The best spot for an intriguing adventure to everything crypto.
When Facebook rebranded to Meta, Metaverse became the talk in the blockchain industry, and the trend has continued into 2022. A metaverse is a virtual world where you can do real things such as the ones of this world, such as exploring, meeting people, attending concerts, traveling, and more. These worlds have economies that are based on their native currencies. However, developers have built these worlds on the blockchain, such as Ethereum; hence they are part of the transactions.
There are many shapes that metaverses have taken, ranging from simple gaming spaces to NFT marketplaces and even more. Note that for now, the metaverse is still in its infant stage and only has a few immersive features. However, in a few years, technology will evolve more to make the metaverse even more realistic, and the transition has already begun with projects such as LunaOne.
Investors can't get enough of the metaverse projects in response to this new niche. They can buy, sell and even create products and tokenized funds. In this article, we shall look into Bitcoin-like projects in this space. Let's dive in.
Bloktopia is a metaverse made up of a 21-level skyscraper on Polygon. The number representation(21) is the 21 million maximum supply of BTC. Bloktopia bases itself on four principles; learn, earn, play and create.
Bloktopia users, also known as blocktopians, earn revenue through advertising revenue, play-to-earn games, real estate ownership, building networks, etc. The play-to-earn feature has become a hot topic in the gaming community and is picking traction.
Bloktopia does not just stop at selling real estate. It goes further to introduce renting to tenants. To this effect, each Reblok floor can be rented or hired for a single event. Users can also generate ad revenue as other players hang around their level.
Meanwhile, its native token, BLOK, is used to purchase or lease any in-game real-estate property. On the NFT marketplace, the token allows you to purchase anything and receive funds from sales. Furthermore, users holding BLOK can participate in governance.
Sandbox is a virtual world where players can build games, monetize them, and buy and develop land on the Ethereum blockchain. Players can also create and trade NFTs on the marketplace and integrate them into games.
The metaverse has a native token, SAND, used in the in-game economy. Players can use it to buy and develop land and trade NFTs. In addition, the project uses the token for rewards for the play-to-earn model.
Folks often term Sandbox as the playground of tomorrow. The reason being users can both create and benefit from their creation financially. However, note that the project is not 100% decentralized because it depends on Amazon's AWS Cloud Services.
The project's Game Maker feature allows anyone to develop ideas and transfer them into 3D games for free. Unlike most games, it requires no coding since it provides visual scripting tools.
Decentraland positions itself as a platform offering a complete metaverse experience. Its immersive world is a digital alternative to the one we live in, whereby users can build everything from scratch. It has made so many advances so far, including galleries, museums, and arcade parks, among others.
Decentraland's core economy is based on the blockchain. Hence, it establishes ownership, digital identities, and rarity for unique items. Established in 2016, its founders turned a basic 2D game into a large world that now boasts hundreds of thousands of dollars in NFTs. It finally blew up in late 2021 and did not seem to be slowing down.
The core economy of Decentraland is based on blockchain to establish digital identities, ownership, and rarity for unique items. It's one of the most famous and well-known projects predating the big metaverse craze in late 2021.
LunaOne is the first decentralized virtual society that allows gaming, earning, and studying in a seamless Web 3.0 environment. The team believes that the project that can influence all aspects of human life, such as Bitcoin, is considered the future of finance in a decade. In addition, both projects are decentralized, whereby there is no central body making the decisions.
LunaOne users can get anonymous and secure access through a unique avatar they can create. These avatars will offer seamless and limitless travel throughout the metaverse as they are NFT representations. The community will also receive AR/VR life-like interactions through partnerships by the project. In addition, they can access events, live concerts, marketplaces, apartments, offices, and more.
LunaOne will also offer decentralized in-verse communication to facilitate communication between users. The project will also launch streaming services to keep the community active for entertainment and engagement purposes.
This article would not have been complete without mentioning one of the top most popular and highest paying games on the metaverse. If you have heard of Pokemon, Axie Infinity is similar to an adorable NFT pet game. However, apart from the physical similarity with the 1996 video game, nothing else is alike.
Users must purchase three Axies that inhibit the Axie Infinity universe for participation. They then breed them to bring about other Axies with unique skills. In addition, they can increase value and experience when used in various play-to-earn apps.
Axie Infinity runs on the Ethereum blockchain and is one of the top Metaverse projects. Over time, the high transaction fees and slow speed prompted the building of the Ronin sidechain to handle the project's transactions. As a recent update, Ronin's daily transaction volume has grown to about four times Ethereum. In 2022, the developers are speculating for more growth.
Metaverse hit in popularity last year and this year; they might scale even more as they keep advancing and introducing new features. Contrary to cryptos, it is a more accessible platform that does not require much tech knowledge. However, similar to cryptos such as Bitcoin, it is set to revolutionize many aspects of today's world and take the world to the next tier of technology.
Meanwhile, don't forget that the metaverse is only in its initial stages of development. The involved projects hope to implement planned features, and only time will tell how efficient they will be. Also, it is not easy to predict how fast and expansive the metaverse realm will grow. However, the current metaverse projects seem confident that mainstream adoption will occur soon.