Metaverse & The Blockchain Technology

• A Canadian firm bought virtual land for $2.5 million.

• Facebook plans to invest millions of dollars to create their own metaverse.

• Metaverse features crypto to serve in-game goods & services.

• Metaverse is a huge investment opportunity.

A virtual world that one could escape to is something that we all have thought about at least once. For a long time, this idea of the virtual world stayed within the boundaries of books and movies. But slowly, the metaverse has finally begun to be discussed and turned into a reality. Metaverse is now the hottest topic in today’s tech community. 

The Metaverse is nothing but a virtual space or world which will be shared among users to interact with each other. The users will be in the forms of avatars, can own space in the metaverse, share experiences, build objects from the real world, have exclusive in-world objects, and create exclusive in-world infrastructures or basic things. The interesting part is the involvement of blockchain technology & crypto assets in the metaverse. The economy implemented in the metaverse could be exclusive tokens that could be bought by cryptocurrency. 

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The real world has already started shifting into the metaverse. Several organizations that are in the mainstream, and organizations that are in the crypto industry, have already built their virtual headquarters in the metaverse. Not just this, these companies also host various virtual festival celebrations and events which are attended by hundreds and thousands of people. Recently, a Canadian firm bought virtual land in Decentraland for $2.5 million. Another big step towards metaverse is taken by Facebook, who is planning to create its own metaverse to let users create space, interact and explore with other users, all by investing over $50 million in metaverse.

There are numerous cryptocurrencies or crypto tokens that are involved in the metaverse. A cryptocurrency called Decentraland, also known as MANA, hosts a virtual world, metaverse, called the Decentraland. It is a metaverse based on blockchain where one can enter and have avatars, customize them, gain real estate, build stuff, and play with other players. MANA is a cryptocurrency with an average price of one MANA being equal to $3.5 and it’s the same currency that is used in Decentraland to buy all sorts of stuff.

ALSO READ – HOW CRYPTO COINS ARE DIFFERENT FROM CRYPTO TOKENS

Another cryptocurrency that hosts a metaverse is The Sandbox, also known as Sand, with the name of The Sandbox NFT metaverse. This metaverse also lets users create a game within a game themselves and play it with other players or alone. Similarly to Decentraland users can choose an avatar, own lands, customize their lands in infinite manners, and much more. In this, the users could also create virtual art galleries which will help them to sell their NFTs (Non-Fungible Tokens). The platform supports NFTs or tokens that could be bought by using Sand and can be used to buy assets in the virtual world.

The Sandbox cryptocurrency is linked to the blockchain of Ethereum, has an average price of one SAND being equal to $5 and a max supply cap of 3 billion. When this metaverse was launched the SAND hiked up to a price of $8.40 and the users who owned SAND went from 500k to 900k.

Even though metaverse is in an early stage of development, the opportunity for investment it presents is incomparable. Metaverse can serve players a new way to enjoy gaming, a world to escape to, a place to be together remotely, a place with no limits, and a lot more. All these features will surely attract a greater audience and will result in greater revenue. The introduction of VRs and the immersion of cryptocurrency in the metaverse will make it the center of the next internet era.