Meta, the parent company of the world’s biggest social media network, Facebook, is planning to develop its own cryptocurrencies and virtual tokens for its suite of products.
It has been clear to everyone where the journey is headed since the renaming of the parent company from Mark Zuckerberg’s Facebook to “Meta Platforms” (Meta for short). The aim is to enter the worlds of the Metaverse. The race to participate in the Metaverse has long been on and for purely digital companies like Facebook and the sisters under the Meta umbrella like Instagram, WhatsApp and Co., it is essential to be in a leading position.
And in order to be able to earn money in the Metaverse, you need a suitable means of payment. This means of payment must of course also be a digital means of payment. The user community would not accept anything else.
For example, we’re making sure avatars can represent a wide range of human skin tones and facial features. And we’re building devices that let people with different physical abilities play the same game.
Back in 2019, Marc Zuckerberg announced the development of his own digital means of payment, the Diem stablecoin. After a number of setbacks and problems, especially with regard to the applicable regulators, the Diem project was abandoned at the beginning of 2022. All previous developments as well as the intellectual property and rights to the Diem stablecoin were sold by Meta to the cryptocurrency specialist bank “Silvergate”.
But what actually is the metaverse?
The term “Metaverse” comes from the 1992 science fiction novel “Snow Crash” by Neal Stephenson. In the novel, a virtual world is described as the successor to the Internet, in which people act as avatars in a virtual three-dimensional space.
Put simply, the Metaverse is a vision for a shared online world, merging the virtual world with augmented realities, cyberspace, and the physical world. In this shared digital space, there are no boundaries between the virtual and real worlds, everything merges together.
The users of the metaverse create a digital identity (avatar) and thus move in a common virtual world. It is also traded, bought and sold in this world. For example, the avatars of artists in the Metaverse create digital works of art, which are also sold there. Paid with cryptocurrency, which can ultimately be converted into real money. And the digital works of art can also be taken over into the real world through printing or 3D printing, and thanks to digital signatures using NFT, they can also be accompanied by a certificate of authenticity, making them usable for collectors and investors.
You can now use your 3D avatar across Quest, Facebook, Instagram and Messenger. We’re also adding new facial shapes, skin tones, hearing aids and wheelchairs.
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