MONTGOMERY, Ala. (WSFA) – The Alabama Securities Commission wants to warn Alabamians to be wary of scams in a growing online world called the metaverse. It is investigating two potential fraudulent companies so far.

“If you grew up in the 90s, the metaverse is ‘Super Mario Brothers,’” said Amanda Senn, chief deputy director for the Alabama Securities Commission. “It’s like a virtual world that you can access through a gaming console or through Oculus glasses.”

The digital space mirrors reality with concerts, homebuying and interactions with people across the world. To participate, users convert real money into cryptocurrency or non-fungible tokens.

“Most developers and investment bankers, they see an opportunity here to make money,” said Senn.


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