As tech behemoths like Facebook and Microsoft work to establish vast alternate universes that transcend our physical world, metaverse cryptocurrencies are currently all the rage and have the potential to disrupt our world.
After Facebook revealed its new name: Meta, interest in cryptocurrency focused on the metaverse soared. The social media juggernaut changed its name from Facebook because it feels that name only accurately describes one specific product. The prefix “meta,” in the word “metaverse,” refers to the idea of shared virtual worlds and communities, which is what Facebook wants its branding to represent.
Axie Infinity Shard is referred to as AXS. It is an Ethereum Blockchain-based ERC-20 token with a maximum supply of 270,000,000 AXS coins. In actuality, AXS was explicitly developed for the Axie Infinity platform. The fighting game Axie Infinity, which Pokémon inspired, allows users to breed and develop their Axies to battle other players. Players must consider their characters’ race and rank when breeding their Axies if they want the best chance of having powerful offspring. Additionally, players can exchange their islands or any other in-game items for other islands or sell their Axies on the NFT market.
There are two game types in Axie Infinity: Arena Mode, which consists of combat matches and necessitates at least three Axies in the battle, and Adventure Mode, which needs players to fight and complete each level.
Owners of AXS tokens can vote and influence how the game is developed. Additionally, consumers may use their AXS currencies to pay for products on the platform, such as buying Axies on the Marketplace and staking their tokens to get regular payouts. As a result, the rapid rise in AXS token prices is dependent on the expansion of the Axie Infinity platform.
SAND, the native cryptocurrency of the blockchain-based virtual world, has made a positive advance. The Sandbox gained popularity when a tweet from German athletic goods. Tycoon Adidas revealed a partnership between the two businesses.
The “virtual social realm” of Decentraland encompasses the entirety of the metaverse. Decentraland, introduced in 2015, is a digital environment that resembles the actual world, to put it briefly and succinctly. You may participate in virtual events, play games, exchange digital items in markets, and socialize with other users worldwide in Decentraland.
Decentraland is similar to Second Life, VRChat, and even Animal Crossing, according to those who have explored it. Decentraland’s players independently own every virtual object in the game. A cryptocurrency called MANA, which functions on the Ethereum blockchain like SAND, enables users to guarantee ownership of digital assets.
Can we also speak about the virtual music event that Paris Hilton and Deadmau5 held with Decentraland? Decentraland has promise, for sure!
A cryptocurrency called Enjin was introduced in 2017 by the Enjin corporation.
As an ERC-20 compliant token, 1 Enjin Coin may be sent and received using an Ethereum wallet. But Enjin’s technology handles more than just just one type of money.
The Singapore-based company that created Enjin works with businesses to deploy their solutions on the Enjin platform.
A forthcoming blockchain game called Illuvium takes place in an open-world RPG environment. Illuvial are creatures that players capture; each has a class and affinity. There are five classes and five affinities, each of which has advantages and disadvantages. Your Illuvials gain strength as you defeat other players in combat and finish objectives.
ILV (Illuvium) and silver are the two ERC-20 project altcoins that Illuvium has on Ethereum. Token owners may use ILV to mine for liquidity, participate in governance, and get incentives. ILV awards have a lock-up period, whereas silver may be utilized immediately in-game.
Each in-game object in Illuvium that may also be exchanged on outside NFT marketplaces is represented by NFTs. You may buy the token on Binance and start staking on Illuvium’s staking platform to start earning ILV and silver. Additionally, you can stake partner tokens for ILV in their Flash Pools.
Independent gaming studio UFO Gaming creates blockchain-based games within a dynamic environment. Within the Dark Metaverse, players collaborate to build their clans, own and sell virtual territory, and earn NFTs and cryptocurrencies.
By providing players with unheard-of P2E prospects, UFO Gaming aims to close the gap between blockchain and conventional mobile and PC games. P2E games with breedable, in-game NFTs that enable players to earn money make up the closed-loop ecology known as the Dark Metaverse. UFO Gaming has revolutionized the gaming business by allowing any user to make money while playing by leveraging decentralized blockchain technologies.
The development of the RMRK protocol for producing highly composable “art legos” utilizing NFTs on Kusama natively using the system is being led by RMRK, an association based in Zug, Switzerland.
RMRK contributes the following characteristics to the NFT, among others:
Thus, it greatly exceeds the capabilities of the current ERC721 standard, its equivalent, ERC1155, and its modifications.
RMRK established its standards, quickly growing throughout the Kusama chain family to include chains, apps, and platforms in this ecosystem.
The businesses that made it possible to create such 3D and augmented reality pictures are another component of the metaverse. Render steps in at this point. Its distributed system renders digital material using otherwise underutilized computer processing resources.
As a result, digital artists won’t have to spend as much on expensive computing hardware, and network users will benefit from incentives. It allows individuals to generate 3D material at an affordable price while still being ecologically friendly and scalable.
A blockchain game development company, NFT market, and NFT minting engine are all part of Vulcan Forged. The developers of VulcanVerse, Berserk, and many more games are known as Vulcan Forged. The ecosystem is quickly growing, and the play-to-earn economy is opening up many new games.
The ecosystem uses the native token $PYR. The auxiliary token $LAVA serves as a means of acquiring tokens. For play to earn, this dual token economy structure is appropriate. While playing the Vulcan Forged games, scholars will be able to forage unique NFTs and earn $LAVA. These may be purchased for $PYR on the Vulcan Marketplace. For businesses like AAG Ventures, the games are attractive because of this.
A decentralized gaming guild called Yield Guild Games pools investor funds to buy yield-generating NFTs and uses players’ time and effort to maximize the use and return of its community-owned assets. YGG’s objective is to improve the content and economics of virtual worlds and blockchain-based games to create value for its members by fusing NFTs with decentralized finance (DeFi).
Play-to-Earn: NFT Gaming in the Philippines, a short documentary produced in May 2021, tells the tale of a rural community that used play-to-earn gaming to generate cash during the COVID-19 outbreak. The documentary, which Yield Guild Games, Delphi Digital, and Emfarsis Consulting jointly created, shows how NFTs and cryptocurrencies are giving both young and older adults in underdeveloped countries—where there are few employment and little crisis relief—transformative economic options.