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Since the irreplaceable token sale appeared to be rejuvenated after a nearly two-month exhaustion period at the apex in May, a particular NFT application is more popular than ever: Meta Universe. Metaverses has recently received widespread media attention, and companies such as Facebook and Epic Games have also taken major initiatives. However, despite the hype, not everyone—even those who have been involved in cryptocurrency for a long time—understands what metaverse is. But as more and more companies, celebrities and artists set foot in this field, it has become another area worthy of further consideration.
Metaverse is a virtual environment network in which people can interact with each other, digital objects, and the physical world through virtual images. Although the definitions of Metaverse vary, they all revolve around technologies such as virtual reality, augmented reality, digital twins, and blockchain. Herman Narula, CEO of Improbable, describe Metaverse is “not just a game, but something less than the real world. Metaverse is to the virtual world what website is to the Internet.”
Metaverse Trend
For several weeks, Mark Zuckerberg has been Beat the drums for the Yuan FestivalThe Facebook founder sees the virtual world as the next iteration of human online interaction. Zuckerberg saw Facebook transform from a social media company with a series of connected applications to a Metaverse company with a series of connected experiences.And its recent move Introducing Horizon Studio It is a step in this direction. It is also in the best position to achieve its metaverse goals because it has invested in VR technology for several years.
Another appearance on the scene is game and software developer Epic Games.Of course, Epic Games already has something to show in the meta-universe, a successful virtual concert Grand Ariana, Travis Scott and Marshmello in their flagship game Fortnite. this $1 billion in funding It received it in April, plus an additional $200 million in transactions from Sony Group, will help it seek long-term growth opportunities through Metaverse, especially since it is already reshaping the future of live events.
Why is it Metaverse?
Metaverse provides an extremely unique experience for everyone. This is a way for artists to connect with fans in a more interactive way (perhaps personally), which is a step further than the live broadcast provided by artists such as Post Malone, Dua Lipa, and Gorillaz when the pandemic broke out in 2020.
On the other hand, Facebook’s Horizon Workroom aims to provide a more interactive environment for remote workers-virtual meeting rooms, if you want, to replace boring Zoom conference calls. Others have also seen various applications that Metaverse will be useful for. On the one hand, the education system can benefit by allowing students (especially those in the medical field) to receive simulation training, not just a one-way communication where teachers only teach courses to students.
Meta universe and NFT
The connection between Metaverse and non-fungible tokens comes from the NFT’s ability to add ownership or authenticity certificates to assets belonging to the digital world. Projects such as Decentraland, The Sandbox, Landemic, CryptoVoxels, and SuperWorld involve acquiring part of this digital asset, mainly virtual land. NFT helps to verify its uniqueness and even its provenance.
For example, Decentraland is based on the Ethereum blockchain and uses ERC-721 tokens called LAND to facilitate the trading of plots of virtual land called parcels. This makes each piece of land unique and helps users establish ownership of the entire Decentraland real estate. This is built on its consensus layer, which maintains a ledger that tracks the ownership of each package.
LAND tokens enable owners to do various things in their digital real estate, such as hosting games or experiences, organizing competitions and events, and even renting out. The same concept applies to The Sandbox, which is the second largest Metaverse NFT project after Decentraland in terms of sales.
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Meta universe and cryptocurrency
Cryptocurrency acts as a medium of exchange in Metaverse, allowing users to exchange virtual goods. The two metaverses mentioned above enable players to trade using cryptocurrency. Decentraland’s ERC-20-based token MANA is the legal tender for users to purchase digital land, as is the sandbox’s SAND token. Such coins also provide users with the opportunity to participate in its development.
Users can use MANA tokens to vote on policy updates, land auctions and subsidies for new development projects on Decentraland, while users can use SAND tokens for roughly the same purpose. In addition, cryptocurrency can further open up the possibility of trading commodities from different games or meta-universes in an interoperable market.
The growth of the meta universe
At this stage, Metaverse has not yet reached its full potential, and the company has only just begun to explore the ways in which they can penetrate this space. Facebook and Epic games are just two of the latest examples of big names joining the trend.However, the company likes Microsoft Amazon is also involved. Especially Amazon, develop A virtual “Amazon Mall” where users can shop and interact with the products they want to buy. But whether these will support NFT is still uncertain, or even impossible.
Nevertheless, Metaverses’ NFT sales are gradually gaining a foothold in other categories. In the second quarter, their weekly sales exceeded $8 million at one point.
Total sales from 2017 to August 2021 were US$138 million, which is enough to account for 6.77% of NFT sales by category. This makes the Metaverse NFT category ranked third in NFT sales, second only to digital collectibles and artworks.
As more celebrities and large companies participate in this trend, this number is likely to improve before the end of the year. The overall growth of Metaverse and NFT is unprecedented, especially in 2021. Metaverse’s NFT sales have increased by 428% compared to 2020, and have increased by an average of 149% in the past four years. If this explosive growth is maintained at the same rate, then sales breakthroughs are not surprising. 120 million USD By early 2022.
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