Metaverse

What is the Metaverse?


NFTs have gained a lot of traction from the public lately and are a definite opportunity for corporations to build a rapport with their consumers. They are not limited to the art, or fashion industry and can be part of an effective marketing campaign.

The metaverse is an augmented version of the internet, part of the Web 3.0. This alternative of the web aims to provide a decentralized internet, giving ownership to the people through issuing tokens, which is a part of the network. This alternative of the internet aims to make the world wide web more inclusive, where anyone can participate and own a fraction of the following network. The metaverse, part of this new digital era, giving virtual experiences to consumers through VR headsets. The experience brought by the metaverse is meant to be social, where interactions with other individuals are prioritized. These interactions can be used for corporate meetings, gaming, entertainment, sports events, etc. Currently, many metaverses have been created and are available to the public, providing virtual and social experiences to consumers.

Axie Infinity

Axie Infinity is currently one of the biggest metaverses. With a stunning 24,000 percent growth this year, this metaverse is one of the leading virtual worlds for entertainment and games.

Axie Infinity Screenshot

Players on the platforms breed, grow, and compete with other Axies, where they have an opportunity to sell on the market in the form of tokens. Players get rewarded in a new economic model named “play-to-earn” and get paid crypto-currency rewards for their participation within the ecosystem. This economical model has drawn a lot of interest following the Covid Pandemic. By late July of 2021, the game had already generated more $485 million in revenue, making it a major contributor in the metaverse.

Sandbox

With more than $127 million in funding, Sandbox is a definite leader in the metaverse. Sandbox is a virtual world, where players can purchase land on which they can develop and share games and experiences. Sandbox allows for more flexibility within its own metaverse, with a deep emphasis on NFTs.

Sandbox screenshot

Such tokens allow full control to community members as they can create their own games and NFTs on the platform, where they can be traded, sold, or used within Sandbox. The organization already concluded many partnerships with different companies and celebrities, including OpenSea, Snoop Dogg, and The Walking Dead.

This concept of virtual real estate creates infinite possibilities with an alternative economy. A virtual yacht was recently sold for $650,000 on Sandbox. The primary driver of this community will be based on supply and demand, creating virtual goods and services, including digital food, clothes, cars, etc.

Sebastien Borget, Sandbox's COO recently tweeted:

With funding flowing, user adoption figures skyrocketing and the world’s leading media publications reporting on our rise, this is the most exciting period in blockchain gaming the world has ever seen.

Decentraland


Decentraland is a virtual reality platform established in 3D. Users do not require a virtual reality headset to explore this metaverse and can discover this world with their browser. No need for cryptocurrencies as well, this decentralized world aims to be as inclusive as possible, without a need for holding tokens. Players may acquire and develop land parcels with MANA tokens.

Decentraland screenshot

Within the game, players have the chance to use many tools to create rooms and artwork.. There are frequently scheduled social meetings where individuals can interact with one another, and play online games such as poker, card games, etc. Decentraland also frequently schedules social events like concerts, where all community members can gather and socially interact within the metaverse. friendships.

Meta Platforms

Facebook recently changed its trading name to Meta, with a core ambition to be a leader in the news metaverse. The company foresees this opportunity to change and reform the way people interact online. Mark Zuckenberg, CEO of Facebook now called “Meta'' mentioned:

Meta caption

I believe the metaverse is the next chapter for the internet.

Meta will be proposing a variety of services to consumers, where users can interact in the workplace, on social events, and much more. This brand-new project is not yet released, but will definitely draw more attention in the near future! Other companies like Microsoft are already working on another metaverse, providing corporate solutions to professionals.

Opportunities for development


The metaverse's dependence on VR technology may create some constraints on its growth and mass adoption.  Current limitations are a great opportunity for community members to provide an accurate combination between cost and design, giving a unique experience to fellow users. There is still a huge opportunity for corporations to learn more and be a part of this brand-new ecosystem, growing each year! The metaverse will not be limited to games, and will increase productivity amongst co-workers, helping individuals and corporations.

Gain access to recurrent updates to help you develop an understanding of non-fungible tokens in a practical setting! We have Should you be interested in Blockchain, be sure to check out the Paris Blockchain Week Summit, and our article on NFTs!


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