What Is The Metaverse?
The metaverse refers to an all-encompassing digital world where users, in the form of an avatar, can interact with each other, perform day-to-day activities and have the same type of experiences they would in the real world. It’s easier to imagine the metaverse as an overlap between physical and digital, bridging what’s best out of both platforms.
The next evolution in online settings is where our social interactions will become even more multi-dimensional, leading us to participate and connect with others in more meaningful ways.
Tech giants such as Meta, Google, Microsoft, and Tencent are fully engaged with metaverse projects, each hoping to become a significant shaping force behind this new digital realm. The race has seen heavy hitters drawing out their wallets – and the payout could be huge.
Recent estimates indicate that the global metaverse market is expected to grow by as much as 40% within the next eight years and is valued at nearly $670 billion by 2030. According to this report, “major factors expected to drive the revenue growth include a growing focus on integrating digital and physical worlds using the Internet, increasing momentum and popularity of Mixed Reality (MR), Augmented Reality (AR) and Virtual Reality (VR).”
Crypto is the currency of the metaverse, and non-fungible tokens (NFTs) are its assets. The latter can represent anything within a virtual world, from an avatar’s clothing to concert tickets and original art creations, all of which can be developed, bought, sold, and exchanged based on a metaverse’s native cryptocurrency.
As such, the metaverse has become home to thriving virtual markets. Metaverse crypto has become increasingly widespread through exchanges, and its accessibility has seen the technology being adopted by consumers and investors alike.
Metaverse Crypto Projects To Follow In 2023.
Decentraland is built on the Ethereum blockchain and is entirely user-owned, leaving those to enter it with plenty of room to create their settings, avatars, marketplaces, digital infrastructures, and applications. The cryptocurrency supporting this bustling virtual world is MANA, which can be easily purchased through several top crypto exchanges.
Axie Infinity (AXS)
It is an Ethereum blockchain metaverse project. Axie’s native cryptocurrencies are AXS and SLP. Each serves different purposes inside the game. AXS, or Axie Infinity Shards, serves as a governance token. Players who hold AXS get to vote on the game’s future development plans, including updates and treasury balance.
AXS has consistently been ranked among the top metaverse cryptocurrencies, and in 2021 alone, its value went up by some 200% compared to the previous year.
SLP tokens that can be used to breed Axies. As the game’s popularity exploded, these creatures became increasingly more valuable – a trend we hope to continue seeing growing in 2023.
The Sandbox (SAND)
The Sandbox is a virtual world built on the Ethereum blockchain. Much like Decentraland, this metaverse is focused on original content creation and gaming. Taking inspiration from Minecraft and Roblox, the Sandbox uses a 3D voxel approach to let its players use their imagination and create worlds in whatever way they want.
Besides hosting incredible content-building experiences, the Sandbox allows its community to build games, assets, and applications on their land parcels. To date, users have created over 70 million unique worlds and environments, leading to a vibrant market of non-fungible tokens (NFTs). Each LAND is a unique non-fungible token lying on the public Ethereum blockchain (ERC-721).
Gala is a blockchain gaming platform that leverages the best out of non-fungible tokens and gaming fun to create a space where players can freely exchange in-game items. Gala hosts several blockchain-based games, which are social games focused on relationships and connecting players.
One of the strong points of this blockchain project is the level of authority and ownership it gives to gamers. It is primarily achieved through the game’s native digital coin – GALA – which is used across the platform for network governance, rewards, and node operator incentives.
Gala is also used when purchasing digital assets, NFTs, from the game’s store and player marketplace. Gala players can create and customize their avatars as with other blockchain-based titles.
Crypto meets 3D scanning technology, together bridging the physical and digital worlds. This platform promises to introduce a new concept of ultra-realistic digital clones that users can customize and use in several metaverse activities.
Each 3D avatar features a life-like body type and a photo-realistic face achieved thanks to Metahero’s 3D modeling partnership with Wolf Digital World (WDW), resulting in unique AAA avatars. The platform also enables users to scan their bodies and mint the scan as an NFT that can be used in the metaverse. That is how Metahero describes its project – and it’s easy to see why it’s been getting a lot of buzz.
HERO, Metahero’s native token, has also proven to be a success in virtual world transactions, and it’s expected that both this metaverse’s innovative NFTs and coin could hit more significant marketplaces soon.
The metaverse and the crypto world are evolving at a breakneck speed. So much so that it’s hard to predict the future of digital worlds and what cryptocurrencies are likely to stay at the top of the best metaverse projects. This shortlist is a great starting point in your journey into the metaverse.
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