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The New Era In The Crypto Market: Blockchain Gaming & Metaverse Projects

Read this blog to know whether the cryptocurrency market will be affected by the metaverse and blockchain gaming.
December 29, 2021

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Imagine living life through your digital avatar in a virtual place where everything from attending music festivals to creating a spaceship is possible. In this world, you can earn money by playing games.

This concept isn’t just imagination or a dream anymore, it’s coming to life through what is known as “the metaverse”.  Currently, the metaverse doesn’t exist, it’s just a wildly popular idea that has limitless promise. 

But it’s more popular than Warren Buffet himself as per Google Trends. The question is, why has the metaverse as an idea become so popular and why is blockchain gaming connected to its development?

We’ll uncover all of these metaverse secrets in this blog. Join us, as we explain in simple terms the metaverse, NFTs and blockchain gaming, metaverse crypto, and how they’re all connected in shaping the future. 

What Are Metaverse Projects?

The metaverse is a term that was coined by Neal Stephenson in his 1992 novel “Snow Crash”. The metaverse that he imagined was a dystopian place where real people used digital avatars to live in a virtual world.

Fast forward to 2021 and the concept of the metaverse that companies like Meta and Microsoft want to build is not much different. Instead, it’s characterized by limitless possibilities. 

The metaverse that we currently know is a virtual place where regular people can use technology to attend parties or meetings, own assets, complete quests to earn money, and more.

Basically, the metaverse will blur the line between the real (offline) and the virtual (online). Ethical dilemmas aside, this presents various opportunities, especially for Web3 companies. 

Web3 is a decentralized solution to Web2 that’s heavily centralized with the likes of Facebook, Google, and others owning large chunks of the “internet”, so to speak. 

Blockchain-powered cryptocurrencies, NFTs, and games that combine both are the central theme of Web3 and more importantly, have the potential to become the cornerstone of the metaverse. 

How Is The Metaverse Going To Evolve With Gaming?

Blockchain games offer what is known as “play-to-earn”. While the concept itself isn’t new, blockchain games tie the P2E model to tangible assets like NFTs and cryptocurrencies.

For example, games like Axie Infinity allow players to grow, own, and trade Axies in the game’s metaverse, which are NFTs known to fetch decent sums of money. Some Axies have sold for more than $100,000. 

These digital assets can be spent to acquire more digital assets or real-life goods. Above all, NFTs and cryptocurrencies represent full ownership in a fair and square way. 

This poses one of the solutions to tie metaverse assets together with the offline world. Decentralized ownership may thus add a greater incentive to engage in these blockchain games in the metaverse. 

Furthermore, real-world assets can potentially be ported into the metaverse through NFTs. This may open the door to scenarios where selling an asset in the metaverse means automatically selling it offline.

In fact, the rise of play-to-earn blockchain games means that it wouldn’t be surprising to see digital avatars battling it out for a piece of real estate in the metaverse of Decentraland using Pokemon or Axies.

There’s another point that was revealed in the previous line - the metaverse has the potential to bring together games, worlds, and universes. Who wouldn’t want to see Mario in the Dark Souls universe!  

Will Gaming And Metaverse Projects Tip The Crypto Market?

Truth be told, the metaverse isn’t Web3. But the components of Web3 may prove to be pivotal to the success of the metaverse. We’ve already spoken about how blockchain gaming can be tied to the metaverse. 

By association, cryptocurrencies have the potential to become the de facto mode of payment and exchange in the metaverse. This notion has been known to impact the price of metaverse cryptocurrencies

That said, there’s a lot that must happen in terms of technology and funding over the next decade to reach a metaverse that’s fully functional, fair, and above all, decentralized.  

Thus, only time will tell whether the metaverse can incorporate blockchain gaming, NFTs, and cryptocurrencies to have any sort of real impact on the already speculative digital asset market. 

Top 5 Metaverse Gaming Crypto Projects

Name

Token

Market Cap

Decentraland

MANA

$6.18 billion

Axie Infinity

AXS

$6.00 billion

The Sandbox

SAND

$5.45 billion

Enjin Coin

ENJ

$2.36 billion

Render Token

RNDR

$881.45 million


‍Note: Facts & figures are true as of 27-12-2021. None of the information shared here is to be construed as investment advice. Exercise caution when investing in unregulated assets like cryptocurrency.

Shriram Shekhar
Shriram is a Content Marketer at Cube Wealth, the Financial Freedom App with a smart Perfect Portfolio Planner. He has developed cutting edge IT products for over 2 years before turning to his passion for the written word. Shriram’s love for philosophy, product development, and empowering people through quality content is what got him to Cube Wealth.

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