As we gear up for the next generation of digital, numerous companies are working on Metaverse Crypto Projects online. The Metaverse equips users with the ability to utilize avatars to explore and interact in virtual worlds.
Tech giants such as Meta and Microsoft have dedicated themselves to helping transform the way users interact, work, shop, and play online. Sony has also invested $1 billion in Epic Games to help build the Metaverse. These Metaverse Crypto Projects offer various opportunities to individuals and businesses to earn through their virtual economies.
Cryptocurrency plays a major role in virtual transactions, where users can buy and sell Non Fungible Tokens (NFTs). For Blockchain-based metaverses, assets can be tracked across different virtual worlds. Each Metaverse Crypto Project has digital currency; Sandbox has SAND, and Otherside has APE. Users can purchase the currency from Binance and Coinbase.
Virtual real estate within Metaverse Crypto Projects has also become very popular, with land being sold for as much as $4.3 million within the virtual space. With celebrities such as Paris Hilton and Snoop Dogg working on developing their metaverses, Metaverse Crypto Projects such as the Sandbox are gaining a lot of users daily.
What Is A Metaverse Crypto Project?
Metaverse Crypto Projects involve the creation of a virtual space that allows users to shape their own experiences and interact virtually. By harnessing the potential of VR, these projects are working on developing exciting new features that depict the exciting future of social media.
Although VR is not required to enter the Metaverse, it allows users to immerse themselves within the virtual experience fully. Users utilize ‘avatars’ to move around and interact within the Metaverse.
By providing exciting 3D development tools such as VoxEdit, these Metaverse Crypto Projects ensure that users now have an opportunity to design interactive digital assets such as buildings, avatar accessories, and other cool items which can be sold to generate revenue.
Users can now integrate virtual wallets such as Metamask to these platforms to make transactions within their platforms.
Several companies are working on building different metaverses for users to explore and interact with. For example, Meta is currently working on Horizon Worlds, which offers users the chance to attend virtual concerts, parties, comedy shows, and much more.
Each Metaverse Crypto Project offers unique benefits, such as the Sandbox also provides an easy-to-use ‘Game Builder’ that users can utilize to build their metaverses without any coding.
What Are The Different Types Of Metaverse Crypto Projects? (Standalone, Gaming Etc)
Metaverse projects can be categorized according to their technology stack, user vision, and end goals. Most Metaverse Crypto projects aim to achieve borderless connectivity by allowing users to interact with each other worldwide. Virtual economies within these projects can help facilitate new earning opportunities for businesses and individuals.
Here are some of the different types of Metaverse Crypto Projects:
- Gaming Based: Games like Fortnite allow users to immerse themselves within a storyline fully and complete campaigns, compete with other individuals, and more! Users utilize avatars from a first-person perspective to move around these Metaverses to explore. While these projects are considered more ‘Collaborative Virtual Environments’ than actual ‘Metaverses,’ the concept is very similar, i.e., virtual spaces with in-game economies.
- Social Interaction Based: Projects such as Horizon Worlds primarily focus on creating virtual spaces for users to interact with their friends. These virtual spaces allow users to interact in different virtual environments, such as concerts, parties, and more.
- Industry Based: While Meta is focusing on creating a social interaction platform, Microsoft is working on creating an “Industrial Metaverse” already being used by big name brands such as Heinz and Kawasaki. Microsoft utilizes its Augmented Reality glasses “HoloLens” to solve real-life industrial problems.
- Virtual Economy Based: Although most Metaverse Crypto Projects offer their virtual economy, projects such as Decentraland and the Sandbox stand out in this category due to their large user base. These platforms enable users and businesses to create their own digital assets (NFTs) and sell them. Land within these metaverses is also very popular, as it is set up as an NFT on the Blockchain.
5 Best Metaverse Crypto Projects
The Otherside Metaverse is a project by Yuga Labs, the creators of the iconic Bored Ape Yacht Club. The game uses the Ethereum Blockchain network as its technology stack, with ApeCoin (APE) as its digital currency.
ApeCoin has a market cap of $2.1 billion and allows its holders to make transactions within the Otherside Metaverse. Metaverse Crypto Projects such as the Otherside have an intriguing storyline to keep their users engaged. For example, land within the Otherside consists of five types, i.e., Rainbow Atmos, Chemical Goo, Biogenic Swamp, Infinite Expanse, and Cosmic Dream.
Each land type offers resources and rare items, thus incentivizing land owners to explore what their land holds. While this project is still in its early stages, they hosted an extremely successful land sale that raised around $561 million. There was so much traffic during the land sale that gas prices went up to $4000.
The Otherside team announced that they would compensate users who had to endure high gas fees and apologized to Ethereum for “turning the lights off” for a while.
The Sandbox Metaverse adopts a 3D voxel strategy to allow users to create their environments using its inbuilt tools, i.e., VoxEdit and Game Builder. Users can create animated 3D objects, build houses, create art, and more.
It is built on the Ethereum Blockchain and utilizes SAND as the native currency to facilitate transactions within its virtual realm. The Metaverse Crypto Project also offers its in-built marketplace that users can use to list their creations for sale.
Land parcels within the Sandbox have become extremely popular, and celebrities like Snoop Dogg have purchased land within this vast metaverse. There have also been reports of a user paying up to $450,000 to purchase land next to Snoop in this virtual world.
There are a total of 166,464 land parcels within the Sandbox Metaverse. Sandbox has reserved around 26% for special events and rewards for gamers, creators, and partners. To purchase Sandbox land, users can visit secondary marketplaces such as OpenSea.
This Metaverse Crypto Project offers users the chance to breed ‘axies.’ The metaverse game revolves around breeding and raising these animals, which are NFTs that can be bought and sold within the Axie Infinity Marketplace.
Users can hunt, battle, and build exciting treasures within this game. Unique creations can be sold at high prices, making this an excellent platform for users to earn. Each Axie is characterized by rarity and has its strengths and weaknesses. Since these Axies can be grouped into teams of five, users can build extremely well-rounded teams to win battles.
The game utilizes AXS as its in-game currency to facilitate transactions. During their launch, the token was around $0.15 per token. It has since then grown exponentially to about $165 towards the end of 2021.
This Metaverse Crypto Project is also based on the Ethereum Blockchain and utilizes MANA as its digital currency. Users can purchase MANA from exchanges such as Coinbase, Binance, and more. Like Sandbox, users can create digital assets and list them for sale within the Decentraland marketplace.
Decentraland offers its users a blank canvas to create anything they’ve ever imagined. You don’t necessarily have to be a coder to build within the Metaverse. The Metaverse Crypto Platform offers an in-built builder tool where users can drag and drop elements to create interactive environments.
The software development kit (SDK) enables developers to import 3D assets, meaning users can import other NFTs into the Metaverse. Several building courses are also available online for users looking to learn how to build and shape their virtual environments.
Land within this Metaverse is also a very lucrative asset, with individuals purchasing plots for as much as $2 million. Once users have bought a piece of land, they can begin building their very own Metaverse within it. Several brands are also selling within this Metaverse, such as Samsung, Nike, Atari, Coca-Cola, and more.
This exciting Metaverse Crypto Project uses ENJ as its digital currency. Linked to the Ethereum Blockchain, this project has also had tremendous success in real estate.
It also managed to obtain $18.9 million through an ICO. Initially intended just for gaming, the platform has grown these past few years immensely. Enjin helps users store, distribute, create and integrate assets in different industries.
The unique selling proposition of this project is that it utilizes a gamification approach to interconnect a virtual asset to something of real-world value. It has a CMS platform that enables users to build their websites, blogs, and game-based plugins at super low costs.
Using Enjin, users can utilize smart contracts for different world life applications. Enjin has also collaborated with Microsoft to bring custom cross-platform NFTs to big gaming brands such as Minecraft.
Should You Invest In A Metaverse Project?
With the rising popularity of Metaverse Crypto Projects, investors have many options to choose from for their future investments. There are various ways for individuals to invest: Investing in NFTs, obtaining Metaverse Crypto, purchasing virtual real estate, and investing in Metaverse stocks through exchange-traded funds (ETFs).
The rising price of virtual land and the increase in the number of users are strong indicators of these virtual spaces’ potential. Since it is a very brand new space, it is strongly recommended to conduct extensive research before investing in Metaverse Crypto Projects.
The virtual space offers businesses a new way to connect with customers. Investing in virtual land and setting up a store could benefit brands immensely in the long run.
Why Are Companies Getting Involved With Metaverse Projects, And What Are The Risks?
With the Metaverse poised to transform how users interact online, many companies are looking for ways to become a part of this digital revolution.
While tech giants such as Meta, NVIDIA, Microsoft, Samsung, and more are focusing on developing hardware and creating metaverses, other businesses have an option to set up virtual stores within Metaverse Crypto Projects. For example, Nike has built its Metaverse called “Nikeland” within the Roblox Metaverse.
However, there is still a long way to go before we achieve the full potential of the Metaverse. Since numerous unknowns exist within this space, there are always risks associated with aligning yourself with the Metaverse.
The risks of getting involved with Metaverse Crypto Projects include:
- Losing Your Investment: Remember, you are dependent upon the Metaverse Crypto Project if you decide to invest in the Metaverse. While in real life, you may have the government or banks to back you up, virtual investments in assets such as land can be risky.
- Marketing to a Niche Audience: While the user count is still rising, there are very few users who might be interested in what you have to offer. For example, if your business is planning on buying and selling virtual real estate, only those who see the potential of virtual land will be interested in buying.
- Scams: Be on the lookout for scams, as there is also a wide variety of platforms with a dwindling user rate. If you purchase land on these platforms and disappear the next day, your investment is gone. Always invest in reliable platforms such as Sandbox, Otherside, and Decentraland.
Blockchain-based Metaverse Crypto Projects are on the rise, and with different forms of cryptocurrencies backing them up, it is worthwhile to explore what each project offers. It is very hard to predict the future of the platforms mentioned in this article, but we hope you’ve gained enough insights to begin venturing into the exciting realm. Before investing in any of these projects, it is highly recommended to do your research.