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Metaverse has been one of the hottest trends that has emerged from the cryptocurrency space in the recent past. That is why we have looked at the history of Metaverse, its potential as well as the biggest companies that are trying to create their own virtual universes. However, what are the biggest cryptocurrency projects that are building their own virtual lands based on blockchain technology coming into the year 2022? That is what this article is going to be about.
Decentraland is the biggest and probably one of the best-known projects when it comes to Metaverse. Founded in 2017 and initially launched in February 2020, the project is also one of the oldest one in this cryptocurrency subsector.
Decentraland is based on the Ethereum blockchain and allows users to buy virtual Land. Users of Decentraland can also host events or engage in social activities straight in the platform. They can buy and sell NFTs straight through the platform, creating one of the biggest marketplaces of NFTs in virtual reality.
Decentraland is currently the biggest Metaverse token based on market capitalization of around 4 billion dollars. Decentraland has a well established name and if the Metaverse craze continues in 2022, this token will likely benefit from it.
The Sandbox is probably the biggest challenger of Decentraland. This project is also built on Ethereum and uses its own token, SAND, to help build the in-game economy of the whole Sandbox Metaverse.
In many ways, Sandbox might look similar to Decentraland, since it also uses NFTs and provides other options for content creators, how they could benefit from their activities. These can be for instance different virtual items or games, that the users can buy and sell right in the Sandbox Metaverse.
Sandbox can be one of the biggest competitors to Decentraland. Having market capitalization of around 2,8 billion dollars, it is also one of the biggest Metaverse tokens that is in the forefront of this subsector and needs to be on a watchlist of Metaverse fans.
Compared to Decentraland and The Sandbox, our next Metaverse project has gained much of its attention through the play-to-earn concept. Axie Infinity is a blockchain-based game, which uses a play-to-earn business model, in which the players can buy, sell or breed monsters called Axies.
They can then use these in-game avatars to fight each other to win in-game currency called small love potion, which they can exchange for fiat, thus earning money for playing. Moreover, Axies themselves are thought of as NFTs, and are thus collectibles that can be bought or sold. So far, the most expensive Axie was sold for around 300 ETH.
Being the biggest play-to-earn game, Axie Infinity gained a lot of momentum. That is also a reason why Axie Infinity is constantly fighting with Decentraland for the first spot in Metaverse tokens by market capitalization. If the business model of play-to earn cryptocurrencies gains more traction, Axie Infinity will benefit from it without any doubt.
At the first glance, Enjin might look a lot like Decentraland or The Sandbox. However, the contrary is true, since Enjin has not only created its own virtual space, but also provides support and infrastructure for future projects that are aiming to enter the Metaverse. For instance, Enjin has developed software development kits (SDKs) which facilitate simple development of Ethereum-based NFTs.
Speaking of NFTs, Enjin has provided more in-game liquidity and demand for its NFTs, since users can use the native token of Enjin, ENJ, and use it to mint their own unique NFTs. These can later be used in the virtual world to buy other items.
Minting NFTs is one of the biggest niches that Enjin aims to bring to the cryptocurrency world. It is also probably the most interesting unique selling point of this cryptocurrency that can give it the comparative advantage to other Metaverse tokens. With a market capitalization of around 1,4 billion dollars, Enjin can be thought of as a well established Metaverse project with still a lot of upside potential.
Theta Network was launched in 2018 and provides a bit different approach to Metaverse. The main aim of this platform is to provide next-generation video and entertainment, all based on blockchain technology. Theta is also a decentralized network through which its users can share bandwidth and computing resources.
Theta aims to improve the viewer engagement as well as rewards for content creators or players. It also has its own NFT marketplace where celebrities such as Katy Perry launch their collections.
One of the main advantages of Theta is that co-founder of Youtube, Steve Chen, and co-founder of Twitch, Justin Kan, are both advising the project. Moreover, it is expected that in 2022 Theta Network might close a few interesting collaborations, which means that Theta should definitely be on the watchlist of any Metaverse fans.
Wax, short for Worldwide Asset Exchange, is another blockchain-based project that tries to bring the best out of the Metaverse. Wax does this by providing a unique opportunity for play-to-earn blockchain NFT games. Some of the most popular ones such as Alien Worlds or Farmers World are even hosted on this platform.
Wax also uses staking mechanisms, where stakers can earn CPU/RAM or NET power in exchange for their staked tokens. Wax has also made it incredibly easy for anyone to use crypto, no matter their previous experience or background in the space.
With services such as Wax Cloud Wallet, OAUTH or SSO, Wax also supports different e-commerce operations that only increase the overall usability of its token. With a market capitalization of around 560 million dollars and a rather long history (founded in 2017), Wax provides an interesting alternative to traditional Metaverse investments in 2022.
Unlike most of the previous projects, Bloktopia is a Metaverse built on Polygon. Bloktopia offers a place where users can go to educate themselves mostly on cryptocurrency topics, build different networks, play games or even earn passive income from owning a virtual land or real estate. All of these activities, and many more, are derived from the four pillars of Bloktopia which are learn, earn, play and create.
Bloktopia as such can be thought of as a VR Metaverse game, which has 21 different levels, which are represented by 21 different floors of the skyscraper. This skyscraper thus creates the whole Metaverse of Bloktopia. Bloktopia also leverages the play-to-earn model through its native token BLOK, which can be also staked, with the current APY being over 60 %.
Bloktopia is also one of the smallest Metaverse projects on our list by market capitalisation. With a market cap around 220 million dollars, it provides not only higher risk, but also potentially higher return in case of a success of this project.
Are you searching for a unique bridge between the Metaverse and reality? Then definitely have Metahero on your radar. This project, which was only launched in June 2021, is using 3D scanning and modeling to transform the real-world objects into virtual reality, where they can function as NFTs.
Metahero also incorporates its meta scanners to help in-game character creation, which would thus be super realistic and would help increase the immersiveness of the whole Metaverse. The company behind Metaverse has a scanning chamber in Doha so far, which scans different objects and creates their 3D Metaverse forms.
Metahero is one of the most unique tokens on this list due to a vastly different approach to Metaverse. With a market capitalization of around 355 million dollars and an extremely young age, Metahero can be thought of as a bit of a risky investment. On the other hand, if 3D scanning into Metaverse works out, Metahero will likely be one of the pioneers of bridging the gap between reality and the virtual world.
CEEK VR was launched in 2018, which means that it is one of the older Metaverse projects. It also means that CEEK was able to establish its position in the Metaverse world, where this project seeks to become the leader in the future of virtual reality music.
Currently having support of artists such as Lady Gaga, U2 or Sting, CEEK VR is really standing out mainly thanks to its partnerships. However, this project was able to secure these celebrities thanks to its direct connection of artists with their fans in the Metaverse.
The support of CEEK VR by very popular artists gives a lot of credibility to this project. With a market capitalization of around 235 million dollars, CEEK cannot be considered somehow big, but it still needs to be considered as a viable investment option from the Metaverse space.
Another Metaverse project to watch in 2022 is Star Atlas. Star Atlas is based on a game that is set in the future, more specifically in the year 2620, where three factions are competing for resources. These are humankind, sentient androids and a consortium of alien races.
This game combines several different genres together through its gameplay pillars which are combat, building (spaceships or space stations), choosing in-game professions, forging alliances and exploration of deep space. It can thus be thought of as a blend of strategy, combat, exploration and roleplaying game all at once.
The unique combination of all the different factors makes Star Atlas one of the most promising and also exciting opportunities in the Metaverse space. With a market cap of around 100 million dollars, Star Atlas is the smallest token on our list, meaning that it not only possesses the biggest risk, but also the biggest possible return, if the game is successful.
Since Metaverse is in its infancy, it is still rather difficult to single out a few projects that might be doing well in the future. However, the above mentioned list provides different options to watch in 2022 for anyone who wants to try either investing in Metaverse or joining in through one of the platforms.
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