore, some expect metaverse to be the future of the Internet.

Metaverse needs the ‘property’ element. Thereby, metaverse works closely with cryptocurrency. Users can use cryptocurrency to buy and sell digital assets in the metaverse – like The Sandbox’s virtual land (LAND).

Meanwhile, NFTs are becoming the key format of digital assets in the metaverse. As the metaverse accelerates the development, trading activities of NFTs in the metaverse are set to surge. NFT will be a key element for the metaverse to build a new economy beyond the existing economy.

Metaverse: Facebook Meets Crypto, NFT?

One of the big companies interested in metaverse is Mark Zuckerberg’s Facebook. Zuckerberg described the metaverse as the next-generation internet, and a big part of Facebook’s next chapter. He targets Facebook’s positioning as a “metaverse company” in the future.

The social media giant is developing an NFT feature with its digital wallet Novi, allowing Novi users to store NFT. This will also closely work with Facebook-backed cryptocurrency Diem. Moreover, Facebook reportedly plans to announce a change in its name at the Connect conference next week. The new company name is likely to show its ambition and business focus on the metaverse.

Additionally, Tencent is building a new F1 team focusing on the metaverse. The Chinese gaming and social media giant is registering over 100 metaverse-related trademarks such as QQ Metaverse and Kings Metaverse.

Facebook and Tencent are a “threat” to the development of an open metaverse, according to Yat Siu, founder of NFT gaming unicorn Animoca Brands. Tech giants such as Facebook are launching closed-off metaverses, “they’re basically stealing our data.” Siu believes that the biggest threat to an open, interoperable metaverse is not regulators, but Facebook and Tencent.

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