A metaverse is a virtual world filled with architectural marvels that simulate reality. It may or may not be based on blockchain technology and, in most cases, has assets individuals can own.
Individuals can own virtual lands that they can develop, rent, sell, and most likely earn passive income from while using them, depending on the structure of a metaverse.
Some metaverses may include gameplay that allows blockchain gamers to interact with others, fight competitors, breed creatures, capture opponents’ properties, and engage in various other activities.
Metaverses may attempt to simulate reality by allowing users to interact with others, collaborate with colleagues, attend virtual events, build virtual offices, and engage in similar activities in a virtual environment.
Although relatively nascent, the significance of the metaverse can’t be overstated, as several industry giants are now vying to become pioneers and leaders in this rapidly evolving sector. A classic example is Facebook’s parent company deciding to change its name to Meta as “part of its bet on a next digital frontier called the metaverse.”
Meta is one of the many companies working tirelessly to create a functional metaverse. In August 2022, Meta announced the launch of its metaverse app, Horizon Worlds, in Spain and France. The app is only available to residents of the above countries who are over 18. Individuals are expected to use Horizon Worlds’ VR headsets to access this metaverse.
This article explores the concept of a “metaverse.” It also comprehensively examines the top metaverses turning the tables in 2022.
What is a Metaverse?
A metaverse is a virtual world in which people interact, play games, work collaboratively, build structures, and engage in various activities. It is a virtual world that simulates the real world and allows users to perform everyday activities.
Metaverses come in different forms and are structured based on what they intend to achieve. Players in virtual gaming worlds can own equipment, avatars, weapons, and other in-game assets that they can use to explore the gameplay.
The gameplay determines what users do in the virtual world. If it is a competitive or battle game, they usually fight against others in a Player vs. Player (PvP) game mode. Sometimes, they can interact with the environment in a Player vs. Environment game mode. Popular examples of virtual gaming worlds are SolChicks and Axie Infinity.
In other cases, the metaverse may be a virtual environment for events rather than a gaming environment.
Some metaverses are being created to allow individuals and brands to hold virtual events. For example, party.space allows individuals to “host stunning virtual parties or full-fledged corporate events in the metaverse.”
Several organizations are considering establishing virtual offices in the metaverse; some have even purchased virtual land on popular metaverse platforms like Sandbox. For example, in April 2022, Standard Chartered Bank, a prominent financial institution, purchased virtual land in the Sandbox metaverse with plans to develop and operate in that space.
Metaverses offer job opportunities for different roles. With the growth in the development of virtual worlds, the demand for these roles has increased (see DeFi Planet’s article outlining some of the top metaverse job opportunities, such as software development, community management, and content writing).
What are the Top Metaverses and Virtual Worlds in 2022?
The Sandbox has grown to become one of the most popular metaverses in existence, to the point where large corporations have virtual lands in the metaverse.
It is an Ethereum-based gaming metaverse that, like its counterparts, allows gamers to purchase in-game assets, groom them, sell them, and use them as they see fit.
The Sandbox is the home of creativity, as users are free to explore and unleash their innovative ideas on the platform.
Axie Infinity is a Play-to-Earn (P2E) gaming platform that allows individuals to breed creatures called Axies and use them to compete against other players. These creatures can be bred and sold in the marketplace.
In a P2E gaming ecosystem, players are rewarded with in-game assets for exploring the gameplay. Axie Infinity has gained widespread popularity, particularly in the Philippines, where some people play the game full-time.
Different blockchain gaming guilds offer scholarship programs for Axie Infinity. Players can earn AXS tokens by playing, which can be sold on an exchange or used in the governance process.
Decentraland is popular because it allows people to buy assets such as virtual lands, trade, create items, and do a variety of other things.
The virtual environment is captivating, and as with Sandbox, individuals are free to express themselves creatively. They can create scenes, architectural wonders, and more on virtual land.
This metaverse can host virtual events that anyone can attend, no matter where they are in the world. Two currencies are used in this metaverse: LAND and MANA, with the latter serving as the governance token.
Decentraland is “divided into small sections known as Parcels. Each Parcel is 16m by 16m (52ft by 52ft for those unfamiliar with the metric system), and it’s the smallest amount of land you can own. However, if one owns several plots adjacent to each other, they can be joined to form an Estate. In addition, certain large regions are assigned a specific theme, forming a District. The Genesis Plaza is the most notable example.”
SolChicks is a popular Play-to-Earn (P2E) game on the Solana network with gameplay similar to Axie Infinity. It provides revenue streams to blockchain gamers who actively participate in tasks.
Gamers are expected to breed SolChicks, use them in various metaverse activities, and earn $CHICK tokens.
The gameplay of SolChicks is competitive, meaning that players are expected to battle against others with their creatures called SolChicks. The leaderboard system ranks every community user based on participation and is a critical component of this ecosystem’s architecture.
This is a 3D metaverse that uses BLOK as its native currency and is intended to honor Bitcoin’s existence and maximum supply of 21 million coins. To that end, the metaverse environment includes a 21-story skyscraper with sections for sale.
Like the other metaverses on this list, the sections are in the form of NFTs and can be traded in a marketplace. Individuals can choose to use or lease their designated sections as they see fit.
Brands and individuals, like Decentraland, can host virtual events and invite guests. Brands can also advertise their products in different areas of the metaverse.
Metahero is a metaverse that allows users to scan any item or person to tokenize or move them into the platform. This streamlines the process of tokenizing items and converting them into NFTs that can be used on the platform or sold to others. This feature distinguishes it from the other metaverse platforms. Metahero’s native token is HERO.
Illuvium is a blockchain game with creatures called Illuvials that are designed as tradeable NFTs.
This game contains RPG elements, as well as gameplay that allows players to battle other players in order to obtain Illuvials. This game’s native token is ILV.
- A metaverse is a virtual world in which people interact, play games, work collaboratively, build structures, and engage in various activities.
- Metaverses come in different forms and are structured based on what they intend to achieve.
- A metaverse could function as a gaming platform.
- Metaverse platforms are often designed to allow individuals to interact with others.
- Most metaverses tend to have in-game currencies.
- In some metaverses, individuals can develop their virtual assets, especially lands, as they deem fit.
Disclaimer: This article is intended solely for informational purposes and should not be considered trading or investment advice. Nothing herein should be construed as financial, legal, or tax advice. Trading or investing in cryptocurrencies carries a considerable risk of financial loss. Always conduct due diligence.
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