• A Synopsis of Blockchain-Based Metaverses

  • The term “metaverse” refers to a shared virtual world in which people can interact in real time and share a wide range of virtual experiences. Novelist Neal Stephenson coined the term in his 1992 novel Snow Crash.

    Many people are becoming interested in decentralized metaverses, which primarily include networking, cryptocurrencies and cryptonetworks such as Ethereum, eXtended Reality (XR) such as VR and AR, and NFTs (non-fungible tokens). Gamers are already accustomed to centralized metaverses such as Roblox, Fortnite, and Animal Crossing.

    The fact that decentralized metaverses are built on the blockchain distinguishes them from traditional virtual worlds such as Roblox. These metaverses are made up of many virtual land parcels that are represented by NFTs and are owned by players, companies, and investors rather than a single entity.

    This enables users to create, experience, and monetize virtual reality content and applications within self-contained economies, and users have complete ownership of their characters, in-game items, and digital land. According to Arthur Madrid, co-founder and CEO of The Sandbox metaverse, “the idea of blockchain in the metaverse is to build a new kind of digital asset, to create based on ownership and governance.”

    Decentraland, Somnium Space, CryptoVoxels, and The Sandbox are the four current decentralized metaverses (which is yet to go live). Structures such as virtual casinos, art galleries, and theme parks can be built by creators (and monetize them).

    We have an in-depth learning section for each metaverse here. The following is a synopsis of each metaverse.

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