Blockchain-Based Metaverses

As if metaverses weren't a concept foreign enough for our mundane human brains, today, we see metaverses that are influenced by our favorite crypto tokens.

A virtual character created from dots.
Photo by julien Tromeur on Unsplash

In the blockchain-based world or 'metaverse,' you'll see many crypto tokens dominating the front seats, including Decentraland, the Sandbox, Star Atlas, and more.

Blockchain games let gamers gain billions via NFT and cryptocurrency transactions. As a result, some gamers quit their careers to explore metaverses and trade collectibles.

Diving Into the Metaverse

Before going knee-deep into the intricacies of a blockchain-based metaverse, let's explore a bit about metaverses.

A metaverse bears a remarkable resemblance to a limitless virtual world that lets users replicate their distinct experiences from reality. A metaverse can be thought of as the projection of real-world experiences into a digital or virtual world. In a metaverse, you create an avatar for yourself that's supposed to be a representation of you; once you're done with that, you're free to explore the boundaries of a metaverse.

You can purchase virtual real estate, interact with an online community that has the same interests as yours, and do things that you possibly can't in the real world.

Metaverses, Crypto, And the Blockchain

Gaining traction from the concept, the crypto world has its version of a metaverse – a blockchain-based metaverse. Blockchain-based applications like Axie Infinity, Decentraland, and SecondLive allow their users to get their hands and own virtual real estate, make play-to-earn tokens, gain an intuitive crypto-world experience, and much more.

In a metaverse, you need virtual real estate and other essentials – in short, you need virtual assets. To procure virtual assets, you need to purchase them.

While purchasing assets in a metaverse, one bottleneck that you might come across is the mode of payment. Unfortunately, as of today, metaverses don't transact in fiat currency, and you'll need some form of digital currency to live, work, shop, buy virtual real estate, or do business in this virtual world. This is where cryptocurrency and the blockchain network come into play.

Some metaverses already accept cryptocurrencies as payment. Because cryptocurrency is used, all digital activities are impromptu, and the blockchain technology that powers them makes the transactions incredibly safe and reliable.

Non-fungible Tokens

Metaverse-type and blockchain-based programs like Decentraland, Axie Infinity, and SecondLive enable users to possess virtual real estate, explore the land to earn currency and do various other things. While doing so, NFTs are used. Non-fungible tokens (NFTs) are nothing more than cryptographic tokens in which the ownership data of virtual assets are encoded. An NFT might also take the shape of digital art, any in-game asset, or anything else.

NFTs have gained a lot of traction in the last few years. If you'd like to get a deeper understanding of NFTs, check out my friend's website, it describes in great detail how NFTs work.

NFTs are reshaping the gaming business by allowing individuals to own and benefit from the goods they acquire or develop in the game – and then take that money or assets into real life. Previously, if you played a game like Axie Infinity (AXS), the awards you earned could only be used in that game. Axie players may now win bitcoin incentives that have monetary worth outside of the game.

Mark Zuckerberg is the most recent person to take a plunge into the metaverse concept, and he did so with much fanfare. Facebook, now known as Meta, is a massive and formidable organization, but it is not the first or only tech giant to be enamored with the metaverse concept. After all, the metaverse is the most recent incarnation of the internet and, like the internet, cannot be owned by a single firm.

Giants in the Blockchain Metaverse

Over the internet, you'll find a boatload of metaverses, including those dominated by the blockchain. Here are some formidable names you'll come across in blockchain-based realms of virtual infinity.

Decentraland (MANA)

Decentraland is an interactive virtual platform where you can purchase, trade, and manage virtual properties (called LAND). As a result, you may build, nurture and grow your universe any way you choose.

The Decentraland metaverse also provides interesting activities and games for users, such as concerts and festivals, with vivid entertainment hotspots that rival those found in the real world. In addition, Decentraland is expanding and has an active development staff, giving you several alternatives and chances.

The Sandbox (SAND)

Sandbox is another virtual environment where users may manage virtual land and other digital assets using SAND, an alternative yet native metaverse coinage. This cryptocurrency allows you to monetize your digital experience online.

Sandbox is unique because it gives individuals the ability to utilize SAND whatever way they choose - whether in creating their own game, utilizing it in other games, or managing other virtual assets. SAND is also powered by the Ethereum blockchain, which makes it extremely safe, stable, and secure.

Furthermore, SAND is supported by SoftBank's Vision Fund, one of the most well-known brands in the technological investing sector.

Axie Infinity (AXS)

Axie Infinity has almost a quarter-million daily users. The participants possess AXS tokens, which give them a share in the game's ownership and functioning. Players may construct kingdoms, seek rare resources, and hunt for riches. The metaverse blockchain rewards the most active participants.

Star Atlas (ATLAS)

Star Atlas allows users to travel into a virtual intergalactic space using a customized starship to enter an extraordinarily distinctive metaverse, construct their simulated reality, and form or join a force. The ATLAS Metaverse token facilitates these in-game actions on the Solana blockchain, which is much more affordable, quicker, secure, and flexible than the Ethereum blockchain.

Enjin (ENJ)

Users can create, store, and sell virtual products on the Enjin platform. For starters, users must give a monetary value to their digital products by securing ENJ tokens, the metaverse currency, in a smart contract. According to the contract rules, players can trade, sell, or utilize virtual items. The vendor receives ENJ when the item is sold.

ENJ, like other metaverse currencies, has a finite quantity - only one billion to be produced and distributed. Users can keep ENJ in the platform's wallet, connecting all functions. Users may join games, access and utilize things, exchange items and metaverse currencies with other users, and exchange digital products for ENJ via the wallet.

Ending Note

Metaverse and crypto are expected to evolve in the coming years as people become more accustomed to the concept and wrap their heads around it. The collaboration of crypto with metaverse unlocks a plethora of options and features for crypto enthusiasts. Now, we can only wait and see what the future has in store for us!