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Facebook’s Metaverse will Support NFTs

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In a further indicator of its metaverse ambitions, Facebook changed its name to Meta, which the company considers “the next evolution of social connection.”

Back in July, the CEO of the corporation Mark Zuckerberg said; that Facebook would soon cease to be a company associated with a social network. Instead, it will focus on developing a metaverse powered by virtual reality (VR); and augmented reality (AR) headsets, mobile devices and game consoles. The Reality Labs division is developing the metaverse.

From December 1, the company’s shares will start trading under a new MVRS ticker.

Developing blockchain projects

Former Instagram Vice President Vishal Shah will lead the metaverse product group. According to him, the project will support non-fungible tokens (NFTs); facilitating the sale of these digital objects and allowing demonstration in three-dimensional spaces.

In an interview with The Verge, Zuckerberg said that Facebook was “the most promising major technology company” in terms of developing blockchain projects. Therefore, the corporation is “very interested and generally supports this space; recognizing that it will play an important role in the future.”

To implement its idea, Facebook plans to hire 10,000 engineers in EU countries (Germany, France, Italy, Spain, Poland, the Netherlands and Ireland).

The development of AR/VR areas

Earlier in September, the corporation announced the creation of a fund to finance programs and external research that will help it develop the project. In two years, the structure will spend $50 million for these purposes.

During a conversation with investors, Zuckerberg stressed that the corporation’s expenses for the development of AR/VR areas, the production of related equipment. As well as the development of applications and services will exceed $10 billion. He called the project “the successor of the mobile Internet.”

Recall that previously a group of US senators pressured Facebook to stop the Novi wallet pilot. Also, commit not to bring the Diem stablecoin to the market.

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