You've probably heard the term "Metaverse" a few times in recent years. Many news headlines, business talk shows, and everyday conversations have been centered on it. Interestingly, apart from your nerdy friend, over 470 million people visit the Metaverse platforms every single month.
We all have an innate desire to explore new worlds and embark on adventures. The Metaverse presents a doorway to a fascinating new world where we can live, exchange value, and interact with each other.
So, if you are wondering how to take your first step into this new world or need guidance on how to access opportunities in this multi-billion-dollar industry, this guide provides answers to all your questions on how to enter, engage and invest in Metaverse platforms, as well as recommends 5 popular metaverses to begin your journey.
So, fasten your seat belts because you're in for a fun ride through the Metaverse.
What the heck is Metaverse?
Think of Metaverse as a virtual universe that exists on digital devices. In the metaverse, you can own property, teleport to wherever you want, and interact with other citizens of the virtual world. Isn't that amazing?
The Metaverse is a network of many technological components such as virtual reality, augmented reality, and video in which individuals reside inside the confines of a digital universe. It is an embodied internet that allows people from all over the world to meet by creating an avatar that can be customized and seems more real than a regular video call.
Typically, people interact with the metaverse using VR headsets and controllers but a good computer device also works. Also, two groups of metaverses exist which are centralized metaverses from Web 2 organizations (e.g., Horizon Worlds from Facebook) and decentralized metaverses built with blockchain technology.
The metaverse has great potential as it is projected to be the next level of the internet. We further highlight important metaverses and how you can benefit from them.
Five Popular Metaverse Platforms
The metaverse industry is quickly expanding, generating countless career opportunities across fields like real estate, tourism, education, entertainment, etc. Here are the top five metaverses making waves all over the world.
1. The Sandbox (SAND)
Sandbox is arguably the best place to start your journey through the wondrous world of the Metaverse. The Sandbox Metaverse is a virtual space created by Pixowl in 2011 that allows players to create, buy, and exchange digital assets. The Sandbox marketplaces offer character customization, land, decorations, and other products. Gamers can create non-fungible symbols (NFTs), publish them, as well as use them in games created by renowned artists.
It is important to note that LAND is a digital real estate component of the Sandbox ecosystem while the native token is SAND. According to metaverse statistics, the platform currently holds the record for the most expensive virtual land sold, with Republic Realm purchasing estate worth $4.3 million from it.
Benefits:
● Sandbox has a 3D modeling software called VoxEdit that gamers can use to create digital assets.
● The Sandbox ecosystem offers four user-specific tokens: SAND, ASSETS, LAND, and GAME, giving users a wide range of options.
● Visual scripting tools make it possible to create spectacular 3D games in minutes without requiring any coding.
Uniqueness:
Sandbox Metaverse users are allowed to register their creations as ASSETS to the Sandbox marketplace. Sandbox, unlike most metaverses, is entirely based on content generated by users.
2. Decentraland
Decentraland is a virtual marketplace powered by the Ethereum blockchain where you can buy and sell virtual plots of land. As a Decentraland user, you can explore new worlds, interact with others, and invent and play games in this virtual reality, in addition to trading in the virtual property as NFTs using MANA, the platform's native token cryptocurrency.
On Decentraland, you have the option to own anything possible, ranging from an art gallery to hangout areas, from conference centers to opulent homes, in what promises to be a wholly immersive experience crafted to overwhelm you with thrills. The platform has developed over time to include user-interactive apps, in-world payments, and peer-to-peer communication.
Benefits:
● Decentraland, unlike many other virtual worlds out there, is not governed by a centralized body.
● In addition to exchanging goods and the fun prospect of aesthetically enhancing your personal space, you have the option of making money off your LAND; whatever you decide to do with your plot, you are wholly in charge.
● Decentraland’s expansive virtual world has a variety of unique employment opportunities. You might be able to work in casinos or some other virtual establishments and make cryptocurrency.
Uniqueness:
With its completely decentralized platform, which enables users to vote directly on in-game and organizational policies, Decentraland stands out as a virtual platform for its innovative and ground-breaking perspective on virtual reality.
3. Axie Infinity
If you love pets and are interested in cryptocurrencies, then this is 100% for you. In the online pet Metaverse, Axie Infinity, you can purchase certain creatures, known as Axies. The idea is to let players interact in a metaverse designed in a Pokemon-esque style, where they can breed, gather, and also use these creatures in combat. Axie Infinity was developed using the Ronin network by the gaming company Sky Mavis and is powered by Ethereum.
Getting started on Axie Infinity demands a starting cost as a player has to have at least three Axies before starting a battle. Players advance in the game as they collect Axies and earn remuneration in Smooth Love Potions (SLPs) or other Ethereum-based cryptocurrencies. Players may decide to exchange these SLPs for real-life currency or use them to purchase digital assets. Across the globe, Axie Infinities have done over $4B in all-time sales and continue to grow expansively as the cryptocurrency industry continues to blossom.
Benefits:
● Axie Infinity’s play-to-earn business model offers the peculiar prospect of making tons of cryptocurrency and NFT rewards as you engage the platform.
● Interestingly, players of Axie Infinity can cash out in the real world with the in-game currencies they earn. In countries like the Philippines and other developing countries, people have the opportunity to make thousands of dollars on a monthly basis.
● Unlike other platforms out there, Axie Infinities offer multiple ways of earning income. Besides its awesome play-to-earn feature, one can engage in buying & holding, staking, trading, and breeding Axies for sale.
Uniqueness:
A variety of features make Axie Infinity stand out from other crypto platforms but perhaps most significant is the unique and innovative way it combines blockchain technology with traditional online gaming.
4. Enjin Coin (ENJ)
Enjin Coin (ENJ) is an all-in-one Metaverse platform that allows creators to crowd-fund, expand and monetize the digital world of their dreams. Within the metaverse, gamers can use blockchain technology to create in-game currencies and NFTs. Enjin Coin is distinct from most other Metaverses in that every token minted with the Enjin Platform is directly insured by ENJ, the platform's token.
Benefits:
● Enjin Coin (ENJ) is available for purchase on Uphold, Coinbase Exchange, Binance, Uniswap (V2), Gemini, Kraken, and KuCoin, among other exchanges.
● Every asset minted has ENJ, which gives it a real-world value that may be accessed at any point by "melting."
● The deflationary nature of ENJ ensures that tokens created on the Enjin network will have guaranteed market value and growth prospects.
● Users have the option to destroy their NFTs whenever they choose.
Uniqueness:
The Metaverse enables game developers and studios to use tokenized digital assets in their acquisition, retention, engagement, and monetization strategies. Enjin's products include the Enjin Platform, Explorer, Wallet, Beam, and other products and services.
5. Bloktopia
Bloktopia, although the least popular on this list, might be a great place to begin your Metaverse experience. The metaverse project aspires to be an academic and entertainment hub for all levels of cryptocurrency experience, providing information and immersive experiences in one location. Bloktopia uses technology to generate spectacular visuals and user experiences. The metaverse is built on the Polygon network and backed by the cross-platform gaming engine Unity.
Benefits:
● The Bloktopia provides opportunities for creators to develop content and revenue within the metaverse.
● Bloktopia has been well-developed and is well-positioned for education, revenue, gaming, creativity, and VR social experiences.
● Metaverse players can earn ad revenue for promotions done on virtual billboards and radio shows.
Uniqueness:
Every metaverse has a specific purpose and set of use cases, however, Bloktopia is committed to standing out as an educational and entertainment metaverse.
Conclusion
The Metaverse and its related industries are quickly expanding and beginning to realize their enormous potential. Even though they are still in their early phases, many huge corporations, including Meta (formerly Facebook) and Microsoft, are getting involved in the expansion of this 47-million-dollar industry.
Each of the five metaverse platforms mentioned in this article has its own purpose, design, and incentive for users to participate in their virtual worlds. The same applies to other metaverses. Hence, before investing in any metaverse, ensure to verify that it suits your personal and financial needs.
Welcome to the Metaverse!