“I think in a lot of experiences, especially social ones where people are getting together and want to express something about themselves, you're going to want these things to transfer,” said Zuckerberg. In a recent podcast interview with entrepreneur Tom Bilyeu, Zuckerberg suggested that he’s open to the idea of Facebook’s metaverse using NFT assets that aren’t locked to the platform. Some crypto builders who have been working on metaverse applications and assets for years have warned of Facebook’s potential interest in a closed metaverse, or a “walled garden.” Yat Siu, co-founder and executive chairman of metaverse investor Animoca Brands, labeled Facebook and Chinese tech giant Tencent as “threats” to an open, interoperable metaverse. The firm’s Instagram photo-sharing app recently added NFT support, however, and Facebook will gain the functionality soon. ![]() Meta has yet to state whether it plans on using blockchain technology for its metaverse aims, along with cryptocurrency and interoperable NFT assets. That said, many tech stocks have struggled lately, as has the cryptocurrency market. FB is currently trading for just over $192 a share as of this writing, down from nearly $317 on the day that it changed its name to Meta. Meta’s stock price has fallen significantly in the months since, particularly following a Q4 2021 earnings miss in February. While the presentation depicted an ambitious vision for a new stage of the company’s business, which is estimated to take several years to build, the pivot concerned some investors regarding the amount of resources required and whether users would actually use it. ![]() The demo featured online events (like concerts), games, and work scenarios, including the use of the firm’s Meta Quest 2 virtual reality headset. It’s expected to be a more immersive experience in which people use avatars to socialize, shop, work, and play, potentially with the ability to use NFTs -including as avatars and for apparel-across a wide variety of online spaces.įacebook shared its vision for the space in an extensive video presentation last October, in which co-founder and CEO Mark Zuckerberg explored a variety of shared spaces as a cartoonish version of himself. The metaverse refers to a future version of the internet that many in the tech world believe will be built on blockchain technology. As CNBC notes, Roundhill Investments previously used META for its Roundhill Ball Metaverse ETF, but announced in January that it would change it to METV. ![]() Meta, which currently trades under FB, had planned to adopt MVRS as its new ticker on December 1, but that move was delayed.
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