The metaverse is a combination of multiple online social spaces, based on a decentralized ecosystem that utilizes the power of blockchain technology and the internet to create a virtual world of its own. It is decentralized, meaning that it is run by the users and that specific metaverse’s community, rather than a centralized authority or individual. It is a global, decentralized, blockchain-based platform for a more efficient, open, and honest world.
The concept refers to a shared ecosystem that is built primarily using dApps embedded with blockchain technology. The metaverse strives to provide a safe and secure environment for the global population to utilize the blockchain and build decentralized applications, or dApps, to further their own personal and professional goals.
It is important to note that the metaverse is different from The Metaverse. The first one is a common name for an online virtual world that the web3 and crypto industry are bringing to us, and the latter is the conceptual virtual world (Horizon Worlds on Meta) created and maintained by Meta (previously known as Facebook).
In this post, we will go through the possibilities for existing blockchain traders to earn through the metaverse. You can start exploring your options in the metaverse with a metaverse focused exchange like LBank. The world’s top crypto exchange, LBank is a world class digital asset exchange pioneering the crypto revolution.
Investing In The metaverse
Currently, the metaverse is in its infancy. As such, there are a few opportunities for traders to invest in it profitably. As time passes and the metaverse matures as both a technology and a vision for the future, opportunities for traders will increase exponentially.
As of March 2022, there are hundreds of metaverse-focused cryptocurrencies and NFT projects already underway, and more in the works. The current trend shows no signs of slowing down, and it is likely a safe bet to invest in the metaverse.
Decentraland is one of the biggest names in the metaverse, with a market cap of $5.14 billion. Decentraland offers its users a virtual 3D world that can be accessed by anyone for free. The backbone of Decentraland is LAND, the signature NFT. You can buy LAND using MANA (the native token). Using LAND, you can create marketplaces, buildings, scenic views, and much more. Currently, the coin boasts of a healthy economy, with multiple businesses working with it.
Since 2021, MANA’s price has gone up over 40 times, with sites like tokens.com purchasing LAND worth $2.5 million. Platforms associated with Decentraland such as Decentral Games have earned more than $7.5 million in revenue over a small period of three months.
The Sandbox is a virtual gaming world where people can create games using The Sandbox metaverse as a platform with monetization, much like Roblox. It has high transaction volumes for a metaverse platform, clearing a hundred sales a minute. Using the native token SAND, users can purchase digital goods in the form of NFTs and participate in a P2E economy.
Similar to Decentraland, The Sandbox also works on the concept of virtual real estate, using NFTs to show ownership of the digital plots of land. Adidas has announced a partnership with The Sandbox, and SAND’s price has increased 9x since Q4 of 2021.
Theta Network is one of the first streaming dApps in the world. It functions as both a cryptocurrency and as a video delivery ecosystem, aiming to address the problems rampant in Web2.0 based video streaming platforms. Theta Network is powered by THETA coins, which can be used to verify transactions, secure the blockchain, participate in community voting, and more.
Theta Network’s active user base is on an upwards trajectory following their partnership with Google and is one of the few projects to have partnerships with NASA. LunarCrush, a popular crypto social intelligence platform, has included THETA as one of their top ten coins to invest in. Theta Network has corporate backers too, including Samsung NEXT, and Sony Innovation Fund, amongst others.
Illuvium is an open-world RPG, where users can travel the game world to search for in-game creatures called Illuvials. The native token ILV can be earned through in-game performance. The ILV token also allows you to participate in community governance through a voting system, creating a decentralized platform for you to voice your opinions.
Since its launch, Illuvium has been showing tremendous growth, showing a constant increase in the ILV token’s value and doubling in the last quarter of 2021. In Q1 of 2021, Illuvium raised $5 million from a venture capital firm, Framework Ventures, and IOSG Ventures.