- The metaverse is poised to change the way people interact in their day-to-day lives, including how we work, shop, and have social interactions.
- Projects like The Sandbox, Decentraland and others are already using blockchain technology to create entire worlds that only exist online — but create value that translates in the real world.
- Now, even Facebook is looking to get in on the action.
The world of crypto is changing the way people create value in all parts of the world. Gamers in Southeast Asia are using ‘play to earn’ games built on blockchain to earn their livelihood, Snoop Dogg is throwing virtual parties and artists have a new way to earn money. Simply put, the metaverse is a digital world where nearly anything is possible.
Even Facebook wants a part of the action. The social media giant is pumping $50 million into its metaverse project called ‘XR Programs and Research Fund’. “What is missing is blockchain. The note does not mention it, and none of the partners and institutions it names appear to have significant relevance to blockchain or data rights,” Yat Siu, co-founder and chairman of Animoca Brands, told Business Insider in a statement.
However, Mark Zuckerberg’s social network is already working on the pieces needed to solve the puzzle — its own stablecoin Diem, formerly known as Libra, the Novi digital wallet, and an affinity for non-fungible tokens (NFTs).
For the people who distrust Facebook, the good news is that it’s not the only player looking to launch its own metaverse — even though it is, by far, the biggest. Other projects, like Decentraland, Somnium Space and The Sandbox, have had their foot in the door for a while now.
Experts believe that the metaverse will not impact our jobs and our day-to-day lives but have a radical impact on society as a whole. “The metaverse will be like a digital country or even an entirely new civilization,” Yat Siu, co-founder and chairman of Animoca Brands, told Business Insider in a statement. According to Eric Elliot, the cofounder of DevAnywhere, the metaverse could balloon to become a global entity worth 10 times the current value of the world economy.
Here’s a quick look at eleven ways in which the metaverse could change your life in the future: