The rebranding of the company that owns the world’s most popular social networking platform, Facebook, to Metaverse has caused an explosion in the price of tokens based on the virtual world concept. Decentraland (MANA) rose 560% in just three days, Sandbox (SAND) jumped 350% in a week, and Enjin Coin (ENJ) rose nearly 70% in 4 days. So what is the crypto Metaverse and what is behind it? Let’s take a look at the idea behind the mentioned projects.
Decentraland is the creation of a community gathered in a completely separate virtual world. Each participant here can purchase a virtual plot of land, artwork, or NFT tokens. All this using the native cryptocurrency MANA. Players have control over the rules of the online world. Thanks to the DAO, they can participate in votes on the rules of the space. Everything you own in Decentraland can be traded. This means that it is not only possible to make purchases, but also to sell property, such as land, for example. Thanks to this kind of game, it becomes real to earn real money. Recently, the Metaverse Festival, which takes place in the Decentraland space, has attracted celebrities such as Paris Hilton. Globally known brands are also appearing here.
Sandbox is a space with characteristics similar to Decentraland. Here you can also interact with other participants of the game. The native currency which gives trading opportunities is SAND. This is a space in which well-known brands, whose aim is to stay as close as possible to their consumers, increasingly appear. Even when that consumption takes on a completely virtual dimension. Sandbox also takes care of the presence of other blockchains in its space. Thus, Chiliz, through the Socios.com platform, has purchased a plot of land in Sandbox with the aim of bringing football fans together. An entertainment and sports space will be created here, for fans of teams such as Juventus Turin, FC Barcelona, and Paris Saint Germain, for example.
This is a slightly different project but it focuses on similar ideas. The aim of Enjin is to connect not only the real world with the virtual one, but also to create bridges between independent metaverse. Enjin allows you to create your own character, choose the right style for it, so that it best expresses the author. Enjin is also a space where you can trade between games, their various attributes. This is a unique solution that completely changes the experience for many players. In turn, the native token driving all trading here is ENJ.
The potential of metaverse projects
The gaming market is growing by the minute. The global pandemic and ubiquitous lockdowns have become a definite driver for it. The need to interact with another human being is our nature. Blockchain, whose virtual spaces have definitely made this possible, has come to the rescue in these difficult moments. The transfer of life to the virtual world is gaining momentum. This is noticed by brands, for which having virtual advertising exposure is becoming an important aspect of existence. It is worth noting that more and more games are starting to operate based on “Play to Earn” principles. For the participants, this is an excellent opportunity to get rich by spending their free time pleasantly. Such an environment has the right to develop dynamically, to grow in the future to a size that we may not currently imagine.