Major Giants Back Blockchain-Based Social Media For Widespread Crypto Adoption
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- Facebook has 2.89 billion users as of the last year, 2021.
- Meta plans to build the most prominent social media metaverse
A lack of knowledge regarding blockchain and cryptocurrencies is the primary hurdle to widespread adoption. Social media companies are becoming involved in the game to push mainstream adoption, so things are changing.
Facebook (Meta) has 2.89 billion users as of the last year, 2021. The company has also made substantial headway toward Web 3 after dominating Web 2 communication. After rebranding as Meta, the business plans to build the most prominent social media metaverse driven by its own Web 3 technology.
This is occurring with its own local coin, dubbed Diem, and this move may expose crypto and blockchain to about three billion individuals throughout the globe.
Rise in Venture Capital Finance
It has been shown that blockchain is vital to the operation of the metaverse. Using NFTs, for example, metaverse ownership will be defined, and cryptocurrencies will power the new digital economy. Facebook’s switch to Meta might be a gift in disguise for the blockchain industry due to this decision.
Due to the attention that blockchain technology and the SocialFi project have received from major social networks, venture capital financing has surged dramatically. Binance Smart Chain’s freshly announced $500 million investment initiative has highlighted SocialFi as its key emphasis area. Even creating a $100 million SocialFi fund by Solana Ventures and Reddit shows that Web 3 is evolving.
Facebook, Instagram, Twitter, and YouTube have all managed to preserve their social media tags so far, but that is likely to change in the not too distant future.
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