• “The Metaverse Promises to Be Much More Interoperable,” says Mark Zuckerberg of NFTs, DeFi, and cryptocurrency

  • Mark Zuckerberg, the CEO of Meta, is focused on the big picture: a more decentralized and interoperable metaverse that will allow users in the virtual world to freely create, monetize, and share their ideas.

    Earlier this week, the 37-year-old CEO revealed that the light for a Metaverse was turned on at a young age. Although the concept had been discussed before he founded Facebook in 2004, it was only now that the company was fully committed to bringing it to life.

    “I think it was always clear at some level that this would be the ultimate dream of a digital social experience,” he explained. “We started working on this with the company about seven years ago, and the oculus team joined us.”

    Zuckerberg also reiterated his approval and support for the entire blockchain sector and cryptocurrencies, which he believes are still in the early stages of development.

    “I am very optimistic about crypto, web 3, and the overall direction; I believe it is still early compared to what it will be in its full potential.”

    Meta’s agenda is centered on interoperability, ownership, and low fees.

    The Metaverse will foster an environment in which NFT creators and other builders can forge their own paths. Furthermore, they will be able to access all of the tools they need to work on their projects and interact with one another under one roof with no barriers.

    “The metaverse promises to be much more interoperable,” Mark says, “where you kind of have your identity, your expression, your avatar, and your stuff and you can bring them between different experiences.”

    He also stated that with such interoperability, the creator ecosystems’ current problems, such as the high costs of minting NFTs and selling them on various blockchain networks, will be eliminated, allowing buyers and sellers to agree on their own prices.

    Meta’s interest in cryptocurrency can be seen in Diem and Novi.

    Facebook rebranded as Meta last Thursday, with the goal of “bringing the metaverse to life and helping people connect, find communities, and grow businesses.” Mark also announced Presence Platform, a $150 million fund to educate the next generation of metaverse creators, as new tools to help creators build for the metaverse.

    As part of its larger metaverse expansion, Facebook (now Meta) launched its digital wallet, Novi, in some parts of the United States and Guatemala last month, which is currently in the pilot phase. However, the company’s plans to launch its own digital currency, Diem, have been postponed due to concerns and scrutiny from US regulators who believe it will cause more harm than good.

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