Metaverse is a digital space designed as a virtual world in which users can interact with one another and have real-world experiences. People can live and role-play in the Metaverse space using virtual reality tools such as VR or AR. Instead of meeting in person, the Metaverse allows people to role-play meeting and interacting with each other in virtual space, despite any physical obstacles.
On the Metaverse, people can also trade goods. In order to accomplish this, the Metaverse must be integrated with blockchain technology and NFT.
Practical applications of Metaverse
When Metaverse is combined with blockchain technology and NFT, it creates a complete and potentially connected system, specifically:
- Metaverse creates a space for people to meet and interact in a variety of ways (playing games, buying and selling goods, …)
- Through decentralized exchanges (DEX) or Marketplaces, blockchain technology enables Metaverse participants to interact with anyone.
- NFTs are characters/items/goods that have been encoded as blockchain-backed digital assets.
This connection has enabled a wide variety of powerful applications, allowing people to interact, create, and transact with one another. The most common is that the Metaverse is intended to serve as a platform for blockchain games.
Decentraland (MANA) is a prominent example of a blockchain game platform with a large metaverse that allows players to interact with one another and buy and sell virtual lands (encoded into NFT).
Another example is The Sandbox (SAND), a game ecosystem in which users can create and own works in their world. Sandbox, in particular, gives players the ability to create 3D entities. They will then be added to the game as NFT items that can be traded, exchanged, and profited from.
Popular Metaverse projects
- Decentraland (MANA): The first project in the Blockchain gaming ecosystem, with a large number of users and items, allowing players to build whatever they want on their existing land.
- Bloktopia (BLOK): Bloktopia is a virtual reality skyscraper that allows investors to own land and develop it into virtual real estate, as well as provide advertising services and organize in-game events to earn more Tokens.
- Axie Infinity (AXS): Axie Infinity is a fighting game metaverse game built on the blockchain platform that allows players to complete quests to collect Axies, team up with other players, and trade Axies.
- Bunicorn (BUNI): Bunicorn is a Gaming Metaverse model that combines Play to Earn, allowing users to create their ecosystem at their leisure and receive NFTs directly in that world.
Along with a great number of other potential Metaverse assets.
The ONUS application currently has a #Metaverse category, making it simple to browse assets, monitor fluctuations, and start trading.