Will Crypto Be A Big Part Of Facebook’s New Metaverse?

Facebook has been at the center of many controversies this year.

The social media giant was exposed via some very revealing internal documents recently, and some are speculating that this is what has spurred the latest name change.

Facebook, now known as “Meta”, plans on expanding the scope of the platform to include augmented and virtual reality services to its users.

We are currently being told that cryptocurrencies, digital assets, and blockchain technology will be used for a host of things ranging from settlement mechanisms, transactions, NFT’s and cyber-security.

Blockchain technology will no doubt continue to see increased use cases the more we see VR and AR applications make their way to the consumer market.

Here’s what one Twitter user had to say about the implications for crypto on Meta:

Why is @Meta suddenly interested in the space & what does this mean for the future? 👀 #metaverse #crypto #nft

Explained for your confused friends & family ⬇️ (2/2): pic.twitter.com/rIEoXsb7NH

— omarghanem.eth (@JustOmar77) November 8, 2021

People have a whole host of questions as to where this will lead.

Some wonder if Meta will become a hub for NFT’s, effectively creating its own space in the fledgling digital assets market, while others offered more critical questions:

Will #Facebook / #Meta create their own NFT crypto game?

— The Moon (@TheMoonCarl) November 6, 2021

While #Metaverse can enhance our second life engagement and the use of #crypto, it can potentially reduce our real life interaction by @alvinfoo #SocialMedia #EmergingTech #innovation #Meta #Facebook #DigitalTransformation #AR #VR #AI #ML pic.twitter.com/vv4bCJkifI

— Dr. Marcell Vollmer #StaySafe Carpe Diem (@mvollmer1) November 7, 2021

Forbes had this to say:

Building on that first point, the metaverse will require and need transactions to be completed on an on-demand basis, which is something that blockchain and cryptoassets can help enable.

For a truly virtual reality environment to work and function as advertised there will need to be transactions and that occur on a secure and almost instantaneous basis.

Dont Sleep on #Crypto

Decentraland's $MANA Up 44% as Metaverse Tokens Surge in Wake of Facebook's Meta Rebrand#MarketDope #BuyBuyBuy https://t.co/eDb5XfKabk

— Market Dope (@themarketdope) November 8, 2021

However, IHODL notes that Oculus CTO John Carmack doubts that Meta will fully embrace crypto:

While Facebook believes that cryptocurrencies (like non-fungible tokens or NFTs) will play a part in the metaverse, Carmack doubts this support will meet the expectations of the crypto-related community: “It is unlikely that we are going to be in the completely open crypto world of things.”

Read more at https://ihodl.com/topnews/2021-10-31/oculus-cto-doubts-facebooks-meta-will-totally-embrace-crypto/

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