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The metaverse trend exploded in the crypto industry in late 2021, following Facebook’s announcement that its parent company is going to rebrand into Meta, and focus on developing its own metaverse. Suddenly, everyone was buying metaverse tokens, and new projects were emerging throughout the industry.
Now, 2022 promises to be the year of the Metaverse, like 2020 was the year of DeFi, and 2021 became the year of NFTs. With that in mind, we looked into these projects, seeking the best and most interesting ones to watch, and we came up with the following list.
Decentraland is one of the oldest, or quite possibly THE oldest metaverse project out there. It spent years working on building its virtual world and offering users digital plots of land. This digital land comes in the form of NFTs, and purchasing it means that the NFT owner is the sole owner of the digital property. They can prove their ownership at any time simply by proving that they own the NFT, and if they choose to sell it, the ownership will simply transfer to the new buyer alongside the NFT.
While you own digital land, you can use it for pretty much anything — developing games, building software, launching your own virtual business, or even organizing virtual events. There have been many of those in Decentraland since the COVID-19 pandemic emerged, from crypto meet-ups that were no longer possible in person to New Year celebrations, and more. About a month ago, the Australian Open even held a series of events for people who were not able to enter the country due to the anti-Covid measures.
Decentraland is certainly one of the metaverse projects that will be very successful as time goes by, and more major events taking place in its digital world can be expected in the near future.
To learn more about this token visit our Investing in Decentraland guide.
2. Axie Infinity
Axie Infinity is a metaverse project that uses its virtual world for gaming. The project has developed a game inspired by the Pokemon games, where users can purchase monsters and then train and upgrade them in order to turn them into unstoppable warriors. Each monster comes in the form of an NFT, and users can also purchase additional upgrades to strengthen their monsters.
These upgrades come in the form of various body parts belonging to different kinds of beasts and monsters. With over 500 parts in total, users can combine them in any way they see fit. Once their monster is as powerful as it can get, users can either sell them at a higher price, or use them to battle other players and their monsters. Winning these battles ensures that users win rewards in the form of AXS, the project’s native cryptocurrency. Alternatively, users can also create new monsters by breeding their existing ones, and also sell their NFTs or use them within the game.
To learn more about this token visit our Investing in Axie Infinity guide.
In the third spot, we have MyNeighborAlice. This is another gaming metaverse project that was inspired by games like Minecraft and Animal Crossing. It is a farming-themed P2E (play-to-earn) game where players can buy and own virtual islands — again through buying and owning NFTs — and the n collect and build exciting items, make new friends, and generally enjoy the calm atmosphere and a fun gaming experience.
Each player has their own avatar that represents them, and they can modify it in any way they wish. Buying virtual land can be done through the internal marketplace, or the game’s eponymous central figure, Alice.
After witnessing the popularity of Animal Crossing and Minecraft over the last few years, there is little doubt that MyNeighborAlice will attract massive amounts of attention once the metaverse and blockchain gaming become a bit more standard in the broader gaming world.
To learn more about this token visit our Investing in MyNeighborAlice guide.
Nearing the end of the list, we have Ertha — a project that comes as a combination of Decentraland and gaming metaverses. In its essence, it is a P2E game that has a rather exciting backstory. Its goal is to encompass an accurate life simulator on a global scale and allow players to purchase territories in their favorite parts of the world, and use them to micromanage their companies, and even entire countries.
The experience is very satisfying and rewarding in its own way, as players are required to keep in mind things like the economic aspect, infrastructure, military development, and more. Keeping an eye on all of this allows them to advance and become a dominant force in their own region.
The game features aspects of strategy genres, old-school games, and MMORPGs, as well. It uses the ERTHA token as an in-game currency, which can also be taken out of the game and traded on various crypto exchanges.
Ertha is really a lot more than this, as it has very complex systems and mechanics that players are already very excited about exploring, learning, and using to their advantage, to advance their own positions and defeat competitors, and this complexity opens up countless possibilities, which is a big part of the fun that surrounds the game.
To learn more about this token visit our Investing in the Ertha guide.
5. The Sandbox
Last, but not least, we have The Sandbox. Also a gaming-oriented metaverse, The Sandbox is a bit different from these previous projects. It allows users to create, build, buy, and sell digital assets in the form of a game. Essentially, the project allows users to earn by developing their own games and allowing others to experience them.
The project’s native coin, SAND, is being used as a utility token within the platform, which means every game that gets built in The Sandbox’s ecosystem. The project’s idea is to allow gamers and developers to express themselves and create their own games, instead of simply being tied to the ones built by companies, and ending up limited to a single game per project.
It also wishes to ensure that players will be the owners of their games, which is questionable in today’s traditional gaming industry. Purchasing a digital copy of games is no longer a guarantee that the game will forever be the player’s property and that it will remain unchanged, given that it can be taken from them with a push of a button. Blockchain and NFTs change this, and the players have more freedom, including the ability to be developers and players at the same time, all within the same project.
To learn more about this token visit our Investing in The Sandbox guide.
As you can see, the metaverse sector is already very diverse and rather interesting, with new possibilities opening up all the time. All you need to do is check out these projects and see which one(s) seem the most interesting to you, and either give them a chance or at least keep track of their progress and development.
For the time being, metaverse developers are promising a lot, even claiming that this trend will revolutionize the way people communicate, connect, and use the internet. Whether or not this is accurate still remains to be seen in years to come. However, if the world does go metaverse in the near future, getting involved now would definitely give you an advantage, as digital plots of land that many of these projects offer will eventually become very expensive and valuable to have.