The Metaverse
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Metaverse was only science fiction in the past. However, decades of technological advances have contributed some notable efforts to making the Metaverse a reality. The Metaverse is an interconnected 3D world, that is supported by blockchain technology, and can be accessed via the internet. The Metaverse is also an immersive and augmented virtual reality.
For instance, there are real estates in the Metaverse, which consists of virtual buildings or undeveloped virtual landed properties. These virtual properties are as highly-priced as the real thing. For instance, Republic Realm (a Metaverse investment company) bought a virtual landed property worth $4.3 million on the Sandbox Metaverse.
Metaverse and Fashion: The fashion industries were also quick to embrace the Metaverse. Luxury fashion brands rolled out their virtual-only products. This fashion brand includes Louis Vuitton, Dolce & Gabbana, and Gucci.
Metaverse and Entertainment Industry: The music and entertainment industries were also quick to embrace the Metaverse, as stars in the industries started hosting virtual concerts in the Metaverse. Examples of these stars are Ariana Grande and BTS.
There are also other industries that are utilizing the Metaverse to develop their brands. These include the sports, advertising, and computing industries. Research revealed that the worldwide size of the Metaverse reached $68.49 billion last year (2022). It was predicted that the size might increase to $1.3 trillion by 2030.
Furthermore, there are crypto projects in the Metaverse. Examples of major projects in the Metaverse include Enjin Coin, Axie Infinity, Sandbox, and Decentraland.
Metaverse cryptocurrency and tokens: A lot of blockchain-based Metaverse platforms have their own crypto. Some people buy and hold this token for a long time. This act is like buying a company’s stock Also, investors do buy virtual real estate and Non-Fungible Tokens (NFTs) which are a huge part of the Metaverse too.
Leading Metaverse Projects
Internet Computer (ICP)
Established by Dfinity in the year 2021. Its main purpose is to provide a non-centralized, open web platform that can support dApps and smart contracts. On ICP, people can build decentralized applications and websites that run on decentralized networks of computers. The ICP project was able to raise more than $190 million, and it is supported by organizations like Polychain Capital and Andreessen. This project has experienced huge growth since it was started. As of now, ICP ranks as the best blockchain project by market capitalization.
Decentraland (MANA)
This is a non-centralized, 3-dimensional virtual global game. Through it, users can design and monetize created content. Participants can earn money by selling their creations, like wearables and real estate, or by playing games to earn money. MANA supports Decentraland and can be used to buy assets in its Metaverse. Decentraland started in 2021, when Non-Fungible Tokens were in vogue. Consequently, its market capitalization rose very quickly to $6.8 billion. Then its token was sold at an all-time high of $5. However, both the price of its token and that of the user have reduced ever since. Now, Decentraland is looking into ways of attracting both new users and developers to its platform.
Sandbox (SAND)
Sandbox began as a mobile game but was later purchased by Animoca Brand. Animoca is a blockchain gaming software organization. Animoca turned the game into a virtual Metaverse, and it allows people to design, buy, and sell digital assets such as virtual game items and Non-Fungible Tokens. The token used for the transaction in this Metaverse is SAND. Sandbox also witnessed impressive growth in 2021, with its token trading at an all-time high of $7 with an average daily user count of 2,000 and a market capitalization of more than $6.6 billion. However, now daily users have dwindled to an average of 1,000 daily users.
To Investors
The Metaverse has the ability to transform how our daily lives are lived. This is the reason why big technology companies are investing huge amounts of funds into the Metaverse industry. It can create new markets and business opportunities and a platform for different services. Investors should buy into the Metaverse now while it’s still early to maximize their profits.
