Cryptocurrency acceptance will be limited in Facebook’s metaverse, according to Oculus CTO John Carmack. The name of Facebook has been changed from “Facebook” to “Meta” because of its commitment to being at the cutting edge of the metaverse. Carmack said the complete embrace of cryptocurrency by Facebook’s metaverse is “unlikely”.

Facebook has relaunched as ‘Meta’ on Thursday, signaling its plan to go all-in on the metaverse. Existing services like Facebook and Whatsapp will continue to operate under their current names while Oculus, the company behind virtual reality headsets, will rebrand in 2022. “It’s unlikely we’re going to be in the completely open crypto world of things,” said Oculus Chief Technology Officer John Carmack during a keynote speech.

While John Carmack claimed that Meta will most certainly include crypto transactions, he also stated that it should not be considered a completely open crypto-friendly platform. NFTs and crypto will likely play a role in the metaverse, but many crypto aficionados are skeptical about how substantial that role will be. Adult entertainment serves as a litmus test for a platform’s openness. We’re probably not going to be there if there’s adult entertainment, because it’s a commercially open platform. “It’s implausible,” he continued, “that we’ll be in a completely open crypto realm of stuff.” “The libertarian in me loves the idea of unstoppable global monetary transactions, but I’m also aware of the morass of scams and spam,” says the author.

The term “metaverse” is frequently used to describe a future in which flat applications and webpages are replaced by immersive virtual reality settings and shared areas. Crypto-powered browser games like Decentraland, which hosted its first virtual music festival earlier this summer, have already made a significant contribution to the metaverse.

Facebook envisions its metaverse as a killer app, but establishing its parameters will be challenging because it won’t be anything specific. It’ll be more of a jumble of open worlds linked together by compatible material. Users may soon be able to access their digital assets via Facebook from a number of virtual reality scenarios. In this scenario, what part will non-financial tokens (NFTs) play? You can utilize a 3D NFT avatar to place your virtual self in a variety of VR situations, including communal workout rooms, concerts, and conferences if you purchase one.

A trial of Facebook’s new digital currency, Novi, in the United States and Guatemala has been denied. Instead, the social media platform aims to launch Diem, a dollar-pegged cryptocurrency that will be backed by the US dollar. It’s unclear whether Diem will be the primary medium of exchange for Facebook’s new metaverse or merely a subsidiary currency.