Metaverse crypto is the foundation of countless virtual worlds. But the relationship between crypto technologies and the larger metaverse isn’t always straightforward. Nor is it always easy to keep track of the most critical projects that use metaverse crypto. But you’ll soon know all about the most significant metaverse crypto projects and why they’re such an important innovation.
- Just What is the Metaverse?
- Blockchain on the Metaverse
- Economy Within Metaverse Games
- Top 10 Metaverse Crypto Projects to Check Out
- The Link Between Metaverse Crypto Projects and Gaming
- Metaverse Crypto Projects Power NFTs
- The Best Tools To Access the Metaverse
- How Metaverse Crypto Projects Influence DAOs
Just What Is the Metaverse?
Understanding metaverse crypto requires a deeper dive into the metaverse itself. The metaverse is best seen as a merger between the digital virtual world and the physical analog one that you’re used to.
This merger does give you the option to step into it with virtual reality (VR) goggles. But you can also see the metaverse overlaid on top of the physical world through augmented reality (AR) gear. VR and AR technologies are the most immersive way to experience the metaverse. But even smartphones and video game consoles can give you access to this digital domain.
The metaverse is also devoid of barriers. There are no real borders in the metaverse, and there’s always more space to build and create. This translates into unlimited space to build, play, and explore. Users can even socialize while doing so. The metaverse is an inherently social environment that brings people together. Users can invite friends for adventures, meet up with disparate family members, or even make new friends.
The metaverse is still experimental and under development. But you can find more about the metaverse’s future in the article “Metaverse Guide; Understanding The Basics Will Open Up a New World”.
Blockchain on the Metaverse
Metaverse crypto builds upon the metaverse’s technological foundation through the blockchain. Bitcoin is probably the most well-known example of a cryptocurrency. One of the reasons bitcoin became so popular is that it’s fundamentally superior to traditional currencies. It’s built on the blockchain and perfectly integrates into Web 3.0 systems. This was later expanded upon with other metaverse crypto implementations.
Ethereum is one of the best examples of this progression. Ethereum is like bitcoin in many ways. But this cryptocurrency is programmable through intelligent contracts. This contract system opened up innovative technologies such as the non-fungible token (NFT) and decentralized autonomous organization (DAO). Smart contracts gave people an easy way to signify ownership of a digital resource. In doing so, it allowed for unique digital items.
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The inherent transparency of the blockchain further enhances ownership of digital items. Transactions are easily opened up for observation to any interested party. You can quickly point to a resource and prove that you’ve paid for it, own it, or both. The blockchain gives people the ability to use digital resources in different ways according to need. This versatility has made it an essential building block for the metaverse.
Economy Within Metaverse Games
Metaverse business often involves games. But there’s a difference between metaverse games and games in the metaverse. Regular games in the metaverse are essentially static and unchanging. Conversely, metaverse games provide considerable freedom. This means users can use metaverse crypto to buy, sell and exchange goods or services. This is a closer approximation to how people play games in the real world.
For example, a sports video game typically only lets you work within specific boundaries. But in the metaverse, you could play that same type of game with added incentives. You could bet, buy new uniforms and equipment, etc.
Top 10 Metaverse Crypto Projects to Check Out
It’s important to remember that the metaverse is constantly growing and changing. It’s an experimental realm where people are continually trying out new ideas. But with that in mind, some metaverse crypto projects stand out even among the other unique innovations. The following ten projects highlight particular success, innovation, or other outstanding achievements.
Decentraland is one of the most well-known metaverse crypto projects. This is primarily since it pioneered many of the foundational elements of the metaverse economy. Decentraland is among the most renowned metaverse brands in large part because it’s been garnering recognition since 2016. Decentraland also where many people first realized that a metaverse company could fully replicate the physical world within a virtual space.
Decentraland provides users with a living world that parallels our own. One of the most apparent examples is land ownership. Decentraland is home to a wide variety of fun and exciting events. And people have been quick to buy up virtual land in those areas. Or, of course, to buy up land to host their affairs. The crypto economy works through an ERC-20 token called MANA. The land itself is on the blockchain as NFTs called LAND.
Video: First look inside Decentraland
Sandbox is named after the concept of a sandbox game. It refers to games where you can essentially act without any intrinsic limits. Games seldom live up to that promise. But the metaverse makes it a reality. Sandbox can do this in large part thanks to its metaverse crypto underpinnings.
Sandbox pairs an underlying substrate based on the Ethereum blockchain with native SAND tokens. The Sandbox system doesn’t just support a digital crypto economy, and it actively promotes it. Sandbox puts a strong emphasis on user creation and distribution. Users can easily create their own goods and NFTs tied to the blockchain.
When users have made a unique element, they can sell it to others through the native cryptosystem. This even translates into instances of passive income for users. And all of this is leveraged through a cryptosystem that provides all the benefits of that entity.
Video: The Sandbox – Alpha Season 2 Trailer
Star Atlas is a metaverse crypto project with a heavy emphasis on sci-fi-themed gaming. It can be seen as a spiritual successor to EVE online in many ways. EVE was among the first games to offer an in-game economy. But Star Atlas isn’t just a game, it’s a metaverse. This means that it’s far more extensive and more complex than EVE. It also provides the benefits you’d expect from a metaverse crypto project.
The most noticeable benefit provided by metaverse crypto is ownership. Star Atlas provides players with a currency that exists outside the game. When someone earns money in Star Atlas, it’s all done through private ownership. People own the assets and digital currency. This contrasts standard games, where the game company ultimately owns both in-game currency and assets. Users leverage Serum DEX to buy land, build cities and even borrow funds against other resources.
Video: Star Atlas – The Trailer
Bloktopia is a VR-based metaverse that promotes educational entertainment. The VR skyscraper found in Bloktopia consists of multiple floors which rise up from a decaying world. The heights of a virtual tower are host to an entire metaverse crypto economy. In this context, the tower is like an enormous shopping mall. Stores operate alongside various forms of entertainment and social engagement.
Bloktopians are also BLOK token holders. Users are linked into the blockchain simply by participating in Bloktopia. The metaverse crypto aspect is further enhanced by the number of freedom people have to work with the larger economy. Bloktopia provides real estate blocks that can be purchased and developed by BLOK token holders. Of course, a user doesn’t need to own real estate to have fun in Bloktopia. The expansive tower-based universe is teeming with entertainment. There are countless ways to spend and earn money or enjoy hanging out.
Video: Bloktopia Trailer – This Changes Everything
Most of the metaverse is open to the creative use of resources. The creator economy is an integral part of the metaverse as a whole. But Wilder Worlds is a metaverse crypto project that puts even more emphasis on the creative side of the metaverse. And it also channels a lot of resources into the fun of highspeed racing.
Wild Worlds is a vast metaverse space that features one primary city called Wiami. And, of course, Wiami is itself built on the blockchain. Users can enjoy exploring Wiami in a car. And these vehicles are bought or rented with the system’s $WILD token.
One of the most entertaining parts of the racing mechanic is that it works as a metaverse crypto reward system. Users spend money on resources to get into the race. But they also have the potential to win large amounts of crypto while they enjoy the race.
Video: Wilder World Trailer
Enjin is a metaverse crypto project based on ENJ-backed digital assets that can be leveraged in various ways. This includes art assets in the form of NFTs. But it also has less commonly seen examples like digital vouchers and items that can be used in video games. And, of course, real estate sales are also quite popular within Enjin. Enjin’s cryptocurrency, ENJ, is entirely tied into the Ethereum blockchain. It gives ENJ access to Ethereum’s smart contracts feature. This opens up a lot of different avenues for programmatically defined actions that are tied into ENJ.
The ENJ cryptocurrency was first created back in 2009. At the time, it was primarily intended for use with gaming interests. But eventually, it’s grown into a feature-rich system that powers some vast deals. In fact, in 2017, it received a considerable boost through an ICO, which raised $18.9 million.
Video: Enjin Coin
Axie Infinity gives users the chance to step into a metaverse quite distinct from most other metaverse crypto projects. The main difference comes from the centerpiece of Axie Infinity’s digital economy. Metaverse economies tend to center around land and digital items. And Axie Infinity does indeed provide plots and in-system items that are sold as NFTs. But Axie Infinity’s most considerable distinction stems from its use of artificial life.
Axie Infinity derives its name from Axies. Axies are cute monsters that players can pit against each other. Axies are a lot like animals in the real world. They have intrinsic attributes that come from breeding and their utilization. The Axies are a form of metaverse crypto in that they’re inherently unique and tied to the blockchain. Each Axie can be sold in the game’s marketplace. And holding in-system currency, AXS, also provides voting privileges for Axie Infinity.
Video: Axie Infinity Land Teaser
Gala Games operates through a play-to-earn principle. In theory, Gala can be centered around a variety of different games. This isn’t too unusual within the metaverse. It’s often relatively easy for users to make games within a larger metaverse environment. But Gala is unique in its quality over quantity commitment. Gala is a metaverse crypto project which is billed as “blockchain games you’ll actually want to play”. And it’s investing a considerable amount of work into creating new games. The main draw of Galas is a game called Town Star. But several others are catching people’s attention.
Gala uses a currency called GALA across all of the games contained within it. This is used for peer-to-peer payments, node rewards, and purchasing items. Users can also earn passive income by running a Gala Node. This adds resources to the more extensive system but requires a fairly significant initial investment.
Image attribution: Gala Games
Alien Worlds is another example of a metaverse crypto project which emphasizes gaming. Alien Worlds is built on the WAX blockchain and features NFT mining. One of the system’s biggest draws is the ease with which people can set up a passive income for their efforts. It’s relatively easy to create and maintain Trillium mining operations. The Trillium stake period ranges from one to twelve weeks, at which period the user will get a significant profit.
Besides easy mining, the requirements for entry are meager. And the same goes for mining fees. A new user can expect to get into Trillium mining for a typically less than $10 fee. The resulting profit in TLM can, of course, be used in-system. But it’s a fully blockchain-recognized cryptocurrency that’s supported on a wide variety of different exchanges. It’s a game that’s fun and profitable.
Video: Introducing Alien Worlds
Nakamoto Games is a metaverse crypto project that fits a few different designations. One of the system’s most essential points comes from a dedication to gaming. Nakamoto Games provides users with a wide variety of blockchain-based games. Participation in games requires a Web3 wallet with some NAKA tokens. But this isn’t just so that players can pay money to play games. It’s also so that they can earn money.
Nakamoto Games puts as much effort into their play-to-earn mechanic as they do gameplay. One of the most critical parts of any game is the ability to monetize it somehow. Players can earn NAKA tokens through a variety of different methods. And they can even buy and sell items to use in the games. Nakamoto is also devoted to the idea of a larger metaverse, not just games within the system, also ensuring that users can create within it.
Video: Nakamoto Games Mainnet Introduction
The Link Between Metaverse Crypto and Gaming
There’s an apparent link between the currency in the offline world and gaming. Likewise, you can find a strong link between metaverse crypto and gaming. Part of this has to do with the nature of gaming in the metaverse. People don’t just play games in the metaverse. They build them. Platforms like Roblox are home to thousands of user-generated games. That platform’s currency is a large part of the experience.
You’ll find similarities throughout the metaverse. For more information about the most popular metaverse games, you should refer to the article “Top 10 Popular Metaverse Games To Explore Right Now”.
Metaverse Crypto Projects Power NFTs
The blockchain is an integral part of metaverse crypto. But it’s also receiving a lot of attention, thanks to NFTs. NFTs, as non-fungible digital assets, are tied to the blockchain. They literally couldn’t exist without something like the blockchain to provide them with the ability to exist as a unique digital item. It’s hard to think of either the blockchain or NFTs living without the other. Each depends on and adds value to the other.
The article “NFT Guide: Everything You Need To Know About NFTs” highlights the essential aspects of NFTs and their relation to the blockchain.
The Best Tools To Access the Metaverse
The metaverse crypto projects raise an essential question. What’s the best way to personally explore those projects? You’ll need metaverse gear or tools to work with these platforms, but they come in a wide variety of different forms. You can work with the basics through Web 3.0 systems in a standard browser. But more immersive work calls for VR or AR gear. However, each of these has additional subcategories to consider.
Different needs lead to other metaverse gear. You’ll find an in-depth analysis of the various metaverse tools in the article “Metaverse Devices: The Best Gear To Enter the Metaverse”.
How Metaverse Crypto Influences DAOs
The blockchain also ties metaverse crypto into identity and governance. Just as the blockchain changed the nature of the economy, it’s also providing a new type of organizational structure. The term decentralized autonomous organization (DAO) describes an organization that uses the blockchain to signify membership and voting rights in a community. The blockchain automates many aspects of governance. It can even automatically enable aspects of fairness, thanks to the fact that there’s so little ambiguity.
You can learn more about the nature and operation of DAOs in the article “The Ultimate DAO Guide: All You Need to Know About DAOs”.
The preceding information highlights an important point. The metaverse changes how people relate to seemingly immutable elements like currency, community, and even reality. But it’s a chance that you can jump at any time by entering the metaverse.
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