What is the metaverse?

1

Second Life

There is not a set definition on what a metaverse is and what it is not. Broadly speaking, the term metaverse is usually used to describe a virtual world that can be accessed through the internet where users can interact with each other, buy and sell digital goods, change virtual clothes, play games, and navigate a virtual landscape. The game Second Life is commonly referred to as the first metaverse, due to its complex in-game economy, customization options for players avatars, and the depth of virtual experiences available.

#Virtual Worlds #Virtual Reality #Games 82 social mentions

2

Decentraland

The game world of Decentraland consists of 90,601 parcels of in-game land. Each parcel of land is represented by a NFT and can be sold to other players. Notably, Sotheby’s purchased virtual land in Decentraland and created a digital version of its London headquarters. Sotheby’s uses this gallery to showcase and sell its digital art. The most prized parcels of land now sell for upwards of $100k USD per parcel. Decentraland also operates a marketplace for trading NFT assets. In Fall 2021, Decentraland hosted a 4-day music festival which included virtual performances by over 80 artists including Deadmau5, AlunaGeorge, Alison Wonderland, and more.

#Cryptocurrencies #Cryptocurrency Wallets #Finance 17 social mentions

3

Axie Infinity

Game developers can now create games where players have the ability to generate income while playing the game – this concept is known as play-to-earn. One example of such a game is Axie Infinity. Moreover, through the use of NFTs the assets inside the games can now be owned and transferred from player-to-player. An example of how this new business model works is that Player A can mint a NFT from the game creator at “x” price, and later transfer the NFT they acquired to another Player B at “y” price. In simpler terms, a player can sell in-game assets, such as the sunglasses they no longer want for their avatar, to another player, in-exchange for assets with tangible value.

#Games #NFT Games #Cryptocurrencies 143 social mentions