Metaverses are online virtual spaces that allow users to interact with each other and with a virtual world in real time. Metaverses allow users to buy and sell virtual goods, such as clothing, furniture, and home decor, in an online marketplace. Let's see what metaverses are and why they are so important.
What are metaverses?
The metaverses are online virtual spaces that allow users to interact with each other and with a virtual world in real time. Unlike online games, metaverses are not limited to a single game experience, but rather allow users to create and explore an entire virtual world where they can purchase virtual goods, socialize, and participate in online events. Metaverses are made up of virtual reality, augmented reality and 3D graphics technologies, as well as innovative blockchain technology. They are also capable of integrating elements of artificial intelligence and machine learning to provide an even more immersive experience.
What are metaverses for?
The metaverses They have a wide range of applications in a variety of industries. For example, in the world of online gaming, metaverses are used to create more interactive and socially connected gaming experiences. In the world of e-commerce, Metaverses allow users to buy and sell virtual goods, such as clothing, furniture, and home decor, in an online marketplace. Metaverses can also be used by companies to hold virtual meetings and networking events. Even though metaverses are popularly believed to be an innovative concept, they have already been with us for quite some time, when the Second Life platform was born. This metaverse was created to be able to host university classes from a virtual environment, something that at the time in which it was born, was quite ambiguous.
The Sandbox game interface. Source: Small Caps.
How metaverses work
The metaverses They work by using blockchain technology to maintain secure and transparent records of user activities in the virtual space.. Users can interact with the virtual world and make transactions by using cryptocurrencies and blockchain tokens. Additionally, blockchain metaverses They use smart contracts to allow the exchange of goods and services without the need for intermediaries. Within these metaverses you can acquire all types of objects, as well as lands to be able to have properties within the metaverse. These objects, which are created through NFTs, purchased on NFT platforms such as Opensea.
The Sandbox Opensea profile interface. Source: Opensea.
The most important events on metaverses
One of the most important events for the topic of metaverses was the bet of the technology giant Facebook in November 2021, when they decided to change the name of the company to Meta Platforms. This event catapulted all metaverse tokens upwards, such as MANA (Decentraland), SAND (The Sandbox), and many others. The popularity of these tokens grew along with the volumes of users within the platform. As we see in the following graph, the announcement of the name change was great for The Sandbox token, appreciating 1.000% since Facebook's name change announcement.
Chart with 1.000% growth in the SAND token. Source: Tradingview
Most popular metaverses
Currently, there are countless new metaverses that have been developed, something that will allow immersive experiences of all kinds. Some of the most popular blockchain metaverses include:
Decentraland
Decentraland is a metaverse running on Ethereum that seeks to foster a network of users from around the world to control a shared virtual world. Decentraland users can buy and sell digital real estate while exploring, interacting and playing in this virtual world. Over time, the platform has evolved to implement interactive applications, in-world payments, and peer-to-peer communication for users.
The Sandbox
The Sandbox is a play-to-earn game that combines blockchain, DeFi and NFT technology in a 3D world. Here players can create and customize their games, avatars and other digital assets through the free design tools offered by the platform. Virtual goods can be monetized as NFTs and sold for SAND tokens on The Sandbox marketplace.
Axie Infinity
Axie Infinity is a video game that works through the blockchain, its model is similar to the Pokémon game. The so-called Axies must be trained for battles, and you can get some rewards within the game (in the form of AXS or SLP cryptocurrency), you can also develop your Axies (they are NFTs or non-fungible tokens) and sell them at a higher price. To start playing you need three Axies, which require an initial investment (they are purchased with Ethereum), although it is possible to start playing for free if you get a scholarship.
Outer Ring
Outer Ring is an MMORPG game that unites fantasy and science fiction in an open world that allows exploration, all supported by a Play to Earn system and an economy system supported by players (Player Driven Economy). Outer Ring makes a mix of "old school" mechanics with more current concepts including the blockchain and NFT layer, being influenced by projects as diverse as "Ultima Online", "Planet Side", "Smite" or "AXIE Infinity" .
My neighbor alice
My Neighbor Alice is a play-to-earn video game, that is, it rewards its users with cryptocurrencies. It is based on the Ethereum blockchain. It is a game that takes aspects of other well-known traditional video games, such as Animal Crossing or Minecraft, as well as farm management games, to create its own with elements of construction, exploration, adventure and a strong social component, both with NPCs as with other players.
Star atlas
Star Atlas is an ambitious space-themed multiplayer crypto game, with exploration, trading and resource extraction mechanics, set in its own metaverse. Players will be able to acquire NFTs, which can be ships, weapons, tools, etc. All this, thanks to the game's in-game currency, the ATLAS token.