- Advancement of web 3.0 impacts the technology sector by decentralizing functions
- Decentraland is a gaming platform that works with the use of non-fungible tokens and smart contracts.
- Axie Infinity is an NFT gaming metaverse that deals with breeding virtual pets.
As the virtual world develops, so does the metaverse. Metaverse is a shared virtual 3D space created to replace social media and the whole internet in general. The advancement of web 3.0 impacts the technology sector by making it more available to people and making the space realistic. Over time there have been projects that big institutions have funded for the metaverse to become a reality.
Decentraland is a gaming platform that works with the use of non-fungible tokens and smart contracts. The platform was released in 2016 in Argentina. Decentraland uses Virtual Reality(VR) technology which incorporates the real world to another generated technologically. The user experience is very much similar to that of Second Life and Minecraft.
Like all NFT games, the platform provides you with open space to trade collectibles from the games. A player can play while earning. Their ledger is decentralized. It involves ownership of land with similar principles as that of real life.
The MANA is a medium of exchange for the in-game items on Coinbase. The trade is available for any willing party. Ownership of land is ownership of an asset.
Sandbox is a virtual platform on Ethereum that was released in 2012. As a gaming platform, it gives gamers and investors an offers to do both gaming and trading.
The platform is built like an ecosystem that gives a chance to anybody to create, share and trade digital assets. Many of these assets are collectibles from online games. A player can participate in more than one game using one character. All one needs to play is two avatars and land, which are also part of the assets. It is such a buzz because it enables a gamer to earn in many ways.
Axie Infinity is an NFT gaming metaverse that deals with breeding virtual pets. For one to level up, one needs to collect virtual pets. They act as the digital asset subject to trade on this platform.
Many players (who might not even be crypto traders initially) have been encouraged to join the pay-to-earn games. In the Philippines, around 60% of the residents are active participants in the Axie Infinity game. The game also earns revenue from the government.
Enjin Coin is an Ethereum based platform formed in 2009 to support the development and trade of NFTs and the whole market in general. The platform is not a gaming project but a blockchain-based online support community, unlike the other projects mentioned. It holds assets worth more than a billion dollars.
Aavegotchi is an Ethereum-based NFT gaming project also known as Metaverse Litepaper. It also has a lending mechanism called Aave.
The platform is most gratified for the introduction of a new ERC-20 token called Gotchus Alchemica. By putting in more NFTs to the game, tokens yield to the tokens. The project works on a mechanism by which the more one holds in the platform, the more the value of NFTs increases, and vice versa.
Among several others, these are projects that explain the growth of the metaverse. It is hard to tell how soon we will be living in it, but one thing is for sure, the time is coming!