What is the value of the Metaverse public chain?

TL;DR

  • The Metaverse public chain is an important foundation in the Metaverse technology stack;
  • The Metaverse public chain track is in the early stage and needs to focus on infrastructure construction;
  • VR, AI, 3D rendering and other technologies are closely integrated with blockchain technology;
  • Metaverse public chain enhances cross-chain interoperability, and EVM equivalence is a priority.

What is the value of the Metaverse public chain?

The Metaverse is a virtual world constructed by human using digital technology, which is mapped or surpassed by the real world, and can interact with the real world.

The Metaverse Public Chain is an infrastructure-level open blockchain specially built for the Metaverse and the decentralized digital world, providing necessary technical preparations and underlying development platforms for Metaverse developers.

The functions of data storage and transmission, NFT casting and splitting, distributed computing, and rendering provided by the Metaverse public chain bring us closer to the vision of the Metaverse.

This research report will focus on the Metaverse public chain, including two important components of the Metaverse public chain: the decentralized rendering network and the game public chain.

The decentralized rendering network completes rendering tasks by integrating GPU resources that are idle around the world. The game public chain creates a development and operation platform for NFT and chain games.

In general, the Metaverse public chain is in the early stage of development, and the main task at this stage is to build the decentralized backend of the Metaverse, including computing, storage, query, network, etc.

Before the realization of Metaverse and Web3, the Metaverse public chain still has a lot of room for improvement, and the Metaverse public chain needs greater scalability to achieve large-scale consumer applications. The Metaverse public chain needs to strengthen the combination with VR, AR, AI and other technologies to provide users with a better Metaverse experience.

Metaverse public chain overview

The Metaverse public chain is an important infrastructure for the Metaverse track, providing a development and user experience platform for NFT, GameFi, and Metaverse projects.

At present, the Metaverse is in the early stage of development, and the demand for infrastructure construction is relatively strong. The demand comes from data storage and distribution, 3D, Metaverse payment methods and identity credentials, cloud computing, etc. These needs have contributed to the development of the Metaverse public chain. .

The Metaverse Industry Hierarchy Map of CITIC Securities divides the Metaverse industry into five layers: infrastructure (computing power, cloud, etc.), digital foundation, development tools, basic ecology and client.

What is the value of the Metaverse public chain?

  • Infrastructure: computing power, cloud, etc. For example, in a decentralized rendering network (such as Caduceus), rendering nodes complete rendering tasks by contributing idle GPU computing power to meet the needs of Metaverse 3D rendering.
  • Digital foundation: blockchain, internet. All decentralized Metaverse projects are based on blockchain technology.
  • Development tools: 3D engine, VR/AR. For example, Caduceus provides authoring tools that support 3D game assets/models, NFT minting transactions and splitting tools. Klaytn provides open source kits for Metaverse developers.
  • Basic ecology: developers and applications. The Metaverse public chain provides developers with development kits to help developers build Metaverse applications based on the smart contract platform.Some Metaverse public chains have introduced EVM equivalence to facilitate developers to migrate Metaverse project smart contracts from other EVM compatible chains.
  • Client: Projects built on the Metaverse public chain, covering NFT, chain games, entertainment, social, etc.

At present, the market size of the decentralized Metaverse project has exceeded 10 billion US dollars. According to CoinMarketCap data, as of September 14, the market value of the Metaverse project has reached 11.48 billion US dollars, accounting for 1.1% of the total market value of the crypto market.

Among the Metaverse concept projects, the top five by market value are ApeCoin, Decentraland, The Sandbox, Theta Network, and Axie Infinity.

The two largest categories of the Metaverse public chain are the decentralized rendering network that deploys the Metaverse project, and the game public chain.

The decentralized rendering network integrates idle GPU resources around the world and inherits the distributed characteristics of the blockchain itself. Users can earn token rewards by contributing idle GPU computing power to rendering tasks. Representative projects include Caduceus and iPolloverse.

The game public chain is a public chain specially built for NFT and chain games. The high TPS, low gas fee and low network delay of the mainstream game public chain are suitable for chain game players, chain game developers, NFT issuers, NFT traders, etc. Users provide a good experience. The representative projects of the game public chain are WAX ​​and Klaytn.

Beep News has compiled 15 Metaverse public chains, and some of the data are as follows.

What is the value of the Metaverse public chain?

4 Metaverse public chains

This chapter will introduce two decentralized rendering networks, Caduceus and iPolloverse, and two public game chains, WAX and Immutable X.

(1) Introduction to decentralized rendering network projects: Caduceus, iPolloverse

Caduceus

1 Introduction

Caduceus is a Metaverse protocol for decentralized edge rendering, dedicated to providing services such as decentralized rendering, edge computing, 3D technology, and XR extended reality technology for Metaverse developers and creators.

Caduceus has created an open system for the computing power supply side. Each user can join the platform through Caduceus’ technical modules, contribute GPU computing resources, and provide services for film and television, traditional games, AI and other industries.

Caduceus completes edge rendering by computing, rendering and storing on the cloud GPU, and transmits it to the display terminal through the streaming process. With the characteristics of massive computing and elastic usage, it shortens the rendering cycle, improves efficiency and reduces costs.

The core components of Caduceus include a decentralized content distribution platform, high-performance Metaverse infrastructure, and hassle-free migration.

Decentralized content distribution platform: Caduceus provides a peer-to-peer content distribution platform based on IPFS, supports NFT-ERC20 copyright distribution, and supports smart contract-based creative mining and advertising revenue sharing systems.

High-performance Metaverse infrastructure: Caduceus adopts a multi-level distributed hash graph structure with unlimited expansion and large-scale parallel processing capabilities.

In conjunction with BigBang’s fully hardware programmable accelerated blockchain consensus system, StarRing transaction parallel execution engine, and Nebula’s infinite horizontal expansion of the block database, Caduceus can withstand the task processing capacity requirements in a highly concurrent and complex environment.

Barrier-free migration: Caduceus supports seamless connection between EVM and Solidity contracts, supports ERC20/NFT/DeFi cross-chain migration and asset swap, and is compatible with mainstream blockchain wallets such as MetaMask.

2. Roadmap

According to Caduceus’ roadmap, Caduceus has launched mainnet version 1.0 in Q2 this year, and will launch mainnet version 2.0 in Q4.

Caduceus will launch XR-SDK, 3D-Vlog platform, creator platform and edge rendering 2.0 version in succession next year.

3. Financing Information

Caduceus completed a $4 million Series A financing in March this year. This round of financing was led by crypto investment firm Susquehanna International, with participation from Bin Zayed Group, BlockFills, Qredo, TokenInsight, and Nukkleus.

4. Ecological projects

The official website of Caduceus shows that there are more than 50 ecological projects. The project categories supported by Caduceus include Cross-Chain Bridge, DID, Chain Tour, Launchpad, etc. The specific projects are Multichain, DAOStarter, Celestial.

iPolloverse

1 Introduction

iPolloverse is a Metaverse public chain project. It adopts Web 3D as the main technical route to complete the rendering task in the form of a distributed computing power network, and supports global users to provide idle GPU computing power for mining.

The technology stack of the distributed computing power network is summarized into 4A technologies: Web 3D architecture (architecture), Advanced Network, AI, Avatar (avatar).

①Web 3D architecture (architecture)

The technology of Web 3D architecture includes modeling technology, display technology, and interaction technology in 3D scene.

iPolloverse uses the graphics library optimization of three.js, which is an easy-to-use graphics library formed by encapsulating and simplifying the WebGL interface.

②Advanced Network

iPolloverse adopts the HARQ transmission protocol under the 5G communication CAN (Computing Aware Network) architecture to achieve high-speed data synchronization.

③AI

iPolloverse adopts AI analysis and reconstruction, uses the space unit as the preprocessing material, and at the same time transmits the basic vision that each avatar (avatar) sees and interacts in the entire space unit to the edge in advance. Mobile predictions are preloaded, which improves loading speed.

④Avatar (avatar)

Everything serves the avatar (avatar), and every avatar in the Metaverse is 3D for an immersive experience.

2. Testnet performance

The iPolloverse testnet has reached 1 GPU to support 500 users, each user is a 3D avatar with 15,000 facets, and the server bandwidth of each user has also been reduced to 300Kbps, so that the cost per user can be reduced by 3 orders of magnitude.

3. Roadmap

iPolloverse has set a four-phase growth target. According to the goal of the fourth stage, iPolloverse finally plans to run more than 100,000 GPUs on the network, with a storage capacity of 800PB and a network TPS of 20,000.

(2) Introduction to game public chain projects: WAX, Immutable X

SOMETHING

1 Introduction

WAX is a blockchain ecosystem specially built for NFT, GameFi, and Metaverse projects. Users can create and trade digital assets related to NFT, GameFi, and Metaverse projects in the ecosystem on the WAX ​​blockchain.

DappRadar data shows that there are more than 200 applications on the WAX ​​chain. According to the WAX ​​official website data, the number of accounts on the WAX ​​chain exceeds 13 million, and an average of more than 23 million transactions are processed on the chain every day.

Data from DappRadar on September 14th shows that the three dApps with the highest 7-day users on the WAX ​​chain are the Metaverse chain game Alien World, the farming game Farmers World, and the NFT trading platform AtomicMarket, with 7-day users of 255,000 and 122,000 respectively. ,50000.

Well-known Metaverse games on the WAX ​​chain include Alien World and R-PLANET.

Alien World is a Metaverse game that integrates elements of DeFi, Staking, DAO, land, mining, and battle.Alien Worlds is set in a virtual world in 2055, where players can explore, mine and battle among 6 planets.The 6 planets have different styles and different types of landforms. Players need to find the most suitable planet for mining and participating in governance.

R-Planet revolves around the theme of human beings looking for new planets to survive and reproduce, among which Mars is the preferred target. The game content includes exploration tests and the process of building homes. All props in the game (land, tools, characters, houses, building materials, etc.) are NFTs.

2. Financing Information

In June, WAX secured $10 million in funding from OKX Blockdream Ventures to further grow its ecosystem.

Immutable X

1 Introduction

Immutable X is a Layer2-based NFT platform that uses StarkWare’s capacity expansion technology.Immutable X supports users to mint NFT with 0 Gas, and TPS can reach 9000.

As of September 14, users have minted over 33 million NFTs on the Immutable X platform this year, and completed over 7.5 million NFT transactions.

According to CryptoSlam data on September 14, the 7-day NFT transaction volume on the Immutable X chain was $829,000, ranking sixth.

2. Ecological projects

The official website of Immutable X shows that there are more than 80 projects in its ecosystem. The more well-known games in the ecosystem are Gods Unchained, Guild of Guardians, and Illuvium.

These games have some Metaverse touches to them, and in the case of Guild of Guardians, players can form their own team of “Guardians” and go on adventures with their guild to earn rewards, defeat enemies, and gain loot. In-game assets are represented in the form of NFTs, including heroes, monsters, bosses, items and icons, and environments.

3. Financing Information

The latest financing of Immutable X’s parent company, Immutable, was completed in March this year. Immutable completed a $200 million financing at a valuation of $2.5 billion. Temasek led the investment, and Mirae Asset, ParaFi Capital, Declaration Partners, and Tencent Holdings participated in the investment.

Metaverse public chain technology

Metaverse public chain combines edge computing, AI, XR and other technologies with blockchain. This chapter will introduce the use of edge computing, AI technology, and NFT technology in the Metaverse public chain.

(1) Edge computing

Edge computing is a networking philosophy that strives to bring computing as close to the data source as possible to reduce latency and bandwidth usage. Placing computation at the edge of the network minimizes the amount of long-distance communication that must occur between clients and servers.

The decentralized rendering network Caduceus combines edge computing technology and blockchain technology. Edge computing facilities can provide computing resources and storage capabilities for a large number of decentralized network services in the blockchain, and at the same time solve the problem of high-speed transmission when a large number of nodes are used. Blockchain technology provides a trusted and secure environment for edge computing network services.

(2) AI technology

AI stands for artificial intelligence. AI technology aims at researching and developing to simulate, extend and expand human intelligence. The current digital human on the market is the result of AI technology. To make 3D characters, their language and actions more realistic in the Metaverse, AI technology is needed.

The decentralized rendering network iPolloverse adopts AI analysis and reconstruction, uses the space unit as the preprocessing material, and simultaneously transmits the basic vision that each avatar (avatar) sees and interacts in the entire space unit to the edge in advance. According to the avatar Movement predictions in the Metaverse are preloaded, which improves loading speed.

(3) NFT technology

The NFT technology used in the Metaverse public chain is reflected in the on-chain assets, environment, avatar image, etc. Taking the game public chain as an example, developers build a Metaverse chain game based on the game public chain. The props, assets, environment, characters, etc. in the chain game are all presented in the image of NFT. These NFTs can be traded on the NFT trading platform, game Places such as built-in markets to trade.

WAX, Immutable X, and Flow are all blockchains specially built for NFT and chain games, providing developers with tools for NFT casting, splitting, and distribution.

Compatibility and Scalability of Metaverse Public Chain

(1) Compatibility of the Metaverse Public Chain

The compatibility of the Metaverse public chain is reflected in the compatibility with virtual machines such as EVM and WASM, which facilitates the migration of applications on other public chains to the Metaverse public chain.

Taking Metaverse.Network and Ronin as examples, Metaverse.Network is the Metaverse public chain of the Polkadot ecosystem. It is compatible with EVM and connects it with the Ethereum ecosystem. Smart contracts on Ethereum can also run on the Metaverse.Network chain.

Ronin is a side chain created by the Axie Infinity development team. Users can transfer assets across the Ronin and Ethereum chains through the cross-chain bridge on the Ronin chain. Ronin is an EVM compatible chain, which facilitates the deployment of future Ethereum ecological projects in Ronin and expands the ecological territory of Ronin.

(2) Scalability of the Metaverse Public Chain

The scalability of the Metaverse public chain is reflected in two aspects: network scalability and ecological scalability.

Among the 15 Metaverse public chains counted by Bibi News, the TPS (transactions per second) of multiple Metaverse public chains reflects their scalability.

Among the five Metaverse public chains in the figure below, the Immutable X TPS based on Layer 2 exceeds 9,000, while the TPS of Layer 1 public chains WAX, Flow, and Klaytn are also 1,000 and above.

What is the value of the Metaverse public chain?

At the technical level, Immutable X adopts the zkRollup expansion scheme, users can mint NFTs with 0 Gas, and WAX supports high-frequency invocation of game contracts on the chain to handle high-frequency concurrent transactions.

The scalability of the ecology is reflected in the expansion of the application scenarios of the Metaverse public chain from DeFi, NFT, GameFi, and Metaverse to a wider range of business scenarios.

The value and historical position of the Metaverse public chain

(1) The value of the Metaverse public chain

Messari researcher Mason Nystrom mentioned the Web3 layer in the Metaverse technology stack diagram of the article “Web3’s Role in the Metaverse”, dividing the Web3 layer into four sub-layers: Web3 Primitives, Financial Layer, Web3 Infrastructure Layer, and Protocol Layer .

Take the Metaverse public chain as an example to understand these four sub-layers.

  • The representative project of the protocol layer is the cross-chain bridge on the Metaverse public chain;
  • The representative projects of the Web3 infrastructure layer are data storage and transmission networks, rendering networks, and distributed computing networks;
  • The representative projects of the financial layer are financial applications such as DeFi protocols and NFT trading platforms built on the Metaverse public chain;
  • The representative project of Web3 primitives is NFT, which is a user-controlled asset in the Metaverse.

These four sub-layers of the Web3 layer are the Metaverse infrastructure currently being built by the Metaverse public chain for developers and users, allowing users to obtain the rights to control, dominate and trade virtual assets in the virtual world of the Metaverse.

The value of the Metaverse public chain in the Metaverse lies in providing users with an identity system, data storage and use methods, providing users with a realistic experience in the Metaverse through edge computing, edge rendering and other technologies, and providing users with virtual world through NFT. Fundamentals – digital property rights.

(2) The Metaverse public chain is in the early stage

From the statistical Metaverse public chain, the blockchain still has a long way to go to realize the real Metaverse in our minds.

In the Metaverse vision, we can socialize, trade, work and study in the Metaverse as in real life, which requires large-scale data storage and transmission, rendering, distributed computing, and integration with AI, AR, VR, 3D and other technologies are fully integrated.

The Metaverse public chain is taking this step, participating in the rendering of Metaverse avatars, environments, resources, etc. to make it more realistic, providing the underlying platform for NFT casting, splitting, and trading, allowing users to own digital asset property rights.

However, judging from the current track projects and adoption, there is still a lot of room for improvement in the blockchain infrastructure construction and integration with other Metaverse-related technologies. We are currently in the stage of building and perfecting the underlying infrastructure, and when the infrastructure matures, mass adoption will be possible.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/what-is-the-value-of-the-metaverse-public-chain/
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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