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The Origins of the metaverse
While the term metaverse may be new to some, it has been around as a concept for nearly three decades. American science fiction author Neal Stephenson introduced the metaverse in his 1992 novel, Snow Crash. In the novel (like others in its genre), users use metaverse as an escape from a futuristic, largely dystopian world.

Over the last 30 years, the industry has laid the foundations for a non-fictional metaverse brick by brick. Virtual reality headsets have become more ergonomic and affordable. Global internet penetration has steadily risen. The popularity of online gaming, often reaching tournament levels, has made it possible to envision and execute sophisticated digital avatars, tradable digital assets, and even digital real estate.

Indeed, Facebook isn’t the first company to think about the metaverse. In March, we wrote about the 2017 startup Decentraland, which works on virtually the exact same premise.

Decentraland is backed by $25.5 million in funding and provides users with a VR environment builder, customisable avatars, a crypto-enabled marketplace, digital wallets, and a governance system. Facebook is looking to build a similar experience, but one that intersects with pre-existing, non-AR/VR social media. It announced its pivot into AR/VR in September 2021, along with launching its own take on the metaverse.

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Disclaimer: This video is purely my opinion and should not be regarded as a primary source. I am not a financial advisor and this is not a recommendation to buy or sell securities. Always do your own due diligence.

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