The Biggest Metaverse Projects Right Now

2022-11-21, 09:16

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If you are someone who is interested in the cryptocurrency space, then you may have come across the term “Metaverse.” The word has piqued significant curiosity, especially after Facebook’s rebranding to Meta, indicating its pivot towards the metaverse. Investors believe that the metaverse has significant prospects, with JP Morgan putting its weight behind it, stating that it presents a $1 trillion opportunity. No wonder, then, that companies are betting big on the metaverse.

The term “metaverse” was first mentioned in the iconic 1992 cyberpunk novel “Snow Crash” written by Neal Stephenson. The book described the metaverse as a shared imaginary realm that users could access across a global fiber optics network. While interested parties see different versions of the metaverse, there is consensus amongst the community that it is the next evolution of the internet, marking a shift from its current text and image-heavy avatar to one where users can interact with each other through avatars. Today, there are several metaverse projects in existence, but each of them looks to achieve the same goal, facilitating the confluence of our physical and virtual lives.
##The Biggest Metaverse Projects
Let’s look at some of the most prominent metaverse projects.
###The Sandbox
Launched in 2011 by Pixowl, the Sandbox was acquired by Animoca Brands in 2018. After acquiring the project, Animoca Brands shifted its focus to creating a blockchain-based version of the game where users could purchase, sell, and create in-game assets. The Sandbox has seen several high-profile partnerships since its inception, notably with Snoop Dogg, The Smurfs, Cryptokitties, Shaun the Sheep, and The Walking Dead. The project had also announced a special partnership with Lionsgate for the creation of a Hellboy-themed metaverse.
###Axie Infinity
Axie Infinity is one of the most high-profile metaverse projects. The NFT-based game was published by Sky Mavis and is well known for its vibrant community and its endearing playable characters called Axies. The platform is hugely popular with users because it allows them to earn money while playing. Central to the platform are its native tokens, the AXS and SLP. AXS is one of the top assets in the crypto ecosystem, while the SLP token can be earned as a reward by playing the different game modes. The SLP token also allows users to breed new Axies.
###Decentraland
Decentraland is easily one of the most popular metaverse projects at the moment. Users on Decentraland can create projects, meet and hang out with other users, play games, and even attend concerts. Users can purchase virtual plots of land using Decentraland’s native token, MANA. The metaverse platform was created by Esteban Ordano and Ari Meilich, and saw its official launch in 2020. The crypto bull run propelled the project to new heights as it caught the attention of a host of major brands and celebrities who ended up purchasing properties in the Decentraland metaverse. Some of the big institutions that purchased land on Decentraland include the likes of Samsung, Atari, Adidas, PriceWaterhouseCoopers, and many others.

The platform also held a fashion week in the metaverse, which saw participation from almost all fashion brands, such as Elie Saab, Dolce & Gabbana, Perry Elie, and others. Sotheby also held the first-ever auction in the metaverse on Decentraland in 2020.
##In Closing
While the metaverse is at a very nascent stage of its development, it has generated significant interest as users and institutions see massive potential in it. There is no denying that the metaverse will revolutionize the internet and how users interact with each other on it. Small wonder, then, that corporations are willing to commit billions of dollars to create the metaverse.

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