What does Zuckerberg’s metaverse mean for cryptocurrency?

<p>Some marvel at the seemingly limitless possibilities that the metaverse may provide – but should we be a little more cautious? </p> <p>Facebook made news in October 2021 when it announced its rebranding to "Meta" and planned to debut its widely awaited metaverse, complete with a social platform called "Horizon." </p> <p>The metaverse, according to Meta creator Mark Zuckerberg, would consist of virtual public rooms, game spaces, people's own domains - "home spaces" that users can customise with art and dedicated work areas — as well as whole "worlds" and locales plucked from time. </p> <p>According to Zuckerberg, the metaverse is the next step in social networking, moving beyond static user profiles that allow people to only submit comments and photographs. </p> <p>People would need to wear VR headsets or augmented reality glasses to get there, which would superimpose the digital environment onto the physical world. </p> <p>As fascinating as all of this sounds, there are hazards to consider – and academics are currently debating how crypto might be linked to the metaverse. </p> <p>Economic systems that are new </p> <p>Meta has already revealed that it is developing cryptocurrency plans as a further expansion of the digital world in everyday life, with the goal of rewriting the script on what it means to buy and own something. </p> <p>New economic systems based on cryptocurrencies and NFTs are expected to allow users to buy and sell goods and services available in the metaverse. </p> <p>When it comes to NFTs, which are claimed to fuel the growth of the metaverse, gaming businesses that use NFTs as in-game tokens and collectibles will most likely be able to construct virtual economies in the metaverse based on play-to-earn gaming models. </p> <p>This concept, however, is not wholly novel in the gaming industry. </p> <p>Decentraland, an online community where members can build avatars of themselves and connect, has been experimenting with this concept for quite some time. It even bills itself as "the fi