November 9, 2021 · 6 min read
Emerging Tokens in Metaverse
The latest and the hottest trend in investing is the metaverse.
The virtual reality(VR) concept has been around for a while. Now thanks to the fact that we are accustomed to the virtual world since the Covid-19 pandemic and technological advancement, what we used to see in sci-fi movies is slowly becoming reality. Wall street has hopped on this trend too. The table below shows how leading metaverse stocks performed.
Last month, Facebook unveiled its big bold move into the metaverse. The crypto community responded quickly and metaverse projects went sky high.
Crypto world’s first take on metaverse was introducing blockchain technology to the gaming industry. In blockchain games, users have complete control over in-game assets as they are designed as the ever-hot NFTs and the users, not the game studios, are the true owners of what they build in games.
Decentraland(MANA) is the pioneer of virtual lands using blockchain technology with the current market capitalization of over $4.8 billion. Developed in 2015, Decentraland is an Ethereum-based virtual reality platform where users can purchase lands and build applications on top of them. Decentra”land” is divided into parcels of LAND which are NFTs, and the ownership of LAND gives you full control of what you can build with the LAND. In the past year the price of MANA increased by more than 3000% and since Facebook announced its rebranding to Meta, MANA tripled!
Also built on top of Ethereum, the runner up virtual land project is The Sandbox(SAND). The team has secured funding from Binance Labs, Hashed, Atari and more. SnoopDogg will be setting up a mansion, hosting private virtual parties and connecting with players.
Now, why limit ourselves to lands? Star Atlas(ATLAS) is taking us to space. Built on Solana, Star Atlas is a space exploration gaming metaverse with cinema-quality graphics. We can be a part of humankind, androids or aliens!
This week we are going to look at emerging crypto projects building their own versions of metaverse.
Last updated: Nov 9th 9am GMT
The tokens chosen above are all listed on Uniswap V2.
Founded in 2017, Somnium Space is focusing on building an immersive metaverse. Somnium Space’s VR world is available for all major VR headsets including Oculus, Hive and Windows. In Somnium Space, users can buy lands, real-estate and build customized avatars. The company has recently secured investment from Gemini and onboarded the Winklevoss brothers as advisors. To strengthen users’ immersive VR experience, Somnium Space made strategic investments into VRgeeniers, a VR headset maker, and Teslasuit, a full body haptic suit maker, to introduce sensorics technology into their metaverse.
Somnium Space’s native token CUBE increased by 540% in the past month, though it dipped by 16% in the past week. There are currently 2.5k (up 45% in the past 24h) addresses holding CUBE. Somnium Space is good for users who wish to develop real-estate themselves using their builder tools and creating custom avatars using Unity SDK. The biggest selling point of this project is its flexibility, but it is not currently super easy for the users who are not familiar with virtual land gaming. Explore popular parcels on your web browser here.
Like Somnium Space, Netvrk is another VR metaverse where users can develop lands and build on top of them. Netvrk has sold $17 million worth of virtual land and transport NFTs up till now. Network is expanding its ecosystem by making partnerships with NFT projects and gaming companies. Network partnered with DeRace, a virtual horse racing platform, so DeRace can host racing games on the Netvrk metaverse. Netvrk also partnered with Gamestarter, an NFT launchpad. By having Gamestarter’s virtual HQ available on Netvrk, Netvrk users can engage with Gamestarter’s NFT projects. See their full list of partners here.
Netvrk’s NTVRK token increased by more than 170% in the past 30 days. There are 6.5k addresses holding NTVRK.
Netvrk Genesis Islands - souce: Netvrk Medium
UFO Gaming created the UFO metaverse, an ecosystem that consists of games, NFTs, virtual lands and gaming launchpad to incubate more playable games. ‘Super Galactic’ is their first game. Built on Ethereum, it is an RPG game where players battle and breed digital soldiers. Each soldier's NFT comes with a unique rating and this can improve in time by completing daily quests. Parent soldiers’ rating will affect the offspring soldiers' rarity and rating.
High risk as the game has not launched yet. Even though it is a young project, UFO Gaming has a market cap of over $700 million and 30k addresses holding UFO.
If investors Somnium Space and Netvrk were builder-centric, Polkacity is more investor-centric. Polkacity aims to craft a virtual city and the game is expected to launch in December 2021. Investors who want to invest in income generating virtual assets can invest in hotels, disco, hotels, airplanes, gas stations and earn passive income.
Polkacity’s POLC token has the highest trading volume among the tokens featured in this blog post despite being the smallest project in terms of market cap ($17M). There are 26k POLC holding addresses. POLC has seen an epic surge in price of 1400% in the past month.
Metaverse related projects had a great run since Facebook announced that it would invest billions in metaverse and it has corrected soon after. Immersing oneself into the metaverse requires familiarity with two things: first the VR hardware, and secondly the VR software. The simplicity in UX/UI, quality of the VR experience and the content available will decide which projects take off or fail.
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