Are Metaverse And GameFi The New Playground For Blockchains?

With Facebook Inc. recent rebranding the company’s name to Meta, a lot of attention has again been drawn to the topic of Metaverse. Metaverse which is the future of social interactions, where users interact in a seemingly real virtual environment using virtual reality technologies.  Facebook’s announcement to create a virtual social environment for social interactions shifted attention again to Metaverse.

There are many other Metaverse projects that are currently being worked on at creating such virtual systems, but with a major difference from that of Facebook. They are creating these projects in a decentralized manner, so that the Metaverse wouldn’t be centrally controlled. And as a result of this decentralized nature, there has been much funds pumped at sponsoring these projects. 

All areas and use cases of the blockchain have performed excellently this year, but GameFi and play-to-earn performed exceptionally well. With more than 13%!of total investments expended in these arenas.

GameFi has overtaken most other crypto spaces as of this season of the year. Attention was earlier on DeFi, then biased towards NFT. Now it is GameFi. As of today, huge investment amounts are announced to be staled at the blockchain-based decentralized gaming concept. An example is the $17 million that was earned in revenue by Axie Infinity in August this year. This figure even surpasses the revenue generated by Tencent’s popular mobile game – Honor of Kings.

Facebook’s Meta vs Decentralized versions of Metaverse

A major point of concern of people regarding Facebook’s name change and creation of a Metaverse social platform is still related to power centralization. With the company still controlling very significant power and monopoly instead of sharing such controls with her users. This only aggravates the dislike towards the seemingly selfish power chase. 

This on the other hand is a major plus for the decentralized Metaverse cryptocurrency projects. As users of the platforms are allowed to share control and power in a decentralized landscape.

Here Are Three (3) Decentralized Metaverses That You May Want To Pay Attention To

  • Decentraland (MANA)

This Metaverse project is very popular and one of the long-standing Metaverse projects. Combining the virtual reality social idea and the blockchain tech to create a very transparent platform for its users.

It also has a cryptocurrency called MANA which is not only open to the Metaverse community but to the rest of the world, with earning capacities for its HODLERS.

  • The Sandbox (SAND)

Sandbox is also a decentralized platform. On Sandbox, users can trade products, real estate properties etc. 

Notable influencers and celebrities are attracted to Sandbox. Snoop Dogg and Deadmau5 for example, promote the platform. Popular shows like The Walking Dead that also advertise the game.

  • JEDSTAR DECO and GameFi

It is new on the blockchain and seems to have growth potentials. 

JEDSTAR is both a DeFi (Decentralised Finance) and a GameFi (Gaming Finance) project. It aims to bridge the gap between cryptocurrency and fiat. It has high potential for growth, when compared to Decentraland or Sandbox.

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