thecoinrepublic.com
- Consider the story of Sam Peurifoy to see why Mark Zuckerberg believes the metaverse is the next frontier
- The metaverse of Zuckerberg’s aspirations is a realm where everyone is connected to a virtual reality, where they can teleport, make things happen just by thinking about them, and essentially move beyond the physical world’s constraints into a bold, new digital one
- There’s no assurance that these tokens can be exchanged into cash due to technical issues and price fluctuations
Consider the storey of Sam Peurifoy to see why Mark Zuckerberg believes the metaverse is the next frontier. At the height of the epidemic, the 27-year-old chemistry PhD from Columbia University quit his job at Goldman Sachs and is now attempting to make money in crypto by playing video games. He has gathered a Guild of dozens of people from all over the world to play under the direction of Captain Peurifoy. In exchange, he contributes the monies required to play Axie Infinity, a game in which players acquire Smooth Love Potion, a digital currency that can be exchanged for real money.
The metaverse of Zuckerberg’s aspirations is a realm where everyone is connected to a virtual reality, where they can teleport, make things happen just by thinking about them, and essentially move beyond the physical world’s constraints into a bold, new digital one. This is still “a long way off,” according to the millionaire. But what Peurifoy and his Guild are doing now on Axie is a foretaste of what is to come. It’s not quite “Ready Player One,” Steven Spielberg’s dystopian sci-fi adventure based on Ernest Cline’s novel, or “Snow Crash,” Neal Stephenson’s 1992 novel in which the term “metaverse” was born. It’s a virtual world where “decentralised finance,” or DeFi, rules supreme, combining cryptocurrencies, blockchain technology, non-fungible tokens, and video gaming.
However, this world is full of perils and is far from benevolent. Investors and bankers are split on how cryptocurrencies will play out in the long run, but they do agree that prices have been exceedingly volatile. While Bitcoin, Ethereum, and other cryptocurrencies are gaining traction on Wall Street, the greater universe is occupied by an ever-increasing number of new and unproven meme coins, some of which are so dubious that they’re dubbed shit coins.
There’s no assurance that these tokens can be exchanged into cash due to technical issues and price fluctuations. It’s also considered a rite of passage in the crypto industry to get scammed at some time. This may be great for affluent investors who can bear the risk, but it might endanger market participants, particularly those in developing countries.