Metaverse versus GameFi: A New Blockchain War?
The term metaverse has been reintroduced online due to Facebook’s announcement that they would build a VR (Virtual Reality) social network for its users.
Unlike many decentralized metaverse cryptocurrency initiatives, Meta is owned by a single entity. As digital coins are paired with the blockchain metaverse, they will authorize the administration in the metaverse sector. In 2021, GameFi and Play-to-earn received about 13% of total investments.
Investments by Category: Footprint Analytics
The second part of the year was dominated by big gaming announcements and stats, as the trend shifted from DeFi to NFT, then GameFi. For example, on August 6th, Axie Infinity made $17 million, beating even Honor of Kings, a top Tencent mobile game.
Meta vs Decentralized Metaverse
The public saw Facebook’s name renewal to Meta as they continue to be the entity that administers their social network. This adds to the criticism as users do not control the platform. The Meta, a VR social network, does not enable users to choose what they want to look like or accept while using the platform.
Utilizing a decentralized governance structure, the decentralized metaverse cryptocurrency initiatives let users determine the platform’s destiny. It also allows users to make their proposals and vote on them, with the outcomes being determined by consensus. With no final say from companies/developers, it’s a strong instrument to disperse power. Using this and blockchain technologies will rebuild the authority source for its future users.
Top 3 forthcoming metaverses investors can add to their portfolio
#1 Decentraland (MANA)
One of the popular metaverse initiatives is Decentraland (MANA). A VR social network uses blockchain technology to provide entirely transparent and equitable project governance.
The platforms own currency, MANA maintains its economy and provides real-world revenue for its users. People may build their avatars and travel to virtual destinations like casinos, other regions of the globe, and even participate in VR games with other users.
The website allows users to make money by purchasing and selling land designated for auctions. Users may also purchase and trade NFTs on Decentraland’s digital marketplace MANA.
Sandbox #2 (SAND)
Like Decentraland, The Sandbox is a virtual environment where people purchase and sell things and even real estate to generate money. It also allows users to socialize and explore the virtual environment together.
Musicians like Snoop Dogg and Deadmau5 are among Sandbox’s partners/sponsors who urge more user participation. Famous series like The Walking Dead are also promoting their game.
The Sandbox’s market valuation ($2.3 billion) is less than half of Decentraland’s ($5 billion), indicating that the project has a lot of room to expand when it grows to Decentraland’s stage.
#3 JEDSTAR DECO and GameFi
Unlike Decentraland and The Sandbox, this initiative is still in its infancy. In order to connect the cryptocurrency and fiat financial sectors, JEDSTAR is both a DeFi (Decentralized Finance) and a GameFi (Gaming Finance) initiative. Gaming to the team is important to mainstream crypto adoption.
While their current token, $JED, is still early with an ideal entry point of 30M USD market cap, their new token, $KRED, is confirmed to be utilized in over 200 games in 2022.
It will be a combination of in-house created games like their planned flagship CCG, Metaverse MMORPG, and in-game NFT marketplace, but also on many platforms via the world’s first CAAS (Currency as a Service) model.
Their CAAS concept will enable far wider adoption of cryptocurrencies without the usual conversion obstacles. JEDSTAR will also include KRED on its hyper-casual gaming platform STARDOME, allowing ordinary gamers to purchase and trade KRED using standard payment methods effortlessly.
Chainlink, FRAG Games, Remote Control Productions, and Skill Gaming have all just signed on as new partners. The JEDSTAR team recognizes that although just 4% of the world presently uses cryptocurrencies, reaching the other 96% will be challenging. Gaming employs around 40% of the world’s population, many of whom are already familiar with in-game money.
JEDSTAR believed that adopting a real cryptocurrency as the basic token for Skill Gaming’s platform might readily bridge this gap. This enables broad crypto acceptance and simplicity of usage for gamers who don’t have to worry about learning and utilizing cryptocurrency.
The KRED cryptocurrency is yet to debut. However, they are launching a public pre-sale for November/December, where investors may reserve tokens at a discount from the public launch price.