• Oculus CTO: Meta’s full embrace of cryptocurrency unlikely

  • “It’s unlikely we’ll ever get into something that’s completely open to the world of cryptocurrency,” said John Carmack, Oculus’ chief technology officer, during a live keynote about Facebook’s new metaspace.

    Earlier in the day, Facebook rebranded itself as ‘Meta’, signaling its intention to enter the meta-universe fully. Under the new ‘Meta’ umbrella, current services such as Facebook and Whatsapp will retain their existing brands, while Facebook’s VR headset company Oculus will be rebranded in 2022.

    During the keynote, Facebook said that NFT and cryptocurrencies will inevitably play a role in the metaverse, leading many cryptocurrency fans to wonder how much of a role it will play.

    John Carmack delivered his own keynote, saying that while Meta will undoubtedly use cryptocurrency transactions, it shouldn’t be considered a completely open cryptocurrency-friendly platform.

    “Everyone agrees that you have to be able to make a living in the metaverse. Commerce will be part of it, but I use adult entertainment as a litmus test to see if a platform is open. If there is adult entertainment, it’s a very open platform from a commercial standpoint, and we probably won’t go there.”

    He continued.” We’re unlikely to get into something that’s completely open to the cryptocurrency world. The libertarian in me loves the idea of unstoppable global cash transactions, but I’m also well aware of the swamp of scams and spam that I have to clear off my timeline every morning.”

    Metaspace and Cryptocurrencies

    Metaspace is a term used by many to describe the possible future evolution of the Internet, where the flat applications and websites we use today will be replaced by immersive virtual reality environments and shared spaces.

    Cryptocurrency-savvy developers have already established metaspace in part through browser-based cryptocurrency-powered games like Decentraland, which hosted its first virtual music festival earlier this summer.

    Facebook envisions its metaspace as a killer app, but its parameters are hard to define, as it won’t be any one thing. Instead, it will be a collection of open worlds made up of interoperable assets.

    Where will NFT work? During the keynote, Facebook gave several examples of several different virtual reality environments in which users could dispose of their digital assets.

    So, in theory, if you purchase a 3D NFT avatar, you can use it to place your virtual dressed-up self in a variety of different VR spaces – a social sports room, a concert or conference, or even a shopping environment where you can purchase more NFTs.

    This month, Facebook began piloting Novi – its new digital crypto wallet – in the United States and Guatemala. An accompanying press release confirmed that the company still has plans to launch Diem, a cryptocurrency pegged to the U.S. dollar, although it is not participating in the pilot.

    So the next question is: Will Diem be the primary currency for Facebook’s new metaverse?

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