Now that regulations have tightened and Cryptocurrencies have experienced a massive drop in the market, investors have begun turning to new projects in this bearish season, Metaverse tokens. We know that Crypto has always been one of riskiest forms of investing and the shift to the metaverse seems like the natural progression in light of these recent developments. It's important to keep in mind, however, that the difference between these tokens are negligible and metaverse tokens are basically the next evolution of the digital currency industry.
What is the Metaverse?
The term metaverse encompasses multiple projects that are currently being released by various developers. Some of you might be familiar with the term thanks to Mark Zuckerberg taking Facebook INC and renaming it Meta recently. This change was said to be made in light of the company’s planned projects over the next few years. The company aims to create their own metaverse that works as a successor to the internet bridging the gap between the virtual world and the real world, through various means. A digital hang out, if you will.
For the most part, a metaverse refers to a digital world that replicates reality by incorporating elements such as virtual/augmented reality and 3D virtual environments. Facebook Inc’s or Meta’s version of the metaverse is different to how other companies are presenting their own versions, however.
Earth 2 is a different example of what defines a metaverse by working essentially, as a version of Google Earth but where individuals can purchase land. The project is still in its first phase of development but as of now, users can search addresses and purchase blocks of land as they see fit. The price of land in Earth 2 has been growing steadily over the last few months and users can also sell at any time. The company intends to keep developing into an immersive digital experience but with no set time frame.
Another project in the metaverse sphere that has been gaining a lot of traction lately is Decentraland. This 3D virtual reality platform game consists of its own world where players can purchase virtual real estate. To do this, players must purchase the game's own currency MANA, based on the Ethereum blockchain. As both a metaverse and a videogame, Decentraland provides a perfect segway into the other topic I wanted to touch upon which is:
Another form of digital currency that sits in the same category as the metaverse is gaming tokens. Developers have begun creating games that run on the blockchain and rely on digital tokens that can be bought, sold or exchanged like any other digital currency. These video games allow players to purchase or trade land as well as creatures to be used within the digital world of their games.
If that all sounds a bit confusing, let's take a look at one blockchain-based game that's in its early stages, Monsters Clan. The game uses a digital token, called MONS, which can be exchanged for NFT’s (Non-fungible tokens) called Monsters. Players can buy, rent and sell these monsters to help them build a stronger clan and fight other players. As there is only a certain number of MONS in circulation, as the popularity of the game increases, the demand for the token will rise with it, elevating the price. Therefore, investors are looking at getting in early on Monsters and all the projects like it such as Decentraland, Everdome and the Sandbox.
The metaverse is without a doubt where developers and companies believe the future is, and not just in the sense of investments but in how we interact with each other. Metaverses are aiming to create a place where users can experience life in the digital world through work, shopping, exercising and socialising. This is going to change everything, from the way we interact with each other, to the way companies advertise their products.
The future is coming fast and it will be interesting to see the possibilities that arrive with it.