The metaverse is a fully realised digital realm beyond our physical world. Explore major projects shaping this virtual universe.
To put it simply, the term ‘metaverse’ refers to a fully realised digital realm that exists beyond our physical world.
Imagine the metaverse as a virtual universe or a world inhabited by digital avatars, where you can engage in activities, play games, interact with others, and experience things just like in the real world. Some experts even believe that the metaverse holds great potential in the realm of cryptocurrency.
The metaverse is currently making waves in the technology industry, with a surge in metaverse projects capturing attention. Given this context, it becomes crucial to stay informed about the major metaverse initiatives.
Explore the following sections to delve deeper into this fascinating concept.
List of the Major Metaverse Projects
Decentraland (MANA)
Decentraland is an Ethereum-based 3D virtual reality platform where users can create and monetise content and applications. It aims to establish a user-owned network that offers an immersive experience. In Decentraland, users can purchase virtual plots of land within a shared metaverse, a virtual world where they can socialise, interact, learn, and play. Put simply, Decentraland is a decentralised world where users can explore user-owned LAND, experience various scenes and structures, trade virtual assets, and connect with others.
Today, as more people spend time in virtual worlds for work and leisure, centralised organisations control the network rules and content flow, leaving creators and developers with minimal compensation. Decentraland addresses this issue by providing a decentralised infrastructure where users can gather, share content, play games, and creators can receive the full value of their efforts. On the platform, advertisers can showcase their brands, artists can set up virtual galleries for their digital art, and much more.
In Decentraland, the interactive space that users engage with is known as LAND. According to the whitepaper, LAND is a finite and transferable 3D virtual space, represented as a non-fungible digital asset (NFT), which users can purchase and permanently own. LAND owners have the freedom to create dynamic scenes, applications, and games on their allocated plots. Each plot of LAND, measured at 52 feet by 52 feet (16 metres by 16 metres), is represented by an ERC-721 token. The total number of plots is limited to 90,601 and can be acquired using MANA tokens.
MANA token serves as the in-game currency and cryptocurrency of Decentraland. It is an ERC-20 token that enables users to purchase, trade, and pay for goods and services within the virtual world. MANA can be used to acquire estates, avatars, wearables, and unique names through the Decentraland Marketplace. The marketplace serves as a comprehensive platform to trade and manage all on-chain assets.
To engage with the virtual world, users create personalised avatars. Avatars can be customised, allowing users to alter body types, shoes, accessories, and more. Within the virtual world, users can interact with other players, visit casino districts, listen to music, attend parties, or simply explore. Creators have designed Decentraland with interconnected scenes, creating a seamless transition from one experience to another.
The Decentraland protocol follows a three-layered architecture, as outlined in the whitepaper:
- Consensus Layer: This layer tracks LAND ownership through an Ethereum smart contract.
- Land Content Layer: This layer utilises a decentralised distribution system to download assets.
- Real-Time Layer: This layer facilitates peer-to-peer connections between users for interactive experiences.
The Sandbox (SAND)
The Sandbox is a decentralised virtual gaming world that operates on the Ethereum blockchain. It functions as software that allows players to engage in a game where they can purchase digital plots of land known as LAND and create unique experiences to share with other users. Similar to Decentraland, The Sandbox represents a blockchain-based metaverse model.
In addition to the LAND token, which is a non-fungible token (NFT), The Sandbox has two other native tokens that govern its metaverse operations:
- SAND tokens: These tokens facilitate various in-game transactions, including the purchase of LAND, interaction with user-generated content, and participation in the governance of the decentralised autonomous organisation (DAO) through staking.
- ASSET tokens: These are NFTs that represent in-game items such as avatar equipment and creations used to populate the LAND. ASSET tokens can be traded within The Sandbox’s marketplace.
The Sandbox software utilises the Ethereum blockchain to track ownership of digital LAND and NFT ASSETS within the application. Users interact with the ecosystem through Ethereum wallets that hold their SAND tokens.
Within The Sandbox’s platform, developers have the freedom to innovate by designing animations and interactions for their virtual real estate. They can utilise various tools, including:
- Voxel Editor: This tool enables users to create and animate voxels, which are the smallest units of three-dimensional design. Users can bring their creations to life, such as flora, fauna, and avatar-oriented equipment like clothing or weapons.
- Game Maker: This tool allows users to build 3D games on their LAND using the ASSETS they have created or purchased from the marketplace.
Users can upload their creations to The Sandbox marketplace, where they are registered as ERC1155 tokens (ASSETS) on the Ethereum blockchain. These ASSETS can then be bought and sold using SAND tokens.
Enjin (ENJ)
Introduced by Enjin in 2017, ENJ is an ERC-20 token compatible with Ethereum wallets for sending and receiving. Its primary purpose revolves around various operations related to the purchase, sale, and trading of non-fungible tokens (NFTs) using Enjin’s diverse range of products.
Beyond its core function and compatibility with multiple gaming platforms, ENJ can be used like any other cryptocurrency and traded on crypto exchanges. With a multitude of applications in the gaming industry, ENJ enables gamers to store unique in-game items, such as characters or accessories, as custom tokens, which can be converted to ENJ when necessary.
Through the Enjin wallet, gamers gain access to partner gaming platforms, manage their tokens and collectibles, and conveniently sell digital assets for ENJ. For enthusiasts of NFTs, the Enjin platform and marketplace are becoming top choices for discovering and trading these digital assets, supported by Enjin’s software development kits (SDKs) that facilitate the creation and integration of digital assets into games and applications.
Each in-game item is assigned a value in ENJ, allowing gamers to securely trade NFTs, coins, and other items outside the gaming environment. What sets ENJ apart is its uniqueness as a token with a range of Enjin use cases, making it an appealing option for long-term cryptocurrency investments.
Axie Infinity (AXS)
Axie Infinity originated in early 2018 through the collaborative efforts of Trung Thanh Nguyen, Aleksandar Leonard Larsen, and Jeffrey Zirlin, who co-founded the game studio Sky Mavis in Ho Chi Minh City.
In November 2019, Sky Mavis raised $1.5 million in funding to accelerate the development of Axie Infinity, attracting notable investors such as Yat Siu from Animoca Brands, Sébastien Borget from The Sandbox, and Simon Kim from Hashed.
Axie Infinity is a computer game where players engage their teams of adorable monsters called Axies in battles against each other. Axies are specifically designed for combat and are assessed based on four key statistics:
- Health: Determines the amount of damage an Axie can withstand before being defeated.
- Speed: Determines the turn order, with faster Axies attacking first.
- Skill: Enhances damage when multiple ability cards are played simultaneously.
- Morale: Increases the critical strike probability of an Axie, impacting its ability to disable opponents.
The game operates on the Ethereum blockchain and utilises a sidechain called Ronin to reduce transaction costs and delays.
Axie Infinity primarily focuses on battles against computer-controlled Axie teams or real-time opponents on the internet. During gameplay, users have the opportunity to sell in-game assets such as the Axies they breed, virtual properties, and accessories on the NFT marketplace. They can also earn tokens generated by the game.
The game incorporates two unique cryptocurrencies:
- Axie Infinity Shards (AXS): An ERC-20 utility token required to play the game and acquire various in-game assets. AXS also functions as a governance token, allowing holders to participate in voting for the game’s development through staking.
- Small Love Potion (SLP): A token rewarded to players for their time spent in-game. SLP can be earned by defeating opponent Axies or completing objectives. The more a player engages with the game, the more SLP they can accumulate.
According to Axie Infinity’s whitepaper, the game is gradually evolving into a decentralised autonomous organisation (DAO), with the aim of providing community governance.
Axie Infinity has outlined a detailed roadmap that encompasses past achievements and future milestones, demonstrating its commitment to continuous development.
Gala (GALA)
Gala (GALA) is a cryptocurrency built on the Ethereum blockchain, specifically designed to empower Gala Games. Gala Games is a platform that seeks to transform the gaming industry by returning control to the players.
The decentralised ecosystem of Gala Games strives to break down barriers and restore rightful control to players. Through decentralisation, players not only possess ownership of their in-game items, but they also have a say in shaping the Gala Games roadmap. Through distributed voting mechanisms, players and node owners are enlisted to determine which games should be added to the platform or receive funding from the decentralised Gala Games ecosystem.
The GALA token serves as the digital utility token within the Gala Games ecosystem. It is secured through cryptographic mechanisms and is intrinsic to the Gala Games ecosystem. GALA tokens can be transferred between users, and users have full autonomy over how they utilise them. GALA tokens fuel the Gala Games Ecosystem.
Gala Games operates similarly to popular platforms like Steam or GOG, offering a diverse range of games for users to choose from. However, unlike these platforms, all games on Gala Games are entirely free to play and accessed through a decentralised application (DApp) utilising blockchain technology.
Metahero (HERO)
Metahero is an innovative blockchain project that combines cryptocurrency with advanced 3D scanning technology to create precise and realistic replicas of real-world objects in the metaverse. Unlike traditional video game avatars, Metahero enables users to have avatars that closely resemble their actual selves, capturing intricate details.
Utilising the Binance Smart Chain (BSC) blockchain, Metahero envisions the application of this technology across various industries, including gaming, fashion, medicine, and social media. Their mission is to drive the widespread adoption of cryptocurrency by establishing an extensive database of scanned objects and individuals.
At the core of the Metahero ecosystem lies the remarkable 3D meta scanner—a spherical chamber capable of accommodating up to four people simultaneously. Within the chamber, 20 columns house high-quality 16k resolution cameras.
Using this cutting-edge technology, the chamber generates virtual models of objects or individuals within a span of 15 to 40 minutes, even while they are in motion. The resulting 3D scans possess outstanding quality, closely resembling real-life counterparts when experienced in the metaverse.
The native cryptocurrency of the Metahero platform is the HERO token, currently trading at $0.09. With over 5 billion coins in circulation, the market cap stands just below $46 million.
Star Atlas (ATLAS)
Star Atlas is an expansive, space-themed grand strategy video game that harnesses the power of blockchain technology. It is built on the Solana blockchain, offering a massive multiplayer metaverse experience set in the year 2,620, far into the future.
The game leverages the remarkable capabilities of Unreal Engine 5’s Nanite technology to deliver stunning visuals and cinematic-quality gameplay. By pushing the boundaries of recent technological advancements, Star Atlas offers immersive and visually captivating experiences to players.
Within the Star Atlas metaverse, players have the opportunity to engage in trading, acquiring, and creating non-fungible tokens (NFTs) that exist within the game’s universe. This introduces an economy that mirrors the tangibility, ownership, and value of real-world assets, adding depth and realism to the gaming experience.
Being built on the Solana blockchain, Star Atlas benefits from the network’s remarkable transactional throughput. With a capacity to handle an impressive 50,000 transactions per second (TPS), Solana is recognised as one of the fastest, most secure, and censorship-resistant blockchain networks available. Additionally, Solana offers affordable transaction fees, averaging around $0.00025 per transaction, providing a cost-effective environment for users to engage with the game and its ecosystem.
Wrapping it up
In recent times, the concept of the ‘metaverse’ has gained significant prominence, especially after Facebook’s rebranding to ‘Meta’ in late 2022. This development has sparked a surge of interest in metaverse projects, which have the potential to revolutionise human interaction and reshape various industries. These virtual worlds offer exciting possibilities for in-game monetisation and ownership of digital assets, presenting new avenues for innovation and economic transformation.
Both the metaverse and the cryptocurrency space are experiencing rapid growth, attracting the attention of investors and enthusiasts alike. If you fall into either of these categories, it is crucial to stay informed about the aforementioned metaverse projects, as they represent significant opportunities and advancements in this evolving landscape.
To learn more about Major Metaverse Projects in Blockchain/Crypto, you can check Vakilsearch.
FAQs:
What are the top metaverse projects that exist today?
Some of the top metaverse projects that exist today includes ApeCoin (APE), The Sandbox (SAND), Decentraland (MANA), Axie Infinity (AXS), Enjin Coin (ENJ), FLOKI (FLOKI), MAGIC (MAGIC), WAX (WAXP), Illuvium (ILV), and Wilder World (WILD).
What is the best project in metaverse crypto?
Decentraland (MANA) stands as a well-established player in the metaverse crypto realm. In fact, the creators of Decentraland initiated their metaverse endeavors in 2015, culminating in an official platform launch two years afterward. This considerable timeline advantage positions Decentraland ahead of numerous other metaverse contenders.
What is the largest metaverse crypto?
The largest metaverse crypto is Decentraland's MANA token, powering a thriving virtual world with extensive real estate and digital assets.
Which blockchain will power the metaverse?
Axie Infinity holds the strongest power over the metaverse.
What is an example of the blockchain metaverse?
Sandbox represents a metaverse enterprise flourishing through user empowerment. It takes the form of a sandbox game, yet with distinctive metaverse elements, offering users a dynamic realm replete with individuals and endless prospects for imaginative creations.
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