Daily Column – 28th December 2021

The metaverse is no longer just for gamers and sci-fi dystopias; in 2021, it became a topic of conversation at dinner parties, thanks in part to Facebook’s establishment of a presence in the virtual world.

The software behemoth changed its name to Meta in October to make it clear that its long-term objectives go beyond simply assisting your aunt in taking more high-angle selfies. Meta, on the other hand, intends to be at the vanguard of what Mark Zuckerberg has referred to as “the next chapter of the internet. In addition, it is hiring around 10,000 people in Europe to assist in the construction of the facility. What we do know is as follows:

For everyone who has read Ready Player One, virtual and augmented reality will play a crucial role in Meta’s plans for immersive, digital worlds. This isn’t news to anyone who hasn’t read the book.

The company has separated its Reality Labs segment, which oversees its Oculus VR division and other enhanced reality products, from the part of the business that manages social media programmes such as Facebook, Instagram, and WhatsApp in order to achieve this separation.

Those who oppose the rebrand argue that it is simply an attempt by Meta, the company, to openly distance itself from the problems that Facebook and Instagram, the social networks, are experiencing—such as accusations that Instagram is intentionally harming teens’ mental health and isn’t doing enough to remedy the situation. That is to say, the platform is having difficulty getting teens to use it in the first place.

Zoom out: While Meta may have been the first company to change its name, corporate behemoths ranging from Microsoft to Nike are all heavily investing in metaverse-related products. According to Tim Sweeney, CEO of Epic Games, “the metaverse is a word that is similar to the internet.” “It can’t be owned by a corporation.” Please accept my apologies.

El Salvador is developing a Bitcoin City as a runner-up. Nicaraguan President Nayib Bukele is more optimistic about cryptocurrency than your 23-year-old cousin, who invested all of his savings into dogecoin in one go. The Central American government, which was the first in the world to recognise bitcoin as legal cash, will issue $1 billion in bitcoin-backed sovereign bonds to help pay for the development of Bitcoin City’s infrastructure—which will be shaped like a circle, of course, because bitcoins are round.

The Staples Center will be renamed the Crypto.com Arena as the runner-up. It was renamed Crypto.com Arena on Christmas Day, a nod to the shiba inu-dominated coin-shilling era. The crypto exchange paid over $700 million for the naming rights to Los Angeles’ renowned Staples Center, which is home to the Lakers, Clippers, Kings, and Sparks basketball teams. Sports fans represent a large number of prospective clients for cryptocurrency companies, as the industry is the extremely fast sponsorship industry in sports.

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