The metaverse technology is still under development. Imagine a world that is freed from the daily physical realities of life as we know it. In the new alternate world, people can work, play, relax, and connect with others from other places of the world.
As enticing as this sounds, many skeptics ask; will the metaverse work? With the new world, one can attend gatherings, create a lot of incredible things including art, and even amass a fortune. In this world, you are allowed to do anything and everything that your imagination can conceive. With more major companies coming in to develop the metaverse, it has stopped being a far-flung dream, and crypto seems to be the key to accessing it.
Metaverse market size is rising and the metaverse blockchain concept of the digital world is extensively-developed with roots extending many decades into humanity’s past.. Science fiction writers and visionaries have been relentlessly working on this concept, dreaming of a method of moving beyond the physical limits of the actual world.
The concept enables people to explore boundless horizons and create new possibilities that make their imaginations a reality. Whether you are targeting new heights of digital success, exploring another new world, or interacting with family and friends in new ways, the metaverse makes all of that possible.
Mark Zuckerberg has become the latest to invest in the metaverse and without little fanfare. Facebook recently changed its name to Meta. Being a large and powerful company, it joins a list of tech companies who will own the metaverse once the new concept is launched for retail use. However, it is not the first or only firm that has become intertwined with the idea of the metaverse.
Related: The Metaverse: What Is It And Why Does It Matter?
This new technology is believed to be the latest iteration of the internet. Hence, no single company or person can own it since it will be diversified and decentralized. Nonetheless, every firm that involves itself will play an integral role in developing the underlying infrastructure that supports the metaverse and shaping the way that it will eventually look.
What Is The Metaverse?
The concept of the metaverse first came to life from the imagination of Neal Stephenson. He described it in his 1992 cyberpunk novel ‘Snow Crash’. He stated that the shared digital space that people can access using virtual reality goggles and shared fiber optics network will revolutionize the world.
His description had virtual representations of daily, ordinary spaces ranging from parks and buildings to fantastic and wildly whimsical spaces. In these spaces, the laws of physics do not apply. Instead, this world is only ruled and limited by one’s imagination.
With the recent Zuckerberg announcement describing this new technology as the next chapter of the internet, the public’s interest in the new concept has exploded. But, some wonder; will the metaverse work? What it will surely do is that it will open new possibilities which will give people the space and chance to do whatever they want.
The metaverse is being designed to put the whole physical world at the user’s fingertips and gives their minds the power to thrive in the new digital space. In the new world, one can inhabit spaces and interact with other users using online avatars that let them move, speak and act freely.
When you join the metaverse, you have full autonomy to do anything and everything that you want. You can own virtual property just like you would own real estate in the real world. You are allowed to create a property, art, building, and then sell it to other users. In this world, you can exchange property for non-fungible tokens (NFTs) or any other units of value.
For anyone wondering if the metaverse will use cryptocurrency, NFTs form a part of the crypto sector. Thus, the new virtual world may be intertwined with blockchain and crypto technologies. NFTs are in-game currencies and collectibles. These digital assets have already formed a virtual economy for the users that engage in play-to-earn models and exchange the virtual property or goods for tokens.
Related: Winners Network Founder Walter Minhoto Talks to us about “Play to Earn” Blockchain Games
The users are also allowed to exchange their metaverse crypto with other users and even invest in these tokens to earn some interest and other collectible items. Most of the top metaverse gaming platforms are already using in-game tokens. The tokens are used for multiple purposes or even exchanged for real value in crypto or fiat currency.
Since Zuckerberg’s famous announcement, most tokens and NFTs are gaining value. In that context, adopting the metaverse crypto may now enable you to get in early on the available exchange-traded funds (ETFs) and then ride the wave of the technology’s success.
Will The Metaverse Use Cryptocurrency?
Nonfungible tokens (NFTs) and cryptocurrency are ultimately the keys to accessing the virtual reality (VR) that is brought about by the metaverse. Using NFTs, you can readily access digital assets that range from virtual businesses and homes to digital clothing for your avatar. You can also acquire digital art and other virtual items using NFTs.
Your NFTs are secured by the metaverse blockchain which protects the user’s digital property from hacking or duplication. Even though the metaverse blockchain technology seems well-established, the underlying metaverse is still evolving. This means that the digital space is yet to take its eventual form for now.
Currently, a lot of hype surrounds what this digital world will look like. However, lots of uncertainty continue to swirl and swerve around the value of the NFTs. Nonetheless, most NFTs have already proven their growth potential. Hence, a growing number of people seem to be viewing and considering the NFTs to be investment opportunities.
The metaverse can unlock many possibilities. But, the real promise is determined by the user’s imagination. It is possible to profit from digital assets via the monetization of digital crafts. Digital assets like games, fundraisers and collectibles can be created and tokenized as in-game assets or changed into play-to-earn games.
Related: Metaverse Use Cases: Mining Pools And Applications
Users can also invest and trade non-fungible tokens which enables them to make real money without having to ever play the game. It is possible to create a virtual reality that resembles the real world and enhances specific aspects.
Nonetheless, it all depends on using a metaverse blockchain that confirms and secures the data that it contains, together with crypto that supports it. Eventually, the best cryptocurrency for future use is the one that can readily grant users access to the world that they want to inhabit.
What Are The Metaverse Coins?
Working, living, and playing in another alternate reality needs funding. The best way to fund the virtual world currently is cryptocurrency. Just like many metaverses are being developed, several cryptos have come up for users to use while exploring these alternative worlds.
Understanding the differences, options, pros, and cons of every coin can enable users to make great investment decisions for their needs.
Decentraland (MANA)
Decentraland is described as a virtual reality platform that lets users buy, manage, and sell their virtual property, LAND. Users can develop their world in any way that they like and explore the version of the metaverse from the convenience of their computer, phone, or any available virtual reality (VR) headset.
MANA is the native crypto used in Decentraland to give users the power to pay for goods and services, access the available interactive apps, and invest in more property. The well-established metaverse crypto is widely available which makes it quite attractive to most novice users.
The metaverse that is associated with Decentraland hosts many interactive opportunities for the users including festivals, concerts, and other events. These vibrant entertainment venues rival the ones that are found in the real world. Decentraland is still growing and has a development team that is offering lots of options and investment opportunities.
MANA saw a spike of over 400% peaking at highs of $4.16 after Facebook said that it would change its name to Meta. The branding changes have been seen to spark new life and interest in virtual property tokens.
Nonetheless, MANA and Decentraland have a few drawbacks. Currently, MANA is powered by the Ethereum metaverse blockchain that offers great security but charges high gas fees. This experience can be quite isolating since the users rarely encounter each other ‘in the wild.’
The terrain is still tedious and content is somewhat limited. Nevertheless, the platform is continuously upgrading to add new options and features and the tokens now have many uses. It is allowed to auction NFTs and LAND with the community being governed by the Security Advisory Board.
The Sandbox (SAND)
By description, The Sandbox is a virtual world where the users buy, sell, and manage virtual land and many other assets using the metaverse coins referred to as SAND. Users create and transform anything and everything that they imagine and then monetize their virtual experience via the power of SAND crypto.
Backed by SoftBank, the Sandbox has become an influential tech investment company. You can stake, buy, and sell your virtual plots and assets when you are in this world. Being a play-to-earn metaverse, this platform lets you decide how to use it. You can create a game, play any other available games, own a piece of the virtual land, collect, create, and control a particular property.
Will the metaverse use Ethereum blockchain? Many ask this question but it seems like Etehreum has already been a preferred choice for the developers of the already existing metaverse concepts. For instance, Sandbox’s metaverse is powered by the Ethereum blockchain. Thus, it is guaranteed to provide high-quality safety and security.
But, it means that users and investors may incur massive gas fees sometimes. The editors have enabled them to create top-notch models and animations using powerful tools to develop the worlds that wish to inhabit virtually.
Star Atlas (ATLAS)
This project is designed to give users the power to enjoy experiences beyond the terrestrial. The stars are the limit and you can explore a whole universe of possibilities. It is possible to take your customized spaceship and dive deep into a unique space where you can create or join a faction, where you develop a world that is entirely from your thinking.
ATLAS is the metaverse token that powers the unique Star Atlas world. It runs wholly on the Solana metaverse blockchain and is an integral part of the new exciting vistas and world of possibilities. Solana is fast, safe, and secure, just like Ethereum. However, it is more scalable and less expensive.
You can use ATLAS metaverse coins to buy digital assets that they need to participate in the Star Atlas universe, like ships, land, crew members, and different equipment. It is possible to use ATLAS to acquire POLIS, which is an in-game currency needed to manage different aspects of the gaming experience. Users need POLIS to govern the new world through publishing multiple decrees and managing their communities.
While this metaverse is a unique concept with a convenient metaverse token, ATLAS and POLIS can be frustrating and confusing for some of the users. But, the pros outweigh the cons which make Star Atlas quite vibrant. It comes with various NFTs that provide lots of virtual opportunities for investors. Hence, the metaverse will not fail.
Related: Core Promises To Introduce The Metaverse To The Gaming World
Axie Infinity
Axie Infinity has over 250,000 daily players. These players own tokens that are known as AXS. The tokens give players a stake in the ownership and operation of this metaverse game. Participants are allowed to build kingdoms, hunt for treasures, and search for rare resources. The most active and experienced players earn some rewards through this metaverse blockchain.
Notably, players compete to earn the Axie monsters that are forms of non-fungible tokens (NFTs). These NFTs can be purchased and sold outside of this game. Thus, the metaverse and NFTs seem inseparable. Axies range from $150 to over $100,000 depending on their rarity. Nevertheless, the most expensive monster was sold for 300 ETH with Axie Infinity recording the highest-ever $1 billion in trade in August 2021.
Axie Infinity is available on many operating systems like Windows, iOS, Mac, and Android. AXS is just like many other metaverse coins and it is powered by the Etehreum blockchain. Hence, the gas fees are high sometimes. But, you can be sure that the platform is safe and secured. AXS is also tradable for other cryptocurrencies including Ether and other fiat currencies.
Completing the quests and other activities on this platform earns the players AXS, but the number of coins that can be earned is limited on any given day. Moreover, some of the events and activities need a lot of time to complete, which makes it quite challenging for people with other jobs or other time-consuming responsibilities to participate fully.
While one can earn AXS via playing, this metaverse game is not free. The start-up costs can be quite prohibitive for most players who need to own three or more Axies to participate.
Enjin (ENJ)
Through this platform, users mint, store, and sell all types of virtual goods. Developers must assign value to their goods by locking the ENJ tokens, which are metaverse coins, into a smart contract. Players can trade, sell, and use virtual goods, based on the terms of the contract. When the item is sold, the sellers receive ENJ.
As is the case with the other metaverse coins, there is a limited supply of ENJ tokens. Just a billion coins will be created and then issued to the people that use this metaverse blockchain. Users store ENJ in the platform’s wallet that links all features together. With these wallets active, users connect to games, buy and use different items, and trade with other users. The dominant cryptocurrency in this world is the ENJ token.
Enjin has a distinct marketplace that lets users and businesses expand their existing markets using QR codes and NFTs. The marketplaces also let participants interact and connect with other users via sites, games, and applications. The Ethereum blockchain powers this metaverse, which provides a decentralized experience.
Nonetheless, the Enjin wallet is not open-source, meaning that it can be quite challenging to vet. Furthermore, ENJ is not backed by commodities, profits, and assets.
WEMIX
WEMIX is a blockchain platform that is ideally designed for gaming experiences. Players and participants win and craft items for NFTs and then trade them for WEMIX tokens with other users. This project was developed by Wemade Tree Pte. Ltd and it is one of the latest arrivals to the scene. It offers users decentralized marketplaces to use and then exchange digital currencies.
The game tokens on this platform are readily swapped for WEMIX that is listed on various cryptocurrency exchanges and can be bought using Ether, Bitcoin, and many other cryptos.
NetVRk
NetVRk tokens are primarily used in similar ways to the other metaverse tokens. They make it possible to access virtual assets like homes, property, vehicles, and other items available in the digital world. One can use the tokens to buy advertising space that earns significant amounts of passive income, offering the users more tokens to build wealth and develop the virtual world.
The token enables the users to buy a stake in the NetVRk, granting them a fixed interest payment that is based on how many metaverse tokens they have already staked with the network. This NetVRk metaverse enables users to develop the virtual world through their imagination using an unlimited amount of unique content. Notably, the platform offers endless interactions and experiences with other users and grants rewards for participation.
The possibilities of using this metaverse blockchain are quite exciting. But, there are several drawbacks. NetVRk is powered by the Ethereum network, which means that the gas fees and many other costs can be quite high from time to time.
NetVRk is newer than some other platforms meaning that there might be some bugs that need to be eliminated from the system.
Can I Invest In The Metaverse?
Metaverses are still in their infancy and there are lots of ideas about what to include in the digital spaces and what role they can perform. Meta, formerly Facebook, seems to have grand plans. The social media company wants to launch virtual gym equipment and create spaces for virtual businesses and meetings. Notably, virtual reality has come from far, but there is still a lot that needs to be done.
The metaverse Mark Zuckerberg envisions is one that is filled with endless opportunities for people, businesses, and institutions. Being a crypto investor, there are lots of ways available for one to participate and invest in these virtual worlds. The most obvious way is to buy metaverse cryptocurrency tokens. These coins are available in many top crypto exchanges.
Users can acquire NFTs and consider buying real estate in a particular world. For anyone that wishes to go this route, a lot of research must be done. Visit a functional metaverse to experience what it is all about. For instance, it is easy and free to visit Decentraland as a guest. Log on and create an avatar and you are ready to explore.
As is the case with any investment, do not rush in simply because Facebook and other big tech firms are investing in it. Do some background checks of this new investment virtual space to determine how these worlds work and which among them seems to have the potential to survive in the long term?
There is no need to randomly buy an NFT. You have to review and determine whether a specific NFT suits your interests. Go for the ones that might be profitable and those that you understand how they work.
Interestingly, most of the crypto-based metaverses are powered by Ethereum and Solana. These networks offer a less risky way of investing since they are not specific to one industry or even a single virtual world. If the dream of a specific metaverse does not come true, Solana and Ethereum will still exist.
Users can also buy stocks in a firm that is involved in the metaverse blockchain instead of doing that via cryptocurrency. Crypto is just one of the many ways for one to get involved in the metaverse sector.
Nobody knows how these metaverses will evolve and it might take years before a meaningful one is finally launched. Thus, investors should not be caught in the current hype. All investments carry risks. Hence, always spend money that you can afford to lose. Experts also advise that you should not be pushed by the fear of missing out.
How The Metaverse Will Change The World
Metaverses are relevant to inventions and technologies that create virtual worlds that run concurrently with the real world. Daily life under this technology can be more integrated with the digital world and people can live in two worlds at the same time.
The metaverse is a hot topic for the people in the tech world although it is yet to become popular among the general public. If Zuckerberg succeeds in developing his metaverse, he will become more influential than how he is today and the world will be wholly revolutionized.
Within the metaverse technology, people connect to the digital world much more for various purposes apart from consuming entertainment and playing video games. Digital currency is more reliable and similar to hard currency in daily life. Moreover, human beings will get connected to many other borderless worlds, whether with regards to society, economy, or culture.
Today, many activities are done on the internet and are supervised by institutions and authorities. The metaverse blockchain and technology is expected to change all that. Many considerable activities can be done in a virtual world, where a relation to the real world is quite fragile.
This technological development raises a major question on how the government in the future will manage to collect taxes from the economic activities that come from the virtual worlds. Furthermore, some of the observers question what might happen to integral organizations and institutions around the entire world, in case the virtual world becomes more tangible as Mark Zuckerberg dreams about.
How The Metaverse Will Change Marketing
Technology rapidly grows and shifts. Innovations that were unimaginable previously are now becoming a reality. The metaverse is one of these innovations that is unique and immersive. It seems to be taking over the internet quickly and it is now more than the fiction of the past.
With the massive surge in virtual reality (VR) and augmented reality (AR), the metaverses are penetrating the internet. Nearly 85 million users will experience VR or AR at least once a month in 2021. While the metaverse blockchain technology is not what sci-fi had depicted it to become, it is still producing unimaginable value as a new computing platform.
Digital marketers have to keep up with the latest technologies, which includes understanding the metaverse and its full potential. Digital marketers need to understand that metaverse is a trendy new thing that seems that it will stay for the long term and it is slowly going to become the next big thing.
Metaverse, being the next internet revolution cannot be ignored. Marketers have to understand the value of millennials and Gen Zers as a target market. These generations are avid users of some types of metaverses like Roblox games and technologies like virtual reality.
There is a chance for parallel metaverse marketing that exists within real-life marketing. Users can create marketing experiences that link with real-world experiences or parallel to what their brands do in real life. For instance, AB InBev’s beer brand Stella Artois partnered with Zed Run in June 2021 to develop a Tamagotchi-like experience that at the timer crossed with the Kentucky Derby.
They decided to do that since AB InBev’s Stella Artois has a huge budget for investing and sponsoring different sporting events, mostly the horse races. Thus, setting up an online platform where NFT horses are traded, bred, and raced like it is the natural entry point for them.
Immersive Experience Is Important
Virtual advertising will be available in the metaverse worlds. For instance, one video game ad tech firm, Bidstack, moved from working off in real-world outdoor advertisements to placing many adverts on virtual billboards.
Nevertheless, one can go beyond the billboards. Since the metaverse release date is placed in 10 to 15 years, this technology is still in the experimental stage. The technology is immersive and experts advise that it is best to take advantage of this component by creating immersive experiences with their marketing initiatives and adverts.
It is important to offer branded installations and multiple events that users can interact with instead of just placing simple ads. The early movers are offering immersive experiences to their users, for instance, the Lil Nas X concert hosted in Roblox. Is the metaverse gone Roblox? That might not be the case since more investors are coming in.
Gucci is also offering Gucci Garden experience visits and there is the rendition hosted on the Washington Heights neighborhood as a component of the Warner Bros. promotion of In the Heights. Brands are now discovering new revenue streams by collaborating with metaverses like the Roblox metaverse.
Related: 7 Things Your Boss Expects You to Know About Metaverse
Make The Collectibles Available
People are always excited by collecting new and rare things. The metaverse is another space for people to showcase their interests limited only by their imaginations. It is possible to make the same experience available in the metaverse by providing assets and limited-edition items that one can collect solely in the metaverse.
For instance, the Gucci Garden experience on Roblox is designed to provide The Collector’s Room. It enables people to collect some rare and limited Gucci items available in the metaverse blockchain. From the initial sales of these collectible items, Gucci collected 286,000,000 Robux from the game.
Engaging With Existing Communities
People are opposed to unnecessary advertising. Hence, the brands aim to penetrate the metaverse without showing up in manners that annoy users who are already there. Furthermore, brands and businesses need users’ positive reception because they are trying to market their products to them.
It is not possible to join a new platform without having to consider new formats. For instance in Roblox, the brands gain a lot of traction when they partner with the members of the Roblox developers in creating products, items, and experiences.
Moreover, when O2 hosted a concert on Fortnite, they partnered with the developers who were experts on the Fortnite platform. These are considered to be influencer campaigns. Experts and analysts insist that user-generated content is important. Therefore, the community members become an important component of the execution of the brands’ marketing campaigns.
This is an exciting time for marketers. Although many guiding principles may inform what type of tactics and strategies the marketers can use, the metaverse blockchain is a new platform that provides lots of room for experiments.
The best practices are yet to be well-established and these paradigms are not yet developed fully. A lot still needs to be done to ensure that the metaverse world is operating at full throttle. Thus, the marketers have a lot of room to try being unique and experiment with what approaches will work for their brands.
