2 years ago
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Facebook had announced the name change on October 28 which confirmed that its focus going forward would be to build a virtual world where people can interact with each other, socialize and carry out transactions just like how they would do in the real world. In other words, this would be equivalent to building an alternate universe where the rules and the laws would change but the thing that would most interest Facebook is the fact that this world would have its financial ecosystem. Items can be bought and sold in the virtual world using virtual currencies and this would tie up well with the Novi wallet and the Diem crypto that it is planning. And as most of these transactions would happen in the virtual world, they would not come under the purview of the regulators at any time which gives free rein for Facebook in such a parallel universe.
“Today we are seen as a social media company, but in our DNA we are a company that builds technology to connect people, and the metaverse is the next frontier just like social networking was when we got started,” Facebook CEO Mark Zuckerberg had said in a letter.
This would not only help Diem but would also help other cryptos and businesses that are associated with transactions that happen in the virtual world, for example, Decentraland’s MANA token which has been built for virtual reality. The gaming developers and the cryptos associated with blockchain gaming would also be rubbing their hands in glee as the shifting of users into a virtual world would help them immensely to grow their user base who can then perform transactions, exchange NFTs and other cryptos within that universe. This is going to be true for other virtual worlds that are being built by various other businesses as the Metaverse is about to get a huge boost in the coming months which could shape the way the world works in the future and though crypto may not be the centrepiece of the economy in the real world, things could be very different in the virtual world.
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