The Metaverse is a new reality that has the potential to quickly acquaint itself with everyone's daily lives as it develops as a social technology. As the adoption of the combination of the real world and the virtual world continues to grow, it promises to enhance human interaction by enabling individuals to engage in any activity —going to work, playing with friends, shopping, or having other fun— in a virtual setting.
Since late 2020, metaverse technology has been one of the major discussion points in the tech sector. The technology is predicted to transform our social experience with virtual realities, enabling high degrees of communication and human engagement while maintaining decentralization and data protection. As a result, many metaverse projects are built on various blockchains.
Why the Metaverse Needs Blockchain Technology?
The Metaverse is intended to redefine the human social experience to increase interaction quality. To do this, two key elements are essentially used to replicate the real-world experience in the virtual world. Hence, any metaverse's two main components are its hardware and software. Users can use the hardware component to engage in virtual or augmented reality with any controller. On the other hand, the software component is the most important. It is the digital environment that displays all actions to metaverse participants. As a result, without an enabling digital environment generated by the software components, all of the hardware components would be pointless.
Consequently, given that blockchain technology has revolutionized every sector, particularly cryptocurrency and NFTs, it is only natural that the metaverse digital environment is built on technology that provides a secure decentralized database where independent nodes can communicate in a constantly updated network.
The blockchain serves two essential functions in the metaverse. Firstly, it functions as a database, allowing users to store data anywhere in the metaverse; it is a transparent ledger, which means that once it is recorded, it cannot be modified. On the other hand, blockchain technology creates a complete economic framework and enables a digital environment to integrate the metaverse's virtual world with the actual world. Users can trade virtual objects as they do in the real world. As a result, blockchain connects the actual world and the metaverse.
Furthermore, the blockchain is a crucial component of the metaverse because it is a public, immutable, public ledger that encourages honesty and eliminates the need for "trust" in transactions and interactions. Because all transactions are publicly verifiable and nothing is hidden on the blockchain, it is also feasible to authenticate the creators and owners of all assets in the metaverse.
Some blockchain protocols enable interoperability; as a result, multiple metaverses developed on different networks can be interconnected to enjoy the paradigm change in social relations. The metaverse necessitates a transparent and decentralized open-source ecosystem that allows multiple developers to create and improve on existing applications without starting from scratch - the blockchain provides this.
Blockchains on the Metaverse:
Ethereum
Ethereum is a smart-contract blockchain that aims to create a safe, decentralized environment for hosting applications of all kinds. In addition, several metaverse platforms are built on the blockchain, a popular blockchain for building decentralized applications (dApps).
Decentraland
Decentraland is a virtual reality platform that allows participants to build their own 3D universe in which they can purchase, sell, and manage virtual property (called LAND). You can create and develop your universe in any way you choose, and you can explore this version of the metaverse from the comfort of your phone, computer, or virtual reality (VR) headset. You can also play other players and hire them to guard your territory while you are away.
MANA is Decentraland's native ERC-20 cryptocurrency. Importantly, all transactions within the Decentraland game must be conducted with MANA, making the token a utility token. As a result, participants of Decentraland can easily monetize their LAND by advertising, playing games, hosting concerts, and other features. Also, MANA can be used to purchase wearables, avatars, names, and a range of different things in the Decentraland marketplace.
The Sandbox
The Sandbox is an NFT game that allows users to create a virtual world by purchasing land and creating an entirely new virtual experience, allowing developers to create numerous real-world experiences on a metaverse. Initially, The Sandbox was a mobile game built to compete with the popular simulation game Minecraft; however, as it grew in popularity, it quickly launched a desktop version and completely shifted to a blockchain-based game.
SAND is the Sandbox utility token, an ERC-20 token based on the Ethereum network. It is used to pay for all transactions within The Sandbox metaverse; hence, you must have SAND tokens to purchase LANDs, develop them with applications, and conduct metaverse transactions. In addition, Sandbox's Metaverse allows LAND owners to monetize their property by creating NFT LANDs to taste with various applications such as games, meeting spaces, NFTs, and so on. This compensates creators and players for their innovative ideas in a play-to-earn ecosystem.
Solana
Solana is a permissionless, open-source web-scale blockchain that delivers decentralized finance (DeFi) solutions. Solana is the first blockchain to create a decentralized clock by incorporating time stamps into the transaction verification procedure. Solana also hosts some metaverse projects.
Star Atlas
Star Atlas allows you to broaden your horizons beyond the planetary. The stars are your limit here, and you can explore a whole universe of possibilities. For example, you can use your starship to explore a distinct metaverse, join or start a faction, and create your own planet.
The metaverse token that powers this extraordinary realm is ATLAS. It is the key to fascinating new horizons, opportunities, and functions on the Solana metaverse blockchain. It works similarly to regular in-game currency, enabling players to carry out actions, including participating in combat, exploring new worlds, and using the market. The digital resources you require to fully experience the Star Atlas universe, such as land, ships, crew members, and equipment, may all be purchased with ATLAS metaverse currencies.
Solice
Solice is the first Solana BlockChain-based cross-platform VR Metaverse. The business hopes to construct a VR metaverse on the Solana blockchain where users can play, build, own, socialize, and sell virtual experiences. It builds on the Decentraland and Sandbox concepts by selling lands to users and letting them construct on the plots they have purchased. In addition, it allows players to explore the 3D world and invest their money in buying land plots.
SLC is the Solice native utility token based on the Solana network. Land staking is a unique element of the Solice metaverse, where users can stake SLC to earn rare NFTs for usage in the game. On the Solice metaverse, a maximum of 60,000 plots of land are available, which will be auctioned to users in early 2022.
Polygon
Polygon is an EVM-compatible blockchain that was created to reduce the Ethereum blockchain's congestion and high costs. As a result, the polygon is one of the most prominent Metaverse cryptocurrency platforms. It provides low prices and fast transactions, making it ideal for metaverse projects.
Bloktopia
Bloktopia is a virtual reality metaverse built on the Polygon blockchain where you can learn, generate income, play games, and create. In reference to the sum of 21 million coins in Bitcoin, Bloktopia is a decentralized virtual reality skyscraper with 21 stories. Participants can get immersive entertainment and cryptocurrency information in one spot at this virtual tower.
A play-to-earn game is integrated within the Bloktopia native token, BLOK, created on the Polygon blockchain. Participants can earn money by owning virtual real estate, playing games, constructing networks, and doing other activities. Furthermore, advertisers and sponsors can monetize Bloktopia's user base via a distinct, specialized NFT method.
The Takeaway
The Metaverse is an inevitable technology; just as interactive social platforms impact our communication experience, the Metaverse will take us to new levels of e-communication and interaction through interesting virtual realities.
We hope you have gained valuable insights into the top metaverse projects across various blockchains. Kindly note that you can send, receive, and swap metaverse tokens via Cwallet. Simply download the wallet with one click, and you can get to use your tokens with our unique tipping and airdrop functions.
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