The race is on to cash in on the metaverse hype. Last week, Microsoft described its $68.7 billion takeover of gaming studio Activision Blizzard—a move that would have usually been interpreted as the Xbox maker simply expanding in the gaming sector—as a way to create the “building blocks for the metaverse.” Meta—which rebranded from Facebook to be named after the metaverse—is at work on the world’s most powerful supercomputer, in order to power the metaverse. Now Meta is also reportedly planning to introduce NFT features on its Facebook and Instagram platforms; Twitter has already allowed users to transform their NFTs into hexagonal profile pictures; and YouTube might do something similar soon. According to the ever-swelling ranks of Metaverse analysts and chin-strokers, NFTs, a type of cryptocurrency tokens regarded as digital title deeds, will be core components of the Metaverse.
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