The Metaverse narrative of the downturn in the crypto asset market has not faded

The downturn in the crypto asset market has affected many sectors, and some lending applications on the DeFi track have experienced a liquidity crisis; the on-chain ecology of public chains such as Solana and BSC has entered a quiet stage; blue chips such as BAYC, the punk avatar Cryptopunk, and the Japanese style Azuki The price of NFT floor is also on a downward trend, and the popularity is not as good as before.

In comparison, there are more and more stories of the Metaverse Track.

It was reported on June 15 that Meta will launch a Metaverse pilot in Hong Kong, China. The relevant person in charge said that it will cooperate with local coffee shops, schools and art institutions to hold virtual reality (VR) and virtual augmented reality (AR) exhibitions and trainings.

On June 16, Yahoo also launched Metaverse activities in Hong Kong, China, including holding virtual concerts and exhibitions on the Metaverse platform Decentraland, and cooperating with local creators in Hong Kong to launch an exhibition called “Kwun Tong Abyss”.

On June 22, the Metaverse platform The Sandbox reached a cooperation with Time Magazine. TIME Pieces, an NFT community under Time Magazine, will develop the landmark “New York Times Square” on The Sandbox. 》The first building built in the virtual world for the first time.

The application scenarios in the Metaverse are being accepted and broadened by more and more industries, and its popularity has gone out of the encryption circle.

“Metaverse” often refers to the virtual space corresponding to the real world. It attempts to digitally project people and things in the real world into the online virtual space through technical means, so that people can experience some of the real life in the virtual space. Scenarios, such as shopping, travel, social networking, etc., hope to achieve interaction with the real world in the future.

With the development of the distributed network blockchain, some virtual spaces have begun to combine with the blockchain, and with the help of the encrypted assets (including homogenization and non-homogenization) generated on the chain to build the economic system of the Metaverse and virtual products property rights, etc.

The current on-chain Metaverse platform sets up carriers such as land and various above-ground buildings in the virtual space, so that people can enter this space to create and build various scenes corresponding to reality, such as virtual residences and virtual business districts. All land and attachments exist in the form of NFT (non-fungible tokens) to facilitate the owner to freely convert property rights.

So, what are the mainstream representative platforms in the current on-chain Metaverse? What new scenarios have emerged? What are the development bottlenecks to be overcome? This issue of DeFi Cellular will focus on the virtual space on the chain.

Established platforms attract political and business entities to settle in

When it comes to blockchain + Metaverse platforms, the most famous ones are Decentraland and The Sandbox. These two platforms can be called “old brands”, not only because they were founded early, but also through the blockchain The baptism of the bubble period has gradually reached maturity.

Decentraland was first founded in 2017, and The Sandbox can even be traced back to 2011. After several years of development, the two Metaverse spaces have successfully attracted many physical enterprises to settle in.

The Metaverse narrative of the downturn in the crypto asset market has not faded

Virtual Concert and Exhibition on Yahoo’s Metaverse Platform Decentraland

  • Decentraland(MANA)

Decentraland is a decentralized virtual space on the Ethereum network. Users can create various space scenes and content here as virtual identities. All buildings, scenes, and content exist in the form of blockchain assets (mainly NFTs). , in addition to the creator, others can also enter this space to visit and experience the Metaverse world.

Each piece of land (LAND) in Decentraland is represented by NFT, and each piece of LAND is coded and is an NFT token with unique location parameters. LAND needs to be purchased to obtain it. The payment method is Decentraland’s native token MANA. LAND can also be traded between owners, and the transaction is recorded on the Ethereum chain.

LAND is also a creative carrier. After users get a piece of LAND, they can build various buildings on it. At present, Decentraland already has various virtual places such as shops, exhibition halls, galleries, and nightclubs. Users can buy virtual glasses, virtual shoes, virtual clothes, etc. to dress up their avatars in the store. Art galleries, participating in virtual meetups, etc. If you are a creative artist, you can even create art in Decentraland and then auction your work.

At present, many physical companies have opened stores in Decentraland.

Samsung Electronics opened a virtual version of its 837 flagship store in Decentraland. The store is located at 837 Washington Street in New York City, and now has a virtual flagship store “Samsung 837X” in Decentraland. On February 9 this year, when Samsung released the Galaxy S22 and Tab S8 series products, the conference was also held simultaneously in the virtual store.

Sotheby’s moved its London gallery into Decentraland, setting up a virtual exhibition hall, and some NFT artworks even completed special auctions in this virtual gallery.

In April of this year, Decentraland held the Metaverse Fashion Week, and the makeup brand Estee Lauder launched the “Little Brown Bottle NFT” at the event for users to dress up their avatars, and users who received the “Little Brown Bottle NFT” avatar could have a new look.

  • The Sandbox(SAND)

The Sandbox is also a virtual space built on the Ethereum network, and its main business is games. Players can use NFTs and the platform’s native token SAND to build and experience 3D games, and can use community-created pixel models to make games.

There are 166,464 pieces of land (LAND) in The Sandbox, each of which is an NFT. The payment method for the land in this space is the platform’s native token SAND. After purchasing, users can freely design and run the created games and related spaces on the land. . In addition to being able to be constantly dressed up, these spaces can also be used to collect rent — rent to other game developers for rent.

The platform presets multiple games for players to experience, and you can get Token rewards for completing tasks to buy more props and game resources. For creators, The Sandbox platform provides VoxEdit (creation editor), GameMarker (game creation), Marketplace (marketplace) and other free creation tool components, enabling creators such as developers and artists to build content. These tools are very easy to use, it does not require any coding knowledge, just drag and drop some elements to build a virtual space or game world, and the works can be put on the market.

At present, commercial entities such as sports brand Adidas, luxury brand Gucci, Hong Kong Regal Hotels Group have settled in The Sandbox, and government departments such as Dubai Virtual Assets Regulatory Authority (VARA) have even established virtual departments in the space, becoming the world’s first A custodial entity that appears in the Metaverse.

To sum up, the two established virtual spaces, Decentraland and The Sandbox, are becoming the first choice for commercial and even government organizations to try out the Metaverse. Various organizations build their own Metaverse scene by purchasing virtual land, and then further organize activities in the virtual scene. . These two Metaverse platforms are becoming the gateway between the real world and the virtual world.

The entry of large commercial entities has also brought benefits to Decentraland and The Sandbox. These entities often have more mature space design, planning and technical implementation, such as the real restoration of real scenes after 3D modeling, etc. It looks better than ordinary players, and the user experience is better. More importantly, the entry of some well-known brands will bring stronger exposure to these two platforms and attract the public to experience.

New platforms are developing vertically

After Decentraland and The Sandbox came out of the circle, the on-chain Metaverse platforms that created virtual space also began to appear together, and they invested in the competition on the track with the characteristics of stylized, more vertical scenes, and biased towards C-end creators.

  • Voxels focuses on digital artwork

Voxels, formerly known as Cryptovoxels, was created in 2018 and is also a virtual world built on Ethereum, creating a pixel-style virtual space. Entering it, you can see pixelated city blocks, pixelated art shops and galleries, etc. .

Different from the two old-fashioned Metaverse platforms, Voxels is perpendicular to the artwork track and is a virtual space for artists and collectors to participate. Artists can build digital galleries in it, realize personalized decoration styles, and then put their NFT works in it for art lovers to visit and buy.

Artists can also use the creativity of individuals and communities to create social spaces such as art galleries and shops. At present, many artists and curatorial institutions have opened their own exhibition halls in Voxels, and occasionally hold exhibitions, seminars and other activities.

In addition, Voxels has also created finished properties with architects, creating Roman-style and post-modern neighborhoods, allowing users to directly purchase their favorite properties.

On July 2 this year, Voxels will hold an anniversary fashion show. Users can go to different virtual exhibition halls to buy virtual clothes, and then dress up their virtual characters in Voxels, and walk on the catwalk. There will also be a Dedicated judges, entrants will have the chance to win the Best Dressed Award to win bonus prizes.

  • NFT Worlds (WRLD) builds a LEGO space

Created in 2021, NFT Worlds is a Metaverse 3D world built on Ethereum, with pictures in the style of Lego blocks. It is based on the famous game Minecraft MineCraft and is the blockchain version of the game. Players can freely create or destroy different kinds of building blocks in 3D space,

NFT World has a total of 10,000 plots, each of which is an NFT asset and is also a 3D space on which players can build and change some buildings. This means that when a user buys a piece of land, they are buying not just a piece of land, but an entire ecosystem that connects a huge community of creators, developers, and game designers.

In addition, NFT Worlds also uses a blockchain incentive mechanism, and players can maintain ownership of digital assets in the space in the form of NFT. The platform has also launched an NFT rental market, that is, land holders can get rewards for the platform’s native token WRLD through rental.

  • Worldwide Webb creates space for NFT avatars

Worldwide Webb is a pixel-style 2D virtual space, released in November 2021, with a total of 9,508 parcels of land on which users can build or decorate.

The main purpose of this Metaverse platform is to provide application scenarios for popular NFT avatar projects. It has integrated popular NFT avatar projects such as CryptoPunks, Cool Cats, CrypToadz, and PunkCat, and supports users to use these avatars as their own virtual avatars.

Worldwide Webb hopes that these NFT projects can generate more landings in the space, such as making games with these avatars in the space, or making these avatars more useful characters, pets, items, etc.

  • Otherside builds a Metaverse around its own IP

Otherside is a Metaverse platform founded by Yuga Labs, the creator of the BAYC NFT series. It released the virtual land Otherdeed in May this year. These lands are also NFTs. The initial Mint (casting) period caused the gas fee on the Ethereum chain to skyrocket. , which shows the influence of this leading NFT startup.

According to official data, there are a total of 100,000 Otherdeeds, of which 30,000 blocks were airdropped to BAYC and MAYC holders, and the other 55,000 were publicly sold at a price of 305 APE (BAYC project governance token). According to Metacat data, since the launch of Otherdeed in May, the cumulative transaction volume has reached 750 million US dollars, which has surpassed the sum of Decentraland (150 million US dollars) and The Sandbox (120 million US dollars).

However, the official did not disclose how the Otherside space and its land were used. It only showed NFT characters such as BAYC and MAYC in a video. It is foreseeable that this Metaverse platform is a virtual platform created by Yuga Labs for its own brand IP. space. However, because there was no follow-up action, Yuga Labs’ behavior of selling virtual land plots by relying on the IP of BAYC also caused criticism. Currently, the Otherdeed floor price has dropped to 2.2 ETH with a 24-hour trading volume of $1.21 million.

Overview:

Even though various Metaverse platforms and virtual spaces have appeared on the blockchain, the scope of application of these spaces is still very limited, only at the level of providing a virtual place, the experience of interacting with reality is still very backward, and the picture quality is also very poor. Very rough, basically a blockchain version of the layout game, but incorporating the concept of digital assets, so that the assets in the space belong to the user, and can be configured and transferred on the chain.

If the on-chain Metaverse platform wants to develop further, it needs to be deeply integrated with VR, AR and other technologies in the future to enhance the sense of reality and interaction, otherwise the blockchain-based Metaverse space and plots will only stay in the hype stage , it is impossible to implement the on-chain economic system.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/the-metaverse-narrative-of-the-downturn-in-the-crypto-asset-market-has-not-faded/
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

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