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Facebook Metaverse Will Feature NFTs

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Facebook (FB) announced Friday that it has formed a new company called ‘Meta’. The news comes as the Senate is set to vote on stronger privacy protections for Facebook users, following significant scrutiny of the social network’s data practices. The metaverse will be a 3D virtual world that will be 'more immersive'.

The House passed new privacy legislation this week. It will require companies like Facebook to get their users' permission before they can share their personal information with advertisers.

The new company is led by Meron Gribetz, who has been described as a "reality visionary." When asked about what its business strategy will be, Facebook said it's focusing on hardware and software development through the lens of augmented reality (AR). CEO Mark Zuckerberg announced that the 3D world would include NFTs.

"It’s going to take ecosystem building, norm setting, and new forms of governance and this is something that we’re really going to focus on,” Zuckerberg said.

Pundi X has been building out a network of retail devices over the past couple years. The company has a goal of enabling "any store to buy, sell and accept cryptocurrency as payment." The company's initial plan was for consumers to spend their digital tokens on everyday items from groceries to transportation. Now it seems Facebook is pushing NFTs into that same physical, real-world realm.

Privacy will be built in Facebook Metaverse from "day one"

Zuckerberg assured the public that privacy and safety will be built into the metaverse along with interoperability.

He reiterated; "Privacy and safety need to be built into the metaverse from day one.”

And so we've gone from a world of isolated VR headsets, to one where we will have our own token economy that locks us into an all-encompassing social metaverse. This isn't science fiction anymore. What used to feel like the distant future is now just around the corner.

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