Metaverse projects continue to proliferate as the interest in immersive online experiences grows rapidly. By 2024, the Metaverse market is projected to reach $800 billion. Let’s dive into what a Metaverse is and how new Metaverse projects are bringing more of our ‘in real life’ experiences into the digital realm.
Main Features of a Metaverse
- Tranforms in-person activities to the digital realm
- May or may not require VR Headsets
- Deeply intertwined with gaming and finance
- Invites uses to play, interact, work and transact online
The Metaverse is a digital version of life where Internet users can interact, play, shop and work together through a 3D and/or virtual world experience.
There is no one Metaverse and they are mostly a work in progress, as many teams and companies are developing their own virtual universes today. These 3D Internet spaces are designed for users to meet and socialize online so that many aspects of their real lives essentially become “virtual”.
Open vs. Closed Metaverses
Closed, centralized Metaverse projects like Zuckerberg's Meta or what Disney plans on building may not have the same appeal as Metaverses that are Web3 based, which generally are compatible with digital assets and may be more community minded or even run by a DAO.
How does it work?
Users can connect online from a Metaverse project’s website where they can begin to interact with that project’s computer-generated 3D environment. Some but not all Metaverses will require a 3D headset, but a Metaverse can also be as simple as a Zoom meeting, where team members meet virtually.
Metaverse & Crypto: What’s the Connection?
Cryptocurrencies and other digital assets like NFTs work well in Metaverses for multiple reasons:
- Crypto and NFT markets run globally 24/7 and are accessible to all, allowing open Metaverse economies to thrive.
- NFTs can be fractionalized, creating almost endless possibilities for digital property, passive income opportunities, and ownership rights within the Metaverse.
- Crypto, NFTs and the Metaverse are all digitally native and compatible with one another in the digital age.
Top Crypto Metaverse Projects
Sandbox (SAND) is a virtual world and GameFi project focused on a game-like digital assets marketplace. SAND saw explosive growth in 2021 and even in this current bear market and shaky world economy, the Metaverse coin is up almost 5x from last year.
Decentraland (MANA) is an Ethereum-based Metaverse platform centered around a market for digital property, Avatars and other digital accessories. They recently partnered with the world’s third largest footwear company Skechers, who purchased land in the Decentraland Metaverse to create a virtual store.
ZED Run is a digital universe for simulated horse racing. You can buy a unique NFT horse and then race it, buy or sell it as a financial asset, bet on it, or even breed it to create more NFTs.
The key to the Metaverse from a crypto trader's standpoint is that we know Metaverses are definitely in our future, and with cryptocurrencies and NFTs fully integrated, they add a very versatile type of investment vehicle to our digital (and real) lives.
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Disclaimer: The content of this article is for general market education and commentary and is not intended to serve as financial, investment, or any other type of advice.