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The market is still constantly fluctuating, resulting in countless new trends appearing, which is also one of the factors that attract money flow to the Crypto market, from the Memes, NFT to Gaming NFT. And now in this article, CHK will talk about Metaverse.
So what is Metaverse? What are the 5 most prominent Metaverse projects today? Let’s find out with me!
Metaverse is a concept that blends the real and digital worlds created by Virtual Reality (VR) – virtual reality technology & Augmented Reality (AR) – augmented reality technology. These two technologies are commonly used in the digital world, the sources are taken from the real space around us, combining virtualization elements.
I will explain in detail about these two technology platforms so that you can easily imagine:
- Virtual Reality (VR) is virtual reality that allows users to interact through gestures and senses. VR will create virtual scenes and users will interact and feel them with connected devices such as VR glasses. You will see VR being used a lot in gaming, digital tourism or real estate models,…
- Augmented Reality (AR) will be slightly different from VR in that the technology will be built on the real space from the environment we live in, and the virtualization element will be added.
2016 has been a trend Pokemon Go, which is also a game using AR technology, requiring the player to move around the area in the real world and collect virtual Pokemon.
This technology will describe in 3D space about objects, their shape, position. AR is considered a future technology because of its diverse applications from gaming to online shopping,…
For Crypto, when applying Metaverse, the technology will remain the same, in addition, users will be able to expand their ability to connect with the surrounding world and get rid of the geographical “fence” between regions around the world.
Blockchain is considered a good environment to apply Metaverse because of its inherent decentralization and scalability, which is also the main factor that Crypto and Gaming NFT projects choose for their platform.
In addition, the Metaverse experience can provide new opportunities for future creators and players (typically NFTs, game items, etc.). In the distant future, Metaverse will most likely help people create a parallel (virtual) world, erase all time-space rules and head towards a new electronics industry.
Axie Infinity (AXS)
Axie Infinity – the focus of the market recently and also the name I mentioned earlier in Top 5 Outstanding NFT Gaming.
Axie Infinity is an NFT gaming metaverse, building virtual pets in digital space incorporating VR technology, allowing players to participate in Gaming Space, collecting pets to level up. The Axies (virtual pet) are in the form of NFT, while the AXS token (Axie Infinity Shards) is a token combined with the metaverse to decentralize ownership and governance of the Axie ecosystem.
The combination of multitasking Metaverse technology with the same model Play-to-Earn created a fever in the community, most notably the Philippines nearly half a million people in this country participated in Axie Infinity, helping more than 60% of people successfully overcome the epidemic season.
A few standout numbers:
- Market Cap: $4,193,561,676
- Volume reached the milestone of more than $1,000,000,000, leading in the current NFT projects. The number of daily active users since the beginning of June has increased by more than 196% with more than 1.01 million transactions.
In addition, Axie Infinity also generates revenue for the Treasury, resulting in a strong growth in the value of the AXS token, since its launch, it has gained 63,606% (May – August 2021) .
The success of Axie Infinity does not come naturally, in fact you can see that gaming is quite interesting, the combination of Metaverse, Gaming & Play To Earn is the key factor to create a boom. of AXS.
The second project I want to mention is Decentraland, a gaming platform released in 2016 by a team of developers in Argentina.
Decentraland built on top of decentralized virtual reality (VR) technology, UX is largely based on Second Life and Minecraft. Similar to other NFT games, Decentraland will give players experience, opportunities to earn money and incentives from the project.
Metaverse in Decentraland is a virtual world of Decentralized ledger – ownership of land. A parcel of land in the game called LAND, is 16×16 (NFT by Decentraland). When playing the game, you need to own LAND (similar to land in the real world) with value to use forever, unless you sell them.
MANA is the native token of Decentraland, used to buy and sell goods and services in Decentraland Genesis City. Users need to have money when buying land and MANA will act as a medium of exchange for in-game items, which can be traded on Coinbase and other CEX exchanges.
Similar to the real world, in Decentraland, buying adjacent parcels of land constitutes “real estate” allowing owners to build and develop them.Everybody in the world can participate in the space. this virtual to play games, participate in events,…
The important thing is that owning as many LANDs means that you will collect a large amount of money, it is no different in the real world, even buying land is much simpler.
Some standout numbers
- Market Cap: $1,221,953,200
- 2018 is the peak period for Decentraland, but the most impressive is until 2021, also the “golden age” of NFT gaming projects, Decentraland therefore also grew strongly, MANA price reached ATH $ 1.6, rank #91 up to now.
Recently, Atari announced a partnership with Decentraland and plans to own a large real estate in Gaming Space. At a time when the NFT & Metaverse market is trending, Decentraland can be seen as a new investment opportunity. When the cash flow begins to pour into Metaverse projects like Decentraland, real estate (LAND) in Metaverse will continue to increase in price.
Enjin Coin (ENJ)
Those of you who have participated in ICO since 2017 can’t help but know the project Enjin Coin, this is a platform built on Ethereum that was founded in 2009. With the aim of supporting the gaming industry, in other words, it is used to optimize NFT games and the whole NFT ecosystem in general. . To date, Enjin has supported over 55 developers & gaming apps.
When the wave of NFT & Metaverse exploded, it was also when projects with similar platforms emerged, Enjin Coin was no exception. Enjin Coin is not a gaming project, but it is the most prominent blockchain-based online game community creation platform today.
Enjin is designed for NFT, if you have ever heard of The Six Dragons, Enjin is also a part of it, Six Dragons allows players to create NFTs based on blockchain and those who want to participate need to exchange tokens ( their items).
Enjin has supported over $1.14 billion in blockchain assets across various projects & platforms. Holders of multiple items can either exchange them directly on the Enjin Marketplace or swap them for ENJ tokens and hold on the Enjin wallet.
Some standout numbers
- Market Cap: $1,861,580,316
- The period from the beginning of the year to about April 2021 has started to see the NFT wave, ENJ trading volume has increased continuously, peaking at more than 3,000% price from $0.1 to $4. In addition, this growth is due to the increasing number of NFT traders in the Metaverse Games, leading to a sharp increase in trading demand.
The Sandbox (SAND)
Sandbox is a decentralized virtual reality platform designed on the Ethereum platform by the gamestudio Pixowl development team and released in 2012.
Similar to other NFT Play-To-Earn games, Sandbox allows players to transform into characters, trade and sell items (vehicles, dragons, …) on NFT LAND. In another concept, Sandbox is also an ecosystem where anyone can create, share, and motenize assets.
Specifically, Sandbox is an ecosystem for Players and Creators including:
- VoxEdit: Software to create voxel ASSETS.
- Marketplace: A place to buy and sell the collected ASSETS.
- Game Maker: Allows users to create their own virtual world building games (Metaverse) & collect resources, rewards, tokens inside.
Sandbox is a Metaverse game where players can participate in many games with just one character. Players need to own at least 2 Avatar (Character) and Land (Land). The characters in the game will represent players to participate in virtual space and buy land, raise pets, buy weapons, accessories, …
Last July, Sandbox continuously launched events to the community with a variety of genres such as Music Festival NFT Collection, Land Sale Wave #5, Game Jam #5, Liquidity Rewards, Voxedit Pool Party Contest.
With Sandbox, you can participate in making money in many different ways (players, creators, investors), liquidity from Sandbox Marketplace helps connect players and creators.
Some impressive numbers
- Market Cap: $625,939,329.
- From May to July 2021, SAND made a breakthrough with 1,400 LAND sold in just 15 seconds, earning more than 2.7 million SAND, rank 80 in the Gaming segment (according to Dapp Radar). The price of land on Sandbox also increased sharply, the highest LAND sold was for 45 ETH (equivalent to $141,165), and SAND also reached ATH (March 2021).
Aavegotchi is a Gaming NFT project on the Ethereum blockchain platform combined with the lending mechanism of Aave. The project was also released Metaverse Litepaper and introduced a new ERC-20 token called “Gotchus Alchemica”, which can be cultivated on REALM land (NFT) similar to Decentraland’s MANA/LAND.
Aavegotchi’s game mechanism is quite interesting, you can bring NFTs to participate in mini games, besides, each ERC-721 standard NFT connects to an address containing standard ERC-20 collateral on Aave. . Those tokens will yield and the amount of ERC-20 inside the NFT will increase over time, so the more you hold, the more the value of the NFT increases and vice versa.
When participating in the game, you will play the role of characters, liquidators and collect Alchemica in the Gotchiverse, participate in the battle to earn Alchemica (ERC-20 token).
Players also have the ability to receive airdrops, rewards by some tasks such as referring friends to join. Incarnation, role-playing, task performance is what Aavegotchi brings to players, in addition to the entertainment factor, “Earn” is also highly appreciated.
Some impressive numbers
- Market Cap: $125,179,475
- GHST price peaked at $2.34 (August 14), up more than 300% from the bottom (December 1, 2020). Although the value is not higher than other competitors, but for players who are looking for an attractive Metaverse to spend all day plowing the game without getting bored, Aavegotchi is a suitable choice.
The combination of NFT and Metaverse promises to bring forth many new things, potentially bringing new opportunities to users around the world. In the virtual world, people can freely transact, do whatever they like in an unlimited space.
Hopefully the above content will help you somewhat understand more about Metaverse projects and find yourself a game to experience.
The article is made by me based on my personal perspectives and some analysis that I have compiled from many different research sources, you can refer to: Nasdaq, Coindesk, Medium, Forbes.
Disclaimer: This Top 5 list was taken from Coingecko in order of Market Cap. All information in the article is for informational purposes only and is NOT intended as investment advice. You should research the project carefully before making any investment decisions.
What will the next top 5 topic be? If you are interested in any topic, please comment below for CHK to refer to and research!
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