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If you're a crypto enthusiast, there's no doubt you've heard of the metaverse. It's a decentralized virtual space where users can meet and interact. The word was coined by Neal Stephenson in his 1992 novel Snow Crash, that's set in a future where people use avatars to navigate an online world called the Metaverse.
Branded as the game-changer, according to JP Morgan, it could reach the $1 trillion market share. As such, several projects have jumped into it, pitching their products and services as standouts. While many have good potential, some are more notable than others. We'll be breaking down our top five most promising metaverse projects in 2022—which ones to watch for and why.
Metaverse projects have exploded lately, with many new ones launching daily. We've sifted through them to find five promising projects in 2022.
Decentraland was one of the first projects to launch in metaverse space. It uses Ethereum as its base layer with LAND as its core asset. Each LAND represents a 3D parcel that users can build upon and enjoy without interruption from other users. Users can also buy virtual plots of land and get dividends depending on their traffic.
The platform has won plaudits for its unique features such as user ownership of content and applications, borderless creation and discovery of content, open standard protocols, interoperability with other virtual reality platforms, and user privacy.
In 2021 its native token MANA was among the top performers in the crypto market. Users can access Decentraland through their browsers or VR headsets.
Somnium Space is a social VR platform built on the Ethereum blockchain where users can buy, sell, and build anything. They also offer a marketplace for buying virtual land where users can create, socialize, explore, and gamble using their native asset, CUBE tokens.
Alternatively, they can do so using NFTs, which give owners in-game superpowers. These include; teleportation, teleportation, spawning items, or phasing through walls, to name a few.
Enjin is a smart contract platform focusing on virtual goods that run on Ethereum. It was created with the gaming community in mind. The platform has its ENJ token gamers can use for developing in-game assets.
The project consists of a suite of interconnected tools that allow gamers to manage their digital assets across multiple games and platforms. The team behind it is experienced in mobile gaming and blockchain technology. It also continues to sign partnerships with leading game developers around the world.
This project seeks to make it easy for players to purchase NFTs. The NFTs are currently expensive because they are stored on the Ethereum blockchain, which charges high fees. Immutable X wants to make NFTs cheap by storing them off-chain and only moving them when someone needs to trade them or use them in a game.
LunaOne is one of the first Metaverses to allow Earning, Shopping, Socializing, Creating, Studying, and Gaming in a seamless Web 3.0 environment. The LunaOne platform is Live! Meaning you can start earning today by sharing your content and referring new users.
The project's pain point is the segmentation of the available Metaverses. This segmentation can be a bottleneck for creating a full-fledged virtual reality. LunaOne addresses this challenge by amalgamating Gaming, Education, and Business functions on one platform.
Central to the LunaOne ecosystem is the Avatar which creates a symbiosis between virtual and real worlds. The project has three development paths (Gaming, Education, and Business) with two walkthroughs.
On the one hand, there's the limitless walkthrough. Here Avatars can earn XLN tokens through an internal work platform. Additionally, they can study and apply knowledge in scientific work besides participating in pro Cybersports.
Besides the five projects above, the are others that also offer much promise for investors. These include:
Axie Infinity is a digital pet game running on the Ethereum Blockchain. It supports players in breeding, trading, battling, and exploring with fantasy creatures.
Cryptovoxels (VOX) is an Ethereum-powered VR world in which users purchase land parcels using Bitcoin (BTC), Ether (ETH), or other ERC-20 tokens.
High Fidelity has attracted many developers who've helped build a wide range of content, including immersive games.
Blockchain Cuties Universe
BCU is a crypto collectible game that merged with VR to create an immersive experience. It has a wide range of pets and monsters that you can trade with crypto.
The Sandbox aims at being “a decentralized virtual world built by players, for players.” Through its Land Presale program, users can buy virtual parcels, develop them into gaming experiences and sell them as NFTs.
All in all, there is enough excitement for the future of the metaverse. The unique combination of blockchain and VR will help develop the technology to improve the profitability and accessibility of AR. We are yet to see how first-generation projects will fare over time and which of them will dominate the crypto universe.
Given the above listing, the big question is which platform has what it takes to dominate the market by 2022. To answer that question, one must first take a look at their features and roadmap. That analysis will reveal their viability and potential for growth.