With Facebook spending $10 billion in 2021 to bring the metaverse to life, it’s clear that there’s a tremendous value that can be added through this relatively new concept. Many are looking to be a part of this potentially trillion-dollar industry, including small businesses and various projects.
The metaverse combines the best aspects of VR and AR together in order to create an alternative reality. These realities can either be completely fictional or mimic the real world.
This allows for businesses to have virtual and interactive storefronts in a metaverse, as well as singers to perform at virtual concerts that individuals globally can attend.
Even large corporations like Microsoft are utilizing the metaverse to their own benefit by creating a virtual environment that allows for employees and clients to meet when working remotely. Avatars and holoportation are part of Microsoft’s efforts to establish a more immersive and convenient professional environment.
However, there are three specific projects that we want to highlight in this space. Decentraland, GAMA, and Star Atlas are just a few of the many projects pioneering the space.
Decentraland
Decentraland is a perfect example of how the metaverse can have different utilities. In this case, the project demonstrates the ability to sell real estate in a metaverse.
The platform is built on the Ethereum blockchain and allows users to buy, sell, and trade their plots. When acquiring the virtual land, the owner can use it to design their own game, buildings, and more.
It’s important to note that this project is fully decentralized. It will therefore have great appeal to those who have entered the crypto space for the autonomy and privacy that comes with decentralization.
Owners can utilize the virtual land they have and let their creativity run wild. Whatever they are interested in developing is available at their fingertips. Whether they build a museum, a boutique, or a mansion, it’s entirely up to them.
The virtual real estate is divided into parcels known as LAND. Many of these parcels (or plots) can be purchased on the Decentraland marketplace. In some cases, organizations have coordinated to purchase numerous plots of LAND in order to extensively build in the metaverse.
Currently, there are 7,391 LAND owners that own a total supply of 97,606 tokens. On average, the price of one plot of LAND is $4,800. The project was launched three years ago and has grown steadily since.
GAMA
GAMA is a more recent project that is combining art with a space-themed metaverse on the GAMA Space Station (GSS). What sets them apart? GAMA aims to set the benchmark for metaverse functionality while building a prototype for a clean energy cryptocurrency mining solution. The GAMA metaverse will allow artists from around the world to display their work in a gamified and social experience within the GSS metaverse.
Of course, the GSS also features an NFT collection. Holders of one of their NFTs will automatically have access to the metaverse as well access to their own personalized living quarters on the space station.
The project will also provide artists with the ability to generate revenue on the blockchain. Participating artists will not only be able to capitalize on their traditional art but can enhance it through engaging and immersive experiences in the GSS metaverse.
On the technical side, GSS uses proprietary AI technology and is one of the first metaverses to be powered by Unreal Engine. The space-themed avatars and NFTs are created through Cinema 4D, Octane Engine, and is plug & play ready for Unreal 5.
Additionally, the GSS metaverse is working on integrating multiplatform functionality as well as voice features for a truly immersive and social experience.
Star Atlas
Star Atlas looks at the entertainment side of a metaverse, providing a multiplayer, interactive gaming experience. The project is built on the Solana blockchain and is fueled by two different cryptocurrencies - POLIS and ATLAS. The game is popular enough that it has amassed approximately 95,000 users and a total asset value of over $105 million.
Following a similar space theme as GAMA, Star Atlas features blue-skinned characters, reminiscent of the movie, Avatar. It features a triple-A game design and allows users to join a Faction Fleet to go on various missions with their own spaceships.
The project is in its initial phases, and, while there may not be as extensive gaming available as some would like, it’s being expanded upon and developed as time goes by.
Even though the other two metaverses seem like they’re more substantial, Star Atlas reminds people that not everything must have a deeper purpose. Some projects can just be there to do one thing - have fun!
What Makes These Projects Worth Following
Many people have felt a slight sting from being late to the cryptocurrency party. The early adopters were amply rewarded for the risk they took on Bitcoin, and justifiably so. That doesn’t change the fact that newcomers often feel like they’re pushing into a headwind when they enter the industry.
The metaverse is a new opportunity for those who weren’t able to get in at the beginning of the Bitcoin boom. Now they can capitalize on the metaverse boom. In order to do so, it’s crucial to know which projects are worth following and/or investing in.
Art, astronomy, and environmental enthusiasts will enjoy being a part of something bigger than themselves by participating in GAMA’s eco-friendly metaverse while supporting artists in the process. Those looking to expand on their digital real estate or other investment streams may find new opportunities in the virtual market of Decentraland.
Billions of dollars are pouring into various metaverses. They, along with NFTs, are the new frontiers in the tech space. And, while many will flock to them for their investment potential, just as many will seek them out for the exciting new experience they offer.