Facebook reveals a glimpse of NFT support in its ambitious project of a digital metaverse. The project aims at creating a 3-D virtual world. The makers unveiled several projects on Thursday to support its vision for Metaverse. CEO Mark Zuckerberg announces the renaming of its corporate name from Facebook to Meta.
Consecutively, with an aim to shift its identity from a social media platform to a Metaverse Company. With the pivot of interest on building virtual work and social communities. The digital world would comprise virtual reality headsets and augmented reality.
What Traders Need to Know About Metaverse?
The firm intends to spend billions of dollars in an effort to make its 3-D worlds plan a reality. The platform is creating a $150 million fund to incentivize the usage of its new tools and feature. Metaverse holds immense potential for the Ethereum blockchain, as it is where NFTs have flourished.
According to some reports, The zealous project will ease out the selling of NFTs. Display them in their digital spaces, and resale the collectables securely. Which was said by the VP of Metaverse Vishal Shah.
David Marcus brings to light that with Facebook becoming Meta, the organization will unify the payments and financial services unit and products. Under the digital wallet NOVI brand. NOVI uses digital currencies that make sending money as easy as sending messages.
The digital wallet uses Pax Dollar (USDP). When users add money to the NOVI account, it is converted into USDP. On NOVI 1USDP is equal to 1USD. The NOVI wallet is a thing of interest for the crypto community.
NFT’s Surge Following Facebook’s Meta?
The NFTs kindred with the metaverse has returned appreciable gains, following the announcement from Facebook. Decentraland’s Mana at press time is trading at $1.24, with gains of 55%. The Sandbox (SAND) is trading at $1.09 with 28.2% gains. While Wilder World (WILD) is trading at $3.26 with gains up by 39.1%. Other coins did follow a similar rally.
As social media platforms have become an inherent part of today’s routine. The integration of digital assets in these platforms will result in skyrocketing of the assets. Owing to the large user base of the platforms. With further advancements in the developments of Metaverse.
We can expect the social media products from the parent company to adopt digital assets. As the majority of the youth are the audience of the platform. An exponential upswing of NFTs can be anticipated. Previously, we have seen Twitter’s move towards verifying NFTs, and Tip Jar accepting Bitcoin and Ethereum wallet addresses.
Consecutively, social media platforms can act as a major catalyst in the growth of digital assets. As these are arguably the most efficient platforms for promotions. Which could eventually bring in massive rise to the space.