Users will be able to produce and sell NFTs through Meta as the company looks to capitalize on the virtual fever. According to insiders, Meta also explored developing a platform for people to transact NFTs.
Earlier this year, Meta CEO Mark Zuckerberg suggested that NFTs might one day be utilized to establish an economy for virtual commodities in its proposed metaverse. Everything is still in its initial stages. However, these developments are Meta’s first venture into the exciting world of NFTs, which exploded in prominence last year into a $40 billion worldwide industry.
Artists will benefit from Meta’s desires to help them promote their digital art at a time when money is increasingly flowing into NFTs. Buyers of these special products often put their collections as their Twitter profile images.
Follow us on Twitter @spielnft for an amazing NFT community! It’s still new but together, we can do great things!
Bored Ape Yacht Club NFTs have been popping up all over social media, especially on Twitter, for some time now. These serve as both a persona and a means of entry into a virtual social group. When BAYC first debuted in April for 0.08 ether apiece (about $190), the collection’s owners were either well-versed in crypto or well-off enough to invest once the brand gained cultural significance.
— jimmy fallon (@jimmyfallon) November 17, 2021
Bringing Metaverse To Life
In a previous interview with The Verge, Zuckerberg described his ambition for the metaverse and how he plans to make it happen. One of the company’s main investments is Horizon Workrooms, a space where different individuals can meet to work telematically and execute a project that is very similar to those in the physical realm using VR. Two essential aspects of the metaverse collide in this virtual world:
- Avatar Creation: A notion that distinguishes these experiences from previous social networks.
- The requirement for a virtual reality viewer is likely the most important device of this digital world.
The metaverse, according to Mark Zuckerberg, is much more than a successor. Indeed, it’s simple to comprehend why Facebook’s founder appears to be so preoccupied with this concept. According to Bloomberg, this new sector represents an $800 billion opportunity by 2024.
SOURCE: Financial Times
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