The blockchain space has powered numerous projects and industries, creating a whole new world of possibilities. One of the newest projects powered by this technology is the metaverse. While the metaverse had previously seemed far-fetched, several firms are looking into contributing to its growth. Undoubtedly, Facebook is one of the biggest names looking into exploring the metaverse. The tech giant also rebranded as meta, which shows that the firm is looking into expanding resources into the project. Asides from Facebook, other businesses have also created prominent projects. These projects may help the new industry’s development. The giant also changed its logo to an infinity loop that looks like the letter M. The business revealed that the change was necessitated by its move to contribute to the metaverse. While Facebook may be one of the prominent firms interested in the metaverse, other projects strive to bring the metaverse tokens into existence.
What Is The Metaverse?
The metaverse is a world accessed through technology. “metaverse” originated from Neal Stephenson’s novel called “Snow Crash.” The metaverse is characterized by virtual reality technology, enabling users to create their worlds in the book. Many movies, shows, and books also have their definition of the metaverse, but most are quite similar. Usually, the metaverse is a place accessed through augmented and virtual reality technology. However, the blockchain space’s definition of the metaverse is a world without boundaries.
Facebook’s founder, Mark Zuckerberg, even believes that it may be the next version of the internet. Some people have also linked the metaverse to Web 3.0. Similarly, web 3.0 is a version of the internet powered by blockchain technology, allowing decentralization and privacy. The metaverse will have some qualities that make it different. For one, some people believe that this internet universe will allow data continuity. Presently, data has boundaries and cannot be moved from one server to the other, but there will be no boundaries in this new world. Hence, data becomes easily accessible.
Also, the metaverse will be unlimited. This means that it should accommodate a large number of users. The internet, for example, can accommodate all humans without crashing. If the metaverse becomes a reality, it will accommodate everyone. Most metaverse projects also leverage NFTs, enabling users to pay for goods and services. Since the metaverse mimics the real world, some projects sell properties as non-fungible tokens, which you can sell on the platform or other marketplaces.
Why Are NFTs Used In Metaverse Projects?
Non-fungible tokens are digital assets that show ownership of a particular product, most times, and artwork. Many digital asset enthusiasts are exploring this new venture to make a substantial profit. NFTs are also important in metaverse projects because they facilitate the ownership of tokenized objects. This creates an opportunity to make a profit from these platforms.
Top Metaverse Projects For 2022
Numerous metaverse projects are hoping to capitalize on the new interest. These projects have also gained traction amongst those interested in accessing the metaverse through blockchain technology. Here are some of the most popular ones:
#1 Decentraland (MANA)
Decentraland is a web browser-based platform powered by Ethereum. This virtual world platform enables users to interact with another world through their computers. However, this platform is different because users can buy and sell lands. They can also explore the virtual world and connect with other people. Exploring the virtual allows you to find new LANDs, which you may want to buy. This platform combines blockchain gaming and the metaverse into a single structure, allowing you to profit from trading digital real estate. Users can also create scenes and artworks in the metaverse project according to the platform.
Additionally, it may also enable them to create games and applications. It’s safe to mention that there are two tokens on the platform. LAND is one of those two, and it represents ownership of lands. LAND is an NFT token. Non-fungible tokens are increasingly becoming popular within and outside the digital asset space. Unlike fungible tokens like Bitcoin and Ethereum, it represents ownership of LAND. The second token available on the platform is MANA. Users use MANA to purchase goods within the metaverse. This helps traders profit from the buying and selling of digital property. Founded by Esteban Ordano, Decentraland may hasten the adoption of the metaverse in the digital space. This should create an opportunity to generate wealth while connecting with others.
#2 Sandbox (SAND)
Sandbox is another metaverse project that may blow up in 2022. This blockchain-based game allows users to explore a virtual world. It’s safe to mention that Sandbox is one of the most successful games on blockchain technology, mainly because it allows gamers to have fun while monetizing their activities. Unlike mainstream games, Sandbox strives to compensate gamers and creators.
To make money off Sandbox, users can buy and sell non-fungible tokens on the marketplace. When you get these tokens, you can decide to sell them and convert them to fiat currency. The platform also has an NFT marketplace where buyers and sellers can trade. So, if you are looking to sell your NFT, you can do this through the platform. It also allows gamers to create and publish their newly-created NFTs. While this platform may be an early version of the metaverse, many people believe that it may pave the way for the new industry.
#3 Axie Infinity (AXS)
No metaverse list is complete without mentioning Axie Infinity. Like other projects in this article, Axie Infinity is a blockchain-based game that allows gamers to make money from gaming. Axie is also a virtual world based on creatures called Axies. Players get to collect, buy and sell their Axies. They can also own virtual assets on the platform. It’s important to mention that the Axie metaverse leverages non-fungible tokens to ensure smooth running. These tokens confer ownership of these Pokemon-inspired creatures to the holder; this allows the person to sell their pet for real money. Axie is one of the most prominent players in the blockchain gaming industry because it ensures that players earn money through gameplay.
This is a concept is play-to-earn. While P2E games are foreign to mainstream gaming firms, blockchain-based businesses make it an essential part of the game. However, before earning on the game, you may need to purchase Axies. This metaverse project is not like most because it’s based on animal-like creatures. Still, this game has a lot of players globally, making it an appealing venture for players interested in exploring the metaverse while earning. AXS is the project’s governance token, making it possible for users to participate in decision-making. So, before voting on important decisions, you have to own AXS.
The digital asset space is currently looking into exploring the metaverse. The problem is that the metaverse is not a straightforward concept, especially during these early stages. While Facebook hopes to contribute to a metaverse similar to the internet, most existing metaverse-related projects are games. The top projects are Decentraland, Sandbox, and Axie. These blockchain-based games allow users to make money from gaming. Additionally, they leverage NFTs to show ownership. This means that these metaverse platforms leverage NFTs to confer ownership to players. They can also sell their product on marketplaces and profit from sales.