Will Facebook’s Metaverse Take Over the Crypto Space?

Facebook's Metaverse Take Over the Crypto Space

Imagine a world where you can get everything at your fingertips. A world where doing chores are fun and sleeping is an option. You are free to do anything you want at any time.

It feels like a dream when you eat at your favorite restaurant, meet your friends on a deserted island, attend events or concerts, change clothes on the go, and buy land and cars with a click. There are some things for which Facebook’s Metaverse has given a promise. There will be a reality free of pain, and every single avatar will be of perfection. The social media giant, now known as Meta, has been creating the idea of online virtual reality. But it can take some time until VR headsets will become common among users.

What does Facebook have in store for the Metaverse?

The Metaverse is not a brand new concept, but various facets of it exist across different platforms. VR Chat is an excellent option for the Metaverse. Users can even choose from different interactions and activities they want to participate in, and they even get the freedom to display themselves in a way they want. There are no goals or missions to complete, not even the hassles of the outer world.

Facebook has revealed much about the plans for the Metaverse, mostly from the interviews with Mark Zuckerberg. Overall, the company has all the core mechanics that focus entirely on social complexity. You will be able to express your emotions in the virtual world the same as you do in real life. It allows much deeper social interactions, and the users can even develop relationships in the Metaverse.

Another interesting thing is an accomplishment. The Metaverse today is built around the rewards so that the players can rush through the process to get there. In Facebook’s Metaverse, the entire process is a reward, where the users can enjoy the virtual experience without even worrying about the tokens or the grind. There will be ways to earn, and by considering the level of realism, the Metaverse is even aiming for virtual jobs or errands.

Metaverse and Cryptocurrency

Everyone knows that Metaverse is the real same as blockchain. Facebook has attempted its own Facebook metaverse crypto in the past, originally known as Libra coin, and a separate company was built just for that purpose known as Libra Association. The problem was that Facebook and its leaders had mixed up the ideas for coins, resulting in various changes and rebranding. Right after the name was changed to Meta, a new Crypto was launched known as Novi. The Novi can be converted to USD, and you can transfer the same to other Novi holders without any fees involved. In the future Metaverse, the coin can become the main currency.

If the virtual world Meta envisions to life, there will be chances that Novi will gain immense popularity.

There are more than 2.5 billion monthly active users on Facebook, and the numbers are not slowing down. There are only about 400 million bitcoin users, and one-fourth of them actually own it. You will need native currency when logging in or doing anything in the Metaverse. Even if half of Facebook’s users decide to use Metaverse, Novi can have twice the user base as the world’s largest crypto.

Facebook Steps Toward Cryptocurrencies

Facebook has been making moves in the cryptocurrency space for a while now. The social media giant has been hiring blockchain engineers and even created its own cryptocurrency, Libra. However, Facebook has been relatively quiet on its Facebook crypto plans since then.

However, it looks like Facebook is once again taking steps toward cryptocurrencies. The company has announced that it is working on a cryptocurrency that will be launched in 2022.

This news comes as a bit of a surprise, as Facebook had previously said that it was not planning to launch a cryptocurrency anytime soon. However, it appears that the company has changed its mind.

There are a few reasons why Facebook may be planning to launch a cryptocurrency in 2022. First, the timing would line up with the expiration of Facebook’s anti-competitive agreement with the US government. This agreement expires in 2022, and Facebook will no longer be bound by it.

Second, Facebook is working on a new payment system called “Novi.” This system will allow Facebook users to send and receive money in a variety of different currencies, including cryptocurrencies. It’s possible that Facebook plans to launch its own cryptocurrency as a part of Novi.

Third, Facebook’s Libra project is still in development. While Libra has been delayed, it’s possible that Facebook is planning to launch its own cryptocurrency as a part of Libra.

Whatever the reason, it’s clear that Facebook is once again making moves in the cryptocurrency space. It’s possible that we could see a Facebook cryptocurrency as early as 2022.

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