Many sectors have discussed the metaverse, particularly since Facebook changed its name to Meta to reflect that the corporation has shifted its focus to constructing and building a metaverse. Soon after, As more investors recognize the value the metaverse provides and the potential for profit, the industry is becoming more popular.
The metaverse is a united, virtual society where we can work, play, relax, transact, and socialize. The metaverse is still in its early stages of development, and there is no one-size-fits-all definition to which individuals may refer.
In related news, JPMorgan, one of Wall Street’s biggest banks, produced a paper outlining the types of commercial prospects that can be found in the metaverse. The financial behemoth went on to describe the metaverse as a trillion-dollar potential. The banking behemoth not only issued a report, but also put its money where its mouth is by becoming the first bank to create an Onyx Lounge in Decentraland’s metaverse.
In-game spending is expected to reach $18.41 billion by 2027, according to JPMorgan. After all of that, let’s take a look at the top three cryptocurrency exchanges.
Esteban Ordano and Ariel Meilich established Decentraland in 2015. The platform is a virtual world in three dimensions. It’s a browser-based metaverse platform based on the Ethereum blockchain. The platform aims to motivate a global community of users to run a shared virtual world.
Decentraland users can purchase and sell digital real estate, as well as explore, interact, and play games in the Decentraland-powered metaverse. Users can also use the platform to access interactive apps, in-world payments, and peer-to-peer conversation.
There are usually two or more types of tokens that regulate the operations of various Metaverse and Play-to-Earn (P2E) platforms. The platform uses two tokens, LAND and MANA, in the instance of Decentraland.
LAND is a non-fungible token (NFT) that is used to define the ownership of land parcels that represent digital real estate, while MANA is the platform’s native token that allows for the purchase of LAND as well as other virtual goods and services. MANA also serves as the platform’s governing token. This means users can vote on policy modifications, LAND auctions, and subsidies to help the site improve. In addition, when LAND is auctioned, the MANA tokens that were used to acquire the parcels are destroyed or removed from circulation, resulting in a deflationary supply of MANA.
For many institutional investors, Decentraland has been the go-to platform. JPMorgan, one of Wall Street’s and America’s top banks, has established itself in the Metaverse by constructing a lounge in Decentraland, an Ethereum-based metaverse built on blockchain technology. Apart from that, Samsung opened a Decentraland counterpart of its New York store in January, and Barbados established a metaverse embassy in Decentraland in November 2021. Decentraland also staged the first-ever metaverse wedding two weeks ago.
In terms of market capitalization, Decentraland’s MANA is the best-performing metaverse coin. It now has a market capitalization of $5 billion. The token is also in high demand, as its trading volume has increased by more than 80% in the last 24 hours. It is now trading at $2.70 at the time of writing.
Another blockchain-based metaverse, The Sandbox, allows users to create, build, purchase, and sell digital assets through a game-like interface. The Sandbox creates a decentralized platform for a healthy gaming community by combining the powers of decentralized autonomous organizations (DAO) with non-fungible tokens (NFTs).
The Ethereum blockchain serves as the foundation for the platform. Pixowl introduced it in 2011. Arthur Madrid, the company’s co-founder and CEO, and Sebastien Borget, the company’s co-founder and COO, are at the helm.
The Sandbox is best known for its two big mobile hits, The Sandbox (2011) and The Sandbox Evolution (2016), which together have had over 40 million downloads on iOS and Android.
To establish a circular economy amongst all types of users who will interact with the platform: gamers, artists, curators, and landowners, the Sandbox employs a variety of token types. SAND, LAND, and ASSETS are the three most common token types. Read also; How Much to Invest in Cryptocurrency, According to 5 Experts
SAND is the Sandbox metaverse’s native token, and it serves as the foundation for all of the ecosystem’s transactions and interactions. The Sandbox metaverse’s LAND is a digital piece of real estate. Players purchase LAND with the intention of filling it with games, assets, and interactive experiences. Each LAND is a one-of-a-kind (non-fungible) token that exists on the Ethereum network (ERC-721). ASSETS are a type of token created by gamers that develop or assemble user-generated content (UGC). ASSETS are based on the ERC-1155 standard and can be traded on the market. Their primary purpose is to be used as creative elements in The Sandbox Game Maker.
Axie Infinity is a real-time battle game based on the blockchain that allows users to battle their Axies. Each of the Axies, who are the game’s characters, is unique and is represented by an ERC-721 non-fungible token (NFT). The platform is based on the success of the Pokémon video game series.
Sky Mavis, a technology-focused game developer, founded Axie Infinity in 2018. Trung Nguyen and Aleksander Larsen co-founded it. Trung Nguyen currently serves as the platform’s CEO, while Aleksander Larsen serves as the platform’s COO.
Axie Infinity Shards (AXS) and Smooth Love Potions (previously Small Love Potion) are the two major tokens used in the platform’s ecosystem (SLP). The platform’s native governance token is AXS. Holders are a part of Axie’s decentralized organization and can help shape the platform’s evolution by selecting how treasury funds should be spent or how the ecosystem fund should be allocated, for example. SLP, on the other hand, is obtained through gameplay and may be used to create new Axis. Both AXS and SLP are Ethereum ERC-20 tokens that can be traded.