NFTs, 3D avatars, virtual reality technology, big tech, and cryptocurrency firms all come to mind when the term “metaverse” is used. The metaverse is marketed as a shared, immersive world (or worlds) where users can interact virtually and play games together.
Meta is one of the major participants in the metaverse (previously known as Facebook.) The Zuckerberg-led company has consistently produced marketing for its metaverse, while opinions on it have been divided. The development of metaverse technology has also attracted significant investment from other major tech firms, like Sony and Google.
On the other hand, there exist decentralized metaverses where everything is created, regulated, and owned by its users, such as Decentraland and the Sandbox.
What is the Metaverse?
Everything you can see and do in the physical world is part of the metaverse. It doesn’t exist, which is the main distinction. Through the use of simulation technologies, 3D graphics, and virtual reality systems, the metaverse is a representation of the real world.
Through metaverses, a user can visit another world where they can play different roles and engage in an endless number of activities, represented by a controllable, customizable avatar. Shopping, working, and driving is examples of real-world activities that can be simulated in the metaverse.
Blockchain technology is being incorporated into metaverse projects as a means of controlling and exchanging resources there. The creation of an immutable record of events and transactions on the metaverse is made possible by blockchain technology.
where NFT technology can be used to record and transfer ownership of land and other properties on metaverses. Similar to credentials, distinctive qualities can also be awarded as an NFT.
Cryptocurrency ventures are already blooming in this area even as mainstream businesses enter metaverses. Let’s examine the well-known coin initiatives creating a metaverse.
Axie infinite is a multi-themed, decentralized game that utilizes the Ethereum blockchain and was inspired by the well-known Pokémon video game. Sky Mavis is the creator of Axie Infinity, which can be played on PC and mobile devices by downloading and installing the game program. Players take control of the brave and combat-loving Axies, which are the game characters. Axies can be acquired by Axie Infinity players and used in their games as well as being found during gaming adventures. Axies are NFTs created with various properties, and their price changes according to their rarity and characteristics.
Players of the game have the option to hunt for wealth, battle other monsters, and explore the Axie regions of Lunacia. Additionally tradeable NFTs, Axie’s lands can be traded with other players. Even more, tradable NFTs and in-game tokens are included in in-game incentives.
The Ronin chain, a sidechain on the Ethereum blockchain, is the foundation of Axie Infinity. The sidechain was created as a way to take use of Ethereum’s security and decentralization while enhancing block processing speed and lowering transaction fees for players. The Axie Infinity ecosystem is powered by the Axie Infinity coin (AXS) and Smooth Love Portion (SLP). These two tokens are available to gamers as a part of the Axie infinite rewards program.
AXS can be staked to receive passive rewards or used to buy gaming utilities or vote on proposals through the DAO. Axies are trained with SLP. Exchanges allow trading of AXS and SLP. The exchanges Binance, Coinbase, and Gemini all list AXS. Additionally, SLP is tradable on the Kucoin, Binance, and Gemini exchanges.
View active SLP and AXS markets.
You enter a new world with Decentraland. one that you have created and owned, as the name suggests.
The world of Decentraland can be accessible through a virtual reality headset, PC, or mobile device for your convenience. You explore a “decentralized land” with the headset on. Players can buy LANDs, create their cities, and sell other in-game objects for NFTs in the city-building and strategic game Decentraland.
LAND is a non-fungible representation of a land parcel’s ownership. Players can both host events and participate in events that other players are hosting. Decentraland graphics create an immersive gaming experience by giving gamers a sense of place. Decentraland is a blockchain-based online game that keeps track of transactions and item ownership.
The Decentraland game’s native token is called MANA. Holders may purchase NFTs, including LANDs, and game stuff. Holders of MANA may also participate in the project enhancement voting process through the Decentraland DAO. On the Kraken, Coinbase, and Binance exchanges, MANA can be exchanged.
Also, did you know that there is a Gecko wearable on Decentraland?
— Bobby Ong (@bobbyong) December 22, 2022
The Sandbox is a comprehensive framework that enables you to develop, play, and own games in a way that is enjoyable for both game players and game creators. The same company that created the well-liked video games The Sandbox in 2011 and The Sandbox Evolution in 2016 also created Sandbox. By utilizing decentralized technology and the metaverse, the game creator Pixowl is bringing a fresh experience to their previous gaming endeavors. On the Ethereum blockchain, Sandbox operates.
Utilizing the platform’s built-in game production tools, users can produce their own games. Without needing to develop any game code, the game’s author can specify the gameplay and characters. On the platform, games are instead made using tools like Game Maker and VoxelEdit.
Players buy LANDs in the sandbox, develop games, and make elements for their games to create custom games in the versatile sandbox game. In the Sandbox world, lands are geographical boundaries that are represented by NFTs. Each LAND is 96 square meters in size. Players who want to develop more games and expand their environment can buy an estate.
Multiple Lands make up an Estate. On the Sandbox market, players’ creations from the Sandbox game can be traded. On the Metaverse, event hosts can also be LAND owners.
The entry point to the Sandbox game is the SAND ERC-20 token. The Sandbox DAO allows holders to vote on ideas, purchase in-game things, or just stake their tokens for passive income.SAND can be traded on Binance, Upbit, and OKX.
Over 250,000 gaming communities and 18.7 million registered players make Enjin the “biggest gaming community platform online,” according to the company. The Enjin Coin was developed specifically for use in the gaming industry with the intention of becoming the most widely accepted cryptocurrency in the sector and utilizing blockchain technology to decrease the excessive costs and fraud that are sometimes associated with the transfer of virtual goods.
With a variety of tools and services for developing, marketing, and utilizing NFTs in virtual worlds, Enjin is also the market leader for NFT ecosystems. Enjin also provides a platform for creating collateralized NFTs, a market for trading NFTs, and a wallet for storing NFTs that have been both purchased and created.
The economics of this platform is driven by the Enjin token. The Enjin token is an ERC-20 token that functions on the Ethereum network, just like the Enjin project itself. Holders of Enjin tokens are entitled to the project’s benefits.
The issuer locks a quantity of Enjin tokens in a smart contract before minting NFTs on Enjin. The issuer, who can then list the NFTs on the Enjin market and try to draw in collectors, establishes the value of the securities. The primary unit of account on the market, where NFT collectors can trade their Enjin tokens for the NFTs they want to buy, is the Enjin token.
For owners of NFTs and cryptocurrency investors, the Enjin wallet also offers a self-custody storage facility, giving investors quick access to their NFTs.
On the exchanges Binance, Kucoin, and Digifinex, Enjin can be exchanged.
Floki (formerly Floki Inu), which made its debut as a meme coin during the meme coin fiesta, is concentrating its efforts on creating a metaverse game that will be run on the blockchain using the Floki token and NFTs. The decentralized game Valhalla is the centerpiece of the Floki metaverse. The characters in the battle game Valhalla can be purchased as NFTs and controlled by the players through stages of various difficulty, yet each level offers an immersive experience.
Through its GameFi project (Valhalla), Floki uses intense gameplay, amazing sound technology, 3D characters, and geography that grabs the players’ attention to give the best experience.
The NFTs of Valhalla are known as “Veras.” Veras is upgradeable NFTs with distinctive graphics and rarity that rise as they are updated, according to the project team. Holders of Vera NFTs have access to enhanced services and greater skills in Valhalla.
The Layer 2 network of Ethereum, Optimism, is being used to construct Valhalla. The producers of Valhalla assert that a faster Optimism network will be utilized to give players a more energizing encounter.
Building on the blockchain guarantees that players have ownership of the items and characters they use in-game. On the Kovan testnet of Optimism Network, The Valhalla is accessible to early testers. In Valhalla, the Floki token will serve as the accepted form of payment for upgrading NFTs and buying gaming supplies.
The Floki token can be traded on Huobi, LBank, and Bybit.
Illuvium’s action-packed decentralized game, Illuvium, features stunning graphic effects. The role-playing game (RPG) Illuvium is an exploration and loot gathering game built on the Ethereum blockchain. Illuvium promises to be the first Interoperable Blockchain Game (IBG), which means that players from different blockchains can access the game’s in-game items and gameplay. Players will search the Illuvium globe for undiscovered riches and gather uncommon NFT artifacts designed just for the game. Players will engage in combat and gather special game characters known as Illuvials while on their adventures.
Illuvials are tradable NFTs whose values change based on the characteristics and rarity that are inscribed on the NFTs. On its decentralized exchange or any other NFT market that accepts Illuvium NFTs, Illuvium NFTs can be traded.
The utility token and prize for the game Illuvium is called the Illuvium token (ILV). On the Ethereum blockchain, it is distributed. ILV, which can be exchanged for game stuff on Kucoin, Binance, and Huobi, is given to players as a reward. ILV can also be staked in single-side staking and liquidity mining programs to receive passive rewards or used to vote on proposals on the Illuvium DAO.
Render Network, as its name suggests, is used to rent out excess GPU power to producers who require additional GPU to render visuals, hence its tagline “Rendering the Metaverse.” Artists and other content producers can hire GPUs from miners who have extra and unused GPUs. Artists on the Render Network can trade Render tokens (RNDR) for GPU processing capacity from node operators. Before releasing or uploading their work, artists can verify that payment has been received for it using the Proof Of Render algorithm, which is a variation of the Proof of Work technique.
The Render network, which is based on Ethereum, uses the blockchain to generate hash codes for the arts and deliver them in pieces to the rendering node.
Render Token can be traded on Binance, Kucoin, and Coinbase.
MOBOX is working to empower the next generation of gamers and the next stage in the growth of gaming, with a history of over 3 million registered players and over $300 million in NFTS sales. Users can access and play a variety of decentralized games on MOBOX. MOBOX, which utilizes the relatively quick and inexpensive Binance Smart chain, claims to provide a better user experience. City-building, battle, adventure, and a variety of role-playing games are all available on MOBOX and can be played together in a variety of ways.
The goal of MOBOX games is to give players an intensive experience while also rewarding them with tradable assets.
The MOBOX NFTs and the MOBOX token fuel the in-game reward system. Each game-specific MOBOX NFT has been sold for up to $1.5 million. The qualities, rarity, and prominence of the game with which they are related affect the NFT values.
On the Binance smart chain, the MOBOX token is a BEP-20 token. It is used to reward players as well as to buy game stuff on the MOBOX marketplace. Additionally, holders can take part in the MOBOX DAO and vote for ideas using their tokens. Additionally, they can allocate their tokens to passive reward schemes like liquidity mining and single-side staking.
MOBOX can be traded on Binance, LBank exchange, and PancakeSwap DEX on Binance Smart Chain.
My Neighbor Alice
Discover the amazing world of Alice. Purchase land, construct it, amass priceless stuff, and utilize them to enhance your gaming experience. Additionally, you can exchange collected stuff on the Alice market. In the adventure game My Neighbor Alice, players take control of avatars that can buy LANDs, develop those LANDs, and communicate with other players nearby. LANDs are uncommon NFTs on Alice. Other in-game items are given to players as rewards, and these items can be traded on the Alice marketplace or any other NFT marketplace that accepts them.
A player’s avatar can be enhanced by adding new attributes and purchasing in-game enhancements. The Alice token is the gateway to the ALICE universe. Holders can trade their tokens for in-game assets, and LANDs, and also stake them to earn passive rewards.
ALICE can be traded on Binance, Kucoin, and BKEX.
Building 3D games on its virtual planet, the United States of Mars, is the RACA project from NFT and GameFi (USM). Adventure game RACA’s Metamon World lets you discover the world of Metamons. Characters from the NFT game known as Metamons can be acquired by exploring the Metamon universe and laying Metamon eggs. Players can find 500,000 different Metamons in the world of Metamons. Each Metamon has distinct qualities and can be exchanged on the NFT market operated by RACA.
STATES must be purchased by players. In the video games Axie Infinity and My Neighbor Alice, states are the equivalent of LANDs. Owners of states are free to explore and learn about their respective territories’ distinctive qualities.
The universe of Metamon features eye-catching aesthetics and fun gameplay, and rewards are given out via NFTs and the RACA currency, which is based on Ethereum and the Binance Smart Chain.
Holders of RACA can contribute their tokens to the project’s governance through the RACA DAO or receive passive benefits through the liquidity mining programs. Members of the DAO cast ballots for and against improvement ideas. On Kucoin, MEXC, and PancakeSwap, RACA can be traded.
Before they can be distinguished from the world we currently live in, the virtual new worlds that major tech companies and prominent blockchain initiatives are attempting to build must have cutting-edge technologies. The emergence of cross-chain products like Illuvium’s IBG has made it possible for blockchain technology to be easily incorporated into and compatible with every new metaverse product.
Blockchain technology, cryptocurrencies, and NFTs are being quickly adopted by cryptocurrency initiatives developing metaverse solutions; however, mainstream businesses don’t share this enthusiasm. This could change in the future and would be good for both the crypto space and the metaverse.
There are many advantages of having a realistic and useful virtual world, some of which have been covered in this material. Having said that, it is crucial to remember that this technology is still in its infancy and may occasionally be excessively inefficient and malfunction. However, these discoveries will improve the effectiveness of a fully stable metaverse in the future.
Last but not least, even if metaverses are a hot issue in the cryptocurrency world, always do your own research before buying any cryptocurrencies. This article’s informational content is being offered for your convenience, not as investment advice.