Making Cryptocurrency with Metaverse, a Virtual Reality
According to a story published by The Economist on December 18, this past October, founder of Facebook, Mark Zuckerberg, made the announcement that he would change the name of the social media platform of Facebook to “Meta Platforms” in order to make room for a digital reality known as “metaverse.” Although he was initially not taken seriously regarding the change that he had made to this platform, search engines began to buzz with queries of “metaverse,” and have gone up significantly in amount over time.
The Economist also revealed that a broker, Bernstein, has revealed that the search keyword has been shown 449 times in terms of earnings views for the third quarter, which surpassed the second quarter by 100. There is great potential for markets with yearly sales of $2 trillion or more to be interrupted by metaverse. A bank known as Jefferies thinks that, while this interruption could be far off before it actually begins, it has the capability of disrupting “almost everything in human life.”
While it is still unknown as to what is exactly suggested by “the metaverse,” there are many speculations. It could either be a far-off, futuristic form of virtual reality that challenges people’s view of the real world, or it could simply be a fuller expression of daily life, with activities like socializing, working, or playing online. In terms of Zukerberg’s future intentions for the metaverse, he has set aside $10 billion this year in order to establish virtual and augmented reality headsets and glasses that he intends for offering access to the metaverse.
Some other companies that have been known to make virtual worlds include Nvidia, Epic, and Tencent. Similar to Zuckerberg’s creation of the metaverse, Nvidia has been known for its making of the Omniverse, a form of technology that brings forth engineers, designers, and other types of creators in order to make things. There are a wide variety of experiences that can be enjoyed within these virtual worlds, such as games, films, architectural models, and industrial designs.
Many different technological companies are making plans to endorse the metaverse, such as Microsoft. Some of its major enthusiasts include Jensen Huang, a manufacturer of graphics processors at Nvidia. Tim Sweeney, Nvidia’s founder, most recently informed Bloomberg that the metaverse had potential to become a multi-trillion dollar opportunity.
One of the most significant aspects of the games within metaverse’s virtual reality is that players of the games have the option of turning the time that they spend playing into cryptocurrency. For example, in the game Axie Infinity, players are able to purchase, train, and breed creatures that resemble Pokemon characters that are actually NFTs, and also registered on the Ethereum blockchain. Active marketplaces permit players to sell the characters for forms of cryptocurrency.
This particular option of making a living out of digital cryptocurrency encourages the younger crowd to do so, and to utilize the metaverse as a place to make money.
“Eventually I was able to cash out $1,000 from the platform,” Josh Okunola, a 17-year-old digital artist from Nigeria said concerning the making of Roblox game art. “My parents were in shock because it was very rare to see a 16-year-old make that much in just a little time from a side hobby.”
By Stephanie Williams