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What is Metaverse and what are the key projects you should be looking for?


The word “metaverse” has catapulted into the collective consciousness of the world after Facebook recently announced that it is renaming itself Meta. The name change was undertaken as a nod to the term metaverse, which has been discussed in tech circles as the next big revolution after the Internet.

So what exactly is the Metaverse, why is it so high profile, and what are some interesting projects going on?

Simply put, the metaverse is the creation of a virtual universe where avatars of human beings will be present through technology. Such metavers can be created by various companies for a variety of reasons: entertainment, education, and business.

Here is a quick example to better understand the metaverse. The COVID-19 pandemic has forced most office workers to work from home. Several companies have realized that their staff can also work from home. But fast forward nearly two years, and many workers yearn to return to the office. Why? A lot of people would say they miss the office environment, lunch together, and coffee maker jokes. So much so that the term “zoom fatigue” has its own Wikipedia page.

Now what if Zoom developed a pair of virtual reality glasses, which could simulate your office environment while you are sitting at your home desk. The office, the meeting room and the canteen. It won’t be the same as the real thing, but it will be close and will become more and more real over time as the technology evolves. In fact, Meta (formerly Facebook) has even worked on haptic gloves, which will even create the sensation of touch.

Now, this may all sound a bit futuristic, but companies have started to get serious about it. In fact, a research firm estimates the size of the Metaverse could reach $ 829 billion by 2028, up from $ 48 billion in 2020.

Where will this growth come from? It will be from giant metavers that will have their own flourishing economies. For example, you will not only enter the virtual world to meet and interact with people, but you will also try experiences (read: games, entertainment, shopping) and even buy things. In fact, the booming world of cryptocurrencies seems to be the perfect medium of exchange for transactions in this virtual world. And companies like Meta, which have a captive user base of several billion, will be in the best position to get ahead of the rest with the creation of their metaverse.

Meanwhile, several cryptocurrency creators have gone to great lengths to create their own metaverse projects, with their cryptocurrency tokens becoming the native money of this universe. Right now, many of these projects revolve around creating playworlds, but over time their size, scale, and imagination will only expand.

In fact, Barbados, a Caribbean nation, became the first sovereign nation with an embassy in the Metaverse. The island nation is working with several metaverse corporations to establish a digital sovereign land. The Barbados Department of Foreign Affairs and Trade is also seeking to finalize an agreement with other metaverse platforms such as Somnium Space and Superworld.

The Metaverse Embassy, ​​scheduled to launch in January next year, will include identifying and purchasing land, developing facilities to provide services such as ‘electronic visas’, architecture virtual embassies and the construction of a “teleporter” that will allow users to transport their avatars between different worlds, according to a Coindesk report.

Below are the top three metaverse projects.

Decentraland

Decentraland is a virtual reality platform where users can buy, sell and manage a virtual property called LAND and other NFTs using its native cryptocurrency MANA (based on the Ethereum blockchain). MANA can be purchased on exchanges like WazirX. Since the rebranding from Facebook to Meta, the price of MANA has quintupled.

Founded in 2015 as a 2D reality that then evolved into a 3D world, Decentraland has over 90,000 plots of land that can be purchased with the native MANA token in its marketplace. Just days ago, a Canadian investment firm focused on decentralized finance (DeFi) called Tokens.com purchased almost $ 2.5 million worth of virtual land on the Decentraland platform.

Decentraland is also expanding the NFT space with art galleries where users can buy and sell art and even interact with artists directly. She also recently partnered with Sotheby’s, one of the world’s largest auctioneers. Many lucrative sales have taken place inside these virtual galleries, such as the sale of 914 Wonder Woman NFT by former DC comic artist Jose Delbo for $ 1.85 million, according to a report by datadriveninvestor.

Decentraland is backed by over 20 investors and is said to have a trust created by Grayscale with over 20 million MANA tokens locked, per data-driven investor.

Sandbox

Sandbox, a game for gaining metaverse, allows users to buy and sell land and other assets using SAND cryptocurrency. The Alpha Sandbox is scheduled to launch on November 29. It is expected to have around 5,000 games by the end of 2021 with funding from the Sandbox Foundation.

Sandbox is one of the most traded NFT markets in the space. SAND has a total supply of nearly $ 3 billion with approximately $ 900 million in circulation. He’s partnered with Skybound Entertainment (the company behind The Walking Dead show), Big Fan (esports project), Ubisoft and even Snoop Dogg. The sandbox was also recently backed by SoftBank, one of the world’s largest investment firms, with a funding round of $ 93 million.

Sandbox aims to be more and has already kicked off integration with the more energy efficient Polygon in addition to buying carbon credits, among others, according to a report from a data-driven investor.

Infinite Axis

An NFT based blockchain game, players can buy, sell and trade Axies, the in-game cartoon monster that they can use to fight with others. Created by Sky Mavis, a company based in Vietnam, the game features fights between teams of three Axies. Each Axis derives its powers from its type (plant, bird, insect, etc.) and from its body parts. To create new Axies, existing owners must spend the money earned in the game to “breed” the Axie monsters. The winnings can be sold on the open market for real money.

The eight-step process outlined in the company’s online guide involves downloading not one but two crypto wallets; buy and deposit Ethereum on the company’s own blockchain; and purchasing at least three Axies, among other tasks, according to a Verge report.

Axie also saw the sale of a virtual land in the game Axie Infinity NFT for a record price of $ 2.4 million (550 ethers). The plot is part of the “Genesis” type of terrain, which Axie Infinity has described as “extremely rare”. Genesis Land is located in the center of the Axie Infinity map and is limited to 220 plots, a report from blockcrypto pointed out. In February, nine lots on Axie Infinity were reportedly sold for over 888 ETH (around $ 1.5 million at the time and almost $ 4 million at current prices).

Since Facebook’s rebranding to Meta, prices for the Metaverse cryptocurrency have taken off. All Metaverse crypto tokens can be purchased on the WazirX platform.

To note: This is a partnership post.


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