The phrase “metaverse” has recently resurfaced on the Internet, thanks to Facebook’s announcement of their intention to change their name to Meta and build a VR (virtual reality) social network for users.
Many metaverse cryptocurrency initiatives have been launched that perform very similar things to Meta, but in a more decentralised manner because their metaverses aren’t controlled by a single body like Meta’s.
When a result, as digital currency are combined with blockchain VR social platforms, a lot of both Internet and funds have been poured into this sector, and they will have the last say on how things will be managed and monitored in the metaverse sector.
People may be whoever they want and do whatever they want within these VR projects, which is one of the reasons they are so popular. They have an infinite number of options, and huge businesses like Facebook (Meta) see this as the next step in social interaction for many years to come.
One of the reasons why people are seeing through Facebook’s name change to Meta is because they will still be the entity in charge of their social network, as they have been in the past. This simply adds to the public’s rising disdain for corporations that want to keep power in their own hands rather than share control of the platform with its users. Meta, by claiming to be a metaverse, is attempting to give its users the appearance of choice; it claims to be a virtual reality social network, but it does not enable users to choose what they want the platform to look like or tolerate during their time there.
This is relevant to the decentralised metaverse cryptocurrency initiatives that are doing just that; they are allowing their users to decide the platform’s fate through a decentralised governance mechanism. This allows users to make their own suggestions, which are then voted on by other users, and the consensus determines whether they are approved or not. The developer/company does not have the last say, and this is a great way to distribute power across a big group of people.
When this is linked with blockchain technology, it will rewrite the rule book for who should own the future of a platform: the users themselves. Below are three options that we believe are the best up-and-coming metaverses to consider adding to your portfolio.
The Decentraland (MANA) cryptocurrency is one of the most well-known and long-running metaverse initiatives. It’s a virtual reality social network that blends VR social features with blockchain technology to ensure the project’s governance is totally open and fair. They have their own currency called MANA within the network, which generates its own economy not just within the confines of the digital platform, but also a transfer into the real world, providing genuine money for its user base.
Users may build their own avatars and use them to go to virtual locations like as casinos and other areas of the world, as well as play virtual reality games with other users.
Users may earn real money by utilising the site in one of the common methods, such as purchasing and selling land that has been set aside for auctions. On Decentraland’s digital marketplace MANA, users may now purchase and trade NFTs of items.
The Sandbox (SAND)
The Sandbox is similar to Decentraland in that it is a virtual environment where users may earn money by buying and selling items, land, and real estate. It also allows users to connect socially with one another and experience the virtual environment together.
The Sandbox features a long number of partners and advertisers who promote more user participation, including well-known musicians like Snoop Dogg and Deadmau5. They’re also using well-known series like The Walking Dead to promote their game.
When compared to Decentraland (MANA), The Sandbox’s market valuation is less than half ($2.3 billion) of MANA’s ($5 billion), indicating that it has a lot of room for future development as the project develops and matures to the age of Decentraland’s.
JEDSTAR DECO and GameFi
In comparison to Decentraland and The Sandbox, JEDSTAR DECO and GameFi Third is a much younger cryptocurrency project that we have picked as the project with the best potential for growth. JEDSTAR is a DeFi (Decentralised Finance) and GameFi (Gaming Finance) initiative aimed at bridging the cryptocurrency and fiat (USD/GBP) financial sectors.
Their new token, KRED, will be utilised in their future CCG (Collectible Card Game), Metaverse MMORPG (Massively Multiplayer Online Role-Playing Game), in-game NFT marketplace, and their most recent cooperation with Skill Gaming, which will have the world’s first CAAS (Currency as a Service) model. This CAAS will enable far wider adoption of cryptocurrencies without the need to go through the usual hoops of converting money to cryptocurrency. They are incorporating KRED into the STARDOME programme, which will allow users of the regular gaming platform to simply purchase and trade KRED using the same payment methods they would in everyday life.
Chainlink, FRAG games, Remote Control Productions, and Skill Gaming have all recently announced excellent initial agreements with JEDSTAR.
The JEDSTAR team recognises that bitcoin adoption will occur, and that with just around 4% of the world’s population now utilising cryptocurrencies, reaching the remaining 96% is a challenge. Gaming employs around 40% of the world’s population, and many of these people are already accustomed to utilising in-game money. The main issue is that the corporations that employ these currencies do not behave like other currencies and cannot be turned back into conventional fiat cash. JEDSTAR has realised that by employing an actual cryptocurrency as the basic token for Skill Gaming’s platform, they can easily bridge this gap.
This enables for widespread cryptocurrency acceptance as well as simplicity of use for gamers who will no longer have to worry about conquering the challenges of understanding and utilising cryptocurrencies.
The KRED cryptocurrency has not yet launched, but they are hosting a public pre-sale on their website in November/December, where investors may reserve tokens at a discounted rate compared to the general launch price later in Q4.