These platforms are raking in money by selling NFTs related to their metaverse. Source: Tokeneo
These platforms are raking in money by selling NFTs related to their metaverse. Source: Tokeneo

Facebook recently announced that it was changing its name to Meta in an effort to reflect the future the company wants to take. 

Early indications suggest that Mark Zuckerberg is planning to build a fully immersive online or digital experience through what he calls a Metaverse. But the idea is not new. In fact, Metaverses have existed online for quite some time. But it is only after Facebook’s announcement that they have seen a sharp rise in popularity. 

As a result, these immersive digital universes are selling at obscene amounts of money. One sold NFTs for nearly $100 million in less than a week, highlighting just how important these innovations could be in the near and long term. At the moment, these platforms are raking in money by selling NFTs related to their metaverse.

The metaverse will be crucial in driving the growth of cryptocurrencies. Source: Reuters
The metaverse will be crucial in driving the growth of cryptocurrencies. Source: Reuters

The Sandbox, which is one of the biggest metaverses today, raked in $650,000 selling an NFT-themed luxury yacht. As of now, all these metaverses are built and powered by Ethereum which is one of the major large-cap cryptos in the world. Decenterland, another metaverse, also saw record profits selling its NFTs. The platform raised nearly $15 million while others like CryptoVoxels and Somnium have raked in well over $1 million. 

Many analysts note that the metaverse will be crucial in driving the growth of cryptocurrencies in the future. It is believed that the metaverse will create the perfect conditions for the mass adoption of crypto. Although this may as well take time, it is a path that appears well made for crypto. 

But why is the metaverse so important and why is Mark Zuckerberg betting the future of Facebook on it? Well, to better understand why a metaverse may become a huge thing in the future, it is important to look at the kind of digital transformation that human societies have gone through.

It seems like there has never been a better time to build these platforms. Source: Venture Beat
It seems like there has never been a better time to build these platforms. Source: Venture Beat

In the last 20 years alone, the digital space has become huge and continues to drive global innovations at a rapid pace. Whether it’s the idea of shopping online, or even the very essence of social media, the fact that nearly all humans these days have a digital presence of some sort shows how integral these products have become in our lives. 

The metaverse simply wants to take that digital experience to a whole new level. According to Mark Zuckerberg and those who believe in the idea, it seems like there has never been a better time to build these platforms. The technology to power them and the normality of digital life makes the metaverse easily acceptable. 

After all, Facebook has invested a lot of resources in building augmented reality tech to create that immersive digital experience. If indeed everything goes according to plan, digital universes or metaverses will become quite common and those that already exist are looking for ways to cash in on this future. So far, it is clear that there is a lot of excitement around the idea but it will take time before a global metaverse comes to life.