“Your Land Your Rules” This metaverse project is the future of the new era digital world
The current market situation is a bearish trend the right time to enter this highly potential project.
What is Metaverse?
What is the metaverse? Think of it as the internet brought to life, or at least rendered in 3D. Zuckerberg has described it as a “virtual environment” you can go inside of — instead of just looking at on a screen. Essentially, it’s a world of endless, interconnected virtual communities where people can meet, work, and play, using virtual reality headsets, augmented reality glasses, smartphone apps, or other devices.
Microsoft Jumping into Metaverse as well
Microsoft is also working on enabling shareable virtual worlds across numerous VR and AR devices, including its own HoloLens, using its new Mesh technology. Employees who do not have access to VR/AR headsets will be able to view these virtual worlds on standard 2D monitors.
The corporate focus, on the other hand, does not end with meetings. Microsoft also announced Dynamics 365 Connected Spaces, a solution that allows users to navigate virtual replicas of stores and facilities. In the world of virtual reality and augmented reality, it’s not a completely new concept (the technology has existed in some form or another for several years), but Microsoft executives like CEO Satya Nadella tell Bloomberg that they’ve used Dynamics to visit a hospital’s COVID ward, a Toyota plant, and the International Space Station in VR.
Is Metaverse just the hype?
According to Statista, in 2020, we spent an average of 3 hours and above on social media, and this number is only expected to rise. I spend about 7 to 8 hours each day on average; I simply wish I could spend less time.
At this moment, the metaverse is not a hype; it will be a reality in 3 to 5 years.
Top Crypto Projects working in Metaverse Space
1-Decentraland MANA
Current Price:$3.74
Exchange Available: Binance, Coinbase, Kraken
“Your land, your rules”. Now you can purchase virtual land and this is what MANA is all about. You can do whatever you want in this land just like the way you would do in the real world. Whether it’s to sit on it and sell it when it appreciates in value, or build a business and sell services, you can do whatever you desire. And since it’s blockchain-based, once you own land, it’s irrefutably yours. And when you sell land, all the money is yours — no intermediary is taking a cut. Also, there’s no central/regulatory authority dictating how you run things.
I actually tried to play this game as a guest and I was impressed by the development they have made. This will only continue to grow from this point, you can also take a look at this:-
When you buy LAND, Decentraland burns a portion of the MANA and permanently removes it from circulation. The idea is to reduce the total supply of the token — preventing inflation and increasing demand. In the beginning, a piece of LAND went for 1000 MANA. However, as the market evolves and changes, prices now vary. The highest record for a sold plot was $175, 578 (March 2018).
2-The Sandbox SAND
Current Price:$5.30
Exchange Available: Binance, Kraken, Crypto.com exchange
The Sandbox is a virtual world where players can build, own, and monetize their gaming experiences in the Ethereum blockchain using SAND, the platform’s utility token. Players can create digital assets (NFTs), upload them to the marketplace, and drag-and-drop them to create game experiences with The Sandbox Game Maker.
It is further claimed that The Sandbox has secured over 50 partnerships including Atari, Crypto Kitties, and Shaun the Sheep to build a fun, creative “play-to-earn” Gaming platform, owned and made by players. The Sandbox aims to bring blockchain into mainstream gaming, attracting both crypto and non-crypto game enthusiasts by offering the advantages of true ownership, digital scarcity, monetization capabilities, and interoperability
Top Crypto Projects working in Metaverse Space
3-Enjin Coin ENJ
Current Price:$2.79
Exchange Available: Binance, Coinbase, Kraken
I am not into gaming, however after watching “Ready Player One”, I can definitely see ENJ growing as it's built on Ethereum blockchain. Enjin allows game developers to tokenize in-game items and it's a social gaming platform in which users can create websites and clans, chat and host virtual item stores.
They have also allocated $100 million to fund a metaverse. More details about this fund are in this link below:-
https://cryptobriefing.com/enjin-allocates-100m-to-fund-a-metaverse/
· Enjin, one of Ethereum’s first NFT gaming platforms, has announced a $100 million fund to develop its Metaverse.
· The new Metaverse is to be built on a new dedicated blockchain, called Efinity.
· The move comes amid a flurry of other recent Metaverse project announcements, including those from Facebook (now Meta) and Microsoft.
4-AXS Axies Infinity
Current Price:$111
Exchange Available:Binance, Coinbase Exchange, FTX
Axie Infinity is a digital universe where its users can earn digital tokens by playing games and contributing to the network. Players can compete, collect, raise and build kingdoms for their pets (called Axies). At the moment, players can get started by buying Axies from active players in the Marketplace.
The AXS token is the native cryptocurrency of Axie Infinity. It fulfills the following role in the ecosystem:
· Governance: Token holders can stake funds and take part in network governance through voting
· Staking: Players can stake AXS tokens and earn rewards
· Payment: Users can make payments using AXS tokens
· Reward mechanism: Players can earn AXS tokens for playing games in the network
Conclusion:
I tried to find out if the game industry’s foray into virtual reality, which includes digital land, virtual learning spaces, and virtual metaverse gaming, is within shariah compliance. I couldn’t discover any information that would allow me to classify them as halal or haram. Please conduct your own investigation as we are unsure whether or not these crypto projects are shariah compliant.
We’re at least 3 to 5 years away from true metaverse development, but all of these projects will continue to grow by creating referral systems to attract new users, teaming with well-known artists to create new NFTs and assets, and pursuing a variety of strategic initiatives.
I’ll keep my roles in all of these projects because they have the advantage of having been in the metaverse for a long time.
Disclaimer
This content contains an opinion and is solely for informational reasons. It is not intended to be financial or investment advice. Seek investment/financial guidance from a properly licensed specialist. I have no affiliation with any of the companies whose coins are referenced in this article. Please always conduct thorough research prior to investing, as you are solely responsible for any capital-related decisions you make and the outcomes.
