What is Facebook’s Metaverse?
So you probably heard all the commotion about Facebook’s name change to Meta, which is short for Metaverse. The metaverse and term has been used by widely used by the Crypto community, specifically in the NFT/ Gaming space. As we all know Mark Zuckerberg knows a thing or two about stealing the hype over a topic or trend. Now I do not doubt that he has a realistic goal and maybe passion of moving the real world onto the digital space (the metaverse). After all Facebook is a huge time sync and we spend a lot of time on the internet. The consumers attention is the goal of most online products.
So before I start I will refer to Facebook’s Metaverse as “Meta” and the broad spectrum of the blockchains Metaverse as “BC Metaverse”. See Mark has already made it hard on us! LOL
What is the Concept of the Metaverse?
This will be highly debatable and definitely something that will be changing a lot in the future, and this view point is mostly how I see it currently. You can think of the metaverse as the digital universe that we will all be on in the future for gaming, working, and normal leisurely stuff we do in the real world. Obviously the real world isn’t going anywhere until someone figures out a way to upload our brains in to a computer (kind of scary?). The most important part of the Metaverse will be the decentralization away from governments and large corporations like Zucks Meta. In the metaverse you won’t have to worry about censoring or a governing body telling you no you can’t do that in the metaverse (you can see my disdain thoughts toward FB Meta).
So NFTs are a very new concept for the mainstream and it is now becoming very popular more so in the art world. A NFT is a Non Fungible Token, essential it is a 1 of 1 token that lives on the block chain and you can use it to verify ownership of said tokens. Right now the average person sees celebrities gawking over the Bored Ape Yacht Club NFTs. As of writing this blog post 1 BAYC is going for over 100k and the price is only rising!
NFTs are going to be a huge part of the metaverse and real world. At its most primal form (art) it is becoming a digital flex. Similar to owning a Lambo or Ferrari, but a 1 of 1 JPG that has scarce supply.
How do NFTs work in the Metaverse?
In the metaverse rare items will still be a flex, a flex in games, a flex in communities, a flex in different ecosystems. So say you owned 1 Bored Ape Yacht Club NFT. Your specific NFT has specific traits and a specific look. Now lets say that BAYC teamed up with The Sandbox game (block chain Minecraft/ Roblox). So when you connect your wallet that has your BAYC in it, you unlock that specific character skin for use with in The Sandbox world.
You will be the only one with that skin and look because you are the only owner of that very specific NFT. In the digital universe this is your avatar, you can chose to stay that character or buy another NFT with specific traits and change up your identity. Or say some celebrity wants to buy your NFT for a ludicrous amount of money, then you will transfer that character to them for what ever cryptocurrency, in this case it would be Ethereum.
The entire NFT concept can keep going and going, it can apply to in game assets such as weapons or clothing items. My point is there are a lot of freedoms with it being on the blockchain. You can get in and out of different developers ecosystems and you won’t be locked into a corporations dictatorship.
You can see I am already drawing up a negative outlook on Meta. Facebook has always been about the money and not the consumer, and not even the creators on their platforms. Facebook has always tried to control the narratives within their ecosystems. If Facebook cannot make money from it.
The metaverse is supposed to be a very freeing type of ecosystem. I KNOW Meta will govern the heck out of their metaverse. It is going to be an ecosystem where only things they want to be in there will be in there. The sad part is that the average Facebook user will be the user that is in the Meta metaverse. They won’t know that the grass is greener on the other side on the BC Metaverse. They will be like Truman from the Truman show. Then when they finally Google something about Metaverse and discover there is one outside of Meta.
On the flip side, I can appreciate big tech dabbling into the metaverse like this as it will definitely bring exposure to the good stuff. It will further the technology and the VR aspect of the metaverse. I just personally will not be that much into the FB Meta, as FB Pages and IG have left a sour taste in my mouth as a creator. I will probably invest into the companies that are teaming up with FB meta such as the Oasis Network (ROSE) and whomever else decides to shake hands with the blue beast purely for the gains..
Zucks Meta is going to suck once you find out more about the real metaverse. Everything metaverse is still pretty far away. If you are looking into investing into crypto, I would definitely take a look at gaming, metaverse, and NFTs. The next 5-10 years are going to be changing the digital landscape as we see it. Brining in life changing money with exciting new concepts.