The Metaverse is an emerging trend in the digital world of a virtual realm where individuals can engage with one another through the internet. These virtual environments, particularly within the realm of gaming, are gaining popularity as they offer players the opportunity to immerse themselves in interactive gameplay while also potentially earning rewards in the form of cryptocurrency.
The concept of “play-to-earn” crypto games has seen a surge in interest in recent times, and the metaverse concept aligns seamlessly with this business model.
Decentraland:
Decentraland, a web-based 3D virtual world built on the Ethereum blockchain and featuring its native token, MANA, is expected to be a top player in the metaverse space in 2023.
Users can use MANA to acquire non-fungible tokens (NFTs) representing virtual plots of land within the platform. The project, which was developed by Ari Meilich and Esteban Ordino and officially launched in February 2020, is overseen by the non-profit Decentraland Foundation.
Decentraland raised $26 million during its initial coin offering (ICO) in 2017 and has continued to attract attention as the value of cryptocurrencies within the metaverse has risen in recent years. This has led to an influx of established businesses purchasing properties or establishing a presence within the virtual world.
In March 2022, Decentraland hosted the Metaverse Fashion Week event, featuring major fashion brands such as Dolce & Gabbana, Tommy Hilfiger, Elie Saab, Nicholas Kirkwood, Perry Ellis, Imitation of Christ, and Estée Lauder. Other notable participants included Samsung, Adidas, Atari, PricewaterhouseCoopers, and Miller Lite. Sotheby’s also held its first metaverse auction during the event.
SandBox:
The Sandbox, a blockchain-based metaverse project, has a longer history compared to other similar projects in the cryptocurrency market. The game was first launched as a 2D open-world sandbox version for iOS devices in May 2012, followed by an Android version the next year.
The game’s creator, Pixowl, was acquired by Animoca Brands in August 2021. Following the acquisition, the company focused on developing a 3D blockchain version of the game, allowing players to use NFTs to create, trade, and sell custom items within the game.
A beta version of The Sandbox Marketplace, which allows players to buy non-transferable objects (NFTs) from 46 different developers inside the game, was published in April 2021.
The Sandbox collaborated with well-known properties like Shaun the Sheep, CryptoKitties, and the Smurfs.
The business disclosed partnerships with The Walking Dead and Snoop Dogg for later in 2021. The Sandbox is a viable cryptocurrency project for the metaverse in 2023 as a result of these collaborations and advancements
Apecoin:
ApeCoin is the native governance token for the Ape Ecosphere, which is developed by Yuga Labs, the company behind the Bored Ape Yacht Club (BAYC) NFT initiative. It is also intended to be the native means of exchange for Yuga Labs’ metaverse venture, Otherside, which is designed to have interconnectivity with other metaverses and a strong emphasis on community engagement.
Yuga Labs has a history of developing successful projects and has collaborated with Animoca Brands, a company behind The Sandbox, on their venture Otherside. This partnership may lead to future success for the APE token
Axie Infinity:
Sky Mavis’ creation, Axie Infinity, is among the pioneering Metaverse games that originally aimed to incorporate blockchain technology, but has recently shifted to becoming a fully blockchain-based Metaverse game.
It offers players a unique virtual economy powered by blockchain and allows for the use of digital assets, including non-fungible tokens (NFTs), in gameplay. The game is also designed to reward players for every task completed within the gaming platform. Additionally, other Metaverse game developers can create customized versions of Axie Infinity for their clients
Illuvium:
The upcoming role-playing game Illuvium has caused quite a stir in the gaming community. Dubbed the first Triple-A blockchain game, it promises to offer a unique blend of open-world gameplay and Pokemon-like creature capture mechanics.
In this game, players will embark on an exciting journey through an uncharted land, where they will come across various Illuvials – creatures with their own set of abilities and classes. With over 100 different Illuvials to discover and capture, players will have the opportunity to create their ultimate team and devise strategies to outsmart their opponents in intense battles.
The combination of blockchain technology and immersive gameplay makes Illuvium a highly-anticipated game for gamers and blockchain enthusiasts alike. As the release date approaches, the excitement for Illuvium continues to grow
Final Thoughts
Although the metaverse industry is still in its early stages, it is projected to have a significant impact on the internet and how we live and work in the future. Despite this, many companies are already investing heavily in metaverse infrastructure, recognizing the potential for it to revolutionize the way we interact with technology and each other in 2023 and beyond. The potential of the metaverse is undeniable, but it still requires more time and development before it can be fully utilized for practical purposes
Ken Emmanuel is a Blockchain Content writer, a Web3 Enthusiast and a Social Media Management Strategist, he likes writing educative contents to help people gain more knowledge and get inspired. The growth of any organization he work with is always his priority. He is a Geographer by profession and loves reading.