DeFi Kingdoms: CRYSTAL

Key Takeaways

  • Crystalvale is a Decentralized Exchange (a platform where only cryptocurrencies can be exchanged), a 2D-Pixel art game that resembles Runescape, and an NFT Marketplace. 
  • Crystalvale runs on the proprietary DeFi Blockchain but can seamlessly bridge with Harmony One subnet and Avalanche. 
  • CRYSTAL is the power token of Crystalvale, just as JEWEL is the power token of Serendale.
  • You can stake CRYSTAL to make money. While CRYSTAL is the power token of Crystavale, JEWEL is DeFi Kingdoms’ gas token; hence, xJEWEL is required to stake for CRYSTAL in the Ice Garden.   

Introduction

Defi Kingdoms Crystalvale is the new Defi World—an extension from Serendale to Crystalvale. Crystalvale promises edgy quests with 2D-pixel art environments, Hero NFTs that may get burnt in the Perilous Journey, and fantastic airdropped rewards. 

The DFK Blockchain

Crystalvale is built on the DFK chain, the Defi Kingdom Blockchain created in partnership with the Avalanche subnet. The network ensures that DeFi Kingdoms can validate blockchains outside Avalanche’s P, X, and C chains. 

The DFK blockchain is EVM compatible and uses the proof of authority/proof of stake consensus algorithm developed by AVA labs. 

Getting Started: Entering Crystalvale

There are three options to enter Crystalvale: first, you can enter the Blockchain from Serendale, the Harmony Blockchain. Second, you can enter Crystalvale if you are already an Avalanche user. Third, for people who are new to cryptocurrency or have not tried the DeFi Kingdom game, you need a Coinbase or Metamask wallet. 

Entering from Serendale

If you are on Serendale, your gameplay sits on the Harmony chain, and you should know the Dockmaster Maria. Crystalvale uses the Dock to bridge its DFK and other chains like Harmony. You can also move tokens like JEWEL, xJEWEL, and Avax through the Dock to and from Crystalvale. 

The Process

  • Visit Dockmaster Maria in Serendale to activate the in-game bridge. 
  • Get JEWEL: Please note that while CRYSTAL is the governance token for Crystalvale and JEWEL is the governance token for Serendale, JEWEL is also the gas token for DeFi Kingdoms. You need JEWELs for transactions and gas fees in Serendale and Crystalvale. xJEWEL is also expended when minting Hero NFT in Crystalvale. 
  • To convert your JEWEL to xJEWEL, visit the Jeweler. 
  • xJEWEL is also needed to stake for CRYSTALs in the Ice Garden. 
  • Travel: Once you have enough xJEWEL for gas fee and staking at the Ice Garden, you can travel through the Docks to Crystalvale. 

Entering Crystalvale with an Avalanche-Configured Wallet

If your wallet is configured for Avalanche, you can visit the Outpost through game.defikingdom.com and follow the next instructions:

  • Visit the Snow Sage Ellia, and she will help you convert your AVAX to the DFK chain. 
  • The Outpost also serves as a DEX (Decentralized Exchange) where you can swap tokens for JEWEL. 
  • In the Outpost, the network offers you a free gas fee for the initial swap from AVAX to JEWEL. The JEWEL you get will be used for subsequent gas fees and to pair for xJEWEL.
  • Stake xJEWEL in the Ice Garden for CRYSTAL: To stake xJEWEL, you need to pair JEWEL<> xJEWEL in the Druid Ulfur in the Marketplace. You can stake your xJEWEL at the Liquidity Pool when pairing is completed for rewards. Always leave JEWEL portions for transactions in the Crystalvale. 

If You are New to DeFi Kingdoms or Crypto

For new users, you need to visit https://game.defikingdoms.com, where you will be prompted to create a Coinbase wallet or a Metamask wallet. After installing your wallet, you can enter Crystalvale through the Outpost. At the Outpost, you can buy AVAX. You can also exchange unsupported cryptocurrencies for AVAX—and then exchange the AVAX for JEWEL, or you can exchange the unsupported cryptocurrency directly for JEWEL. Remember that the Outpost is also a Decentralized Exchange. 

  • You will be offered a small gas fee for free to help you change AVAX to JEWEL. 
  • You can then travel into Crystalvale, where you can stake for CRYSTAL in the Liquidity Pool. You need xJEWEL to stake for CRYSTAL, and you can always swap your JEWEL for xJEWEL in the Marketplace. 

Crystavale Power Token: CRYSTAL

The CRYSTAL has a hard cap of a hundred and twenty-five million tokens—125,000,000, and 2,500,000 of the hard cap will be pre-minted before the launch of the Crystalvale. The pre-minted tokens will be used to reward players in Quests and used for liquidity. 

Where are CRYSTALs Secured?

CRYSTALs are secured in a multi-sig wallet controlled by four people. The wallet controllers are in-house members; however, to prevent fraud, a transaction’s approval can only be confirmed and executed when 3 of the 4 treasury members sign the transaction. With the required signatories, investor funds and tokens are protected from hacks. 

  1. A team member cannot execute a transaction without the signature of two other treasury members. 
  2. Everyone can view proposed transactions before execution, ensuring transparency and protection of funds. 

Heroes in Crystalvale

The creators of DeFi Kingdoms created a system where people can earn rewards through different means. For example, you can stake JEWEL and CRYSTAL in Serendale and Crytalvale, respectively; you can also mint Hero NFTs, send them on Quests, and earn rewards for successful Quest completion. Hero NFTs are RPG assets, and they have their stats. It’s important to note that Heroes exist in Crysalvale just as they do in Serendale. Just like in Serendale, Heroes can go on Quests. Crystalvale heroes can go on the Perilous Journey, which gives fantastic rewards like CRYSTALs but with a high risk of a Hero’s death. 

Hero Characteristics

Hero Genes: A hero has two sets of genes. The first determines the hero’s appearance, and the second determines the hero’s ability in the Crystalvale gameplay. 

Summoning Heroes: Heroes are summoned in a special place called the portal, and their genes are determined by the genes of the two summoning heroes. On the other hand, summoned heroes can have mutated genes, leading to unique rarity and uncommon stats. 

Purchasing and Renting Heroes: Heroes can be bought, sold, and rented out in the Tavern. 

Equipment: Heroes will have the ability to equip themselves with equipment NFTs, granting them physical and magical abilities that will help them through their Quests or in PVE and PVP combats. Heroes can also visit, buy and upgrade, and fight for lands in Crystalvale. 

Staking CRYSTAL: Ice Gardens

CRYSTAL is the Power Jewel of Crystalvale, but the founders of DeFi will limit issuance and access to prevent dump. Issuance of CRYSTAL is scheduled according to Epochs. Each Epoch lasts exactly a week. While CRYSTAL staking in Ice Gardens is opened, portions of claimed CRYSTALs from staking will remain locked until Epoch 51—March 22, 2023. After Epoch 51, CRYSTALs will be unlocked ratably.    

The percentage of unlocked CRYSTAL begins at 5%, which is in Epoch 1. It increases by two percent to 7% in Epoch 2. Every Epoch sees a 2% increase in unlocked schedule, while the remaining locked CRYSTALs are fully locked until Epoch 51. 

Gas Fee, Deposit Fee, and Withdrawal Fee in Crystalvale

Staking LP tokens in the Ice Garden does not attract any deposit fee; however, the founders instituted withdrawal fees that get painfully high the more a player withdraws staked LP tokens. The withdrawal fee mechanism is instituted to prevent investors from executing flash loans and pump and dumps—practices that can dramatically reduce or floor the price of a token. 

You can check the extensive list of Crystalvale’s withdrawal fees here.

Crystalvale Airdrop Schedule

On the DeFi Kingdoms Crystalvale website, there are 14 airdrops, some still scheduled to drop while others have dropped. Each airdrop comes with amazing rewards for players. For example, the Hero Summoner H1 is set to airdrop 10 shiny Gen 0 Crystalvale Hero CRYSTAL to 10 lucky players who held their Hero on January 21, 2022, that were summoned from January 1, 2022, to January 21, 2022. Amazing! There are other rewards that have not yet been airdropped, so you can still enter Crystalvale to earn these rewards. Check out the full airdrop schedule on their website.

The Perilous Journey

The Perilous Journey is DeFi Kingdoms’ mechanism for burning. Burning is a common term in the cryptocurrency world, and it is used to deflate the value of cryptocurrencies and NFTs. 

Outside the Perilous Journey, the normal gameplay of Crystalvale and Serendale allows burning. In-game assets like fishes, golden eggs, gold, and JEWELs are often burnt in transactions. For example, fishes are burnt to enable a Hero’s magical power. For example, when a player uses Gaia’s tears to summon a Hero, Gaia’s tears are burnt and placed in an inaccessible address. 

The Perilous Journey is an adventure—a dangerous adventure that comes with significant rewards—but only if your hero survives the journey. You just arrived at Crystalvale from Serendal, but how did you get here? What magical forces did you battle? Who knows the safe passage? The Perilous Journey is the one-time ultimate adventure to find a safe path from Serendale to Crystalvale. 

Unimaginable rewards await the finders! And death awaits the Hero NFTs that fail!

The 9-day journey began on March 7, 2022, and will end on March 16, 2022. Players have staked their heroes. Let’s see who comes out alive. 

The Perilous Journey accepts as many Hero NFTs from players, and players have the option to set Heroes in groups, with each group led by the GenO Hero. The GenO Hero improves the survival rate of the remaining 5 Heroes. You can check this article to know the survival rates of Heroes, and the Journey process of this great adventure. 

Making Money in Crystalvale

The making money process in Crystalvale is similar to the Serendale process. Let’s have a look:

  1. Stake CRYSTAL at the Ice Garden: You can stake CRYSTAL to earn rewards. Remember that you need xJEWELs to stake CRYSTAL and earn rewards. 
  2. Join the Liquidity Pool: When you join the liquidity pool, you become a shareholder, and you can earn APY from the pool. Remember that your shares are constantly in flux because any user can enter or exit the pool. 
  3. Send NFTs on Quests: Professional Quests like mining, fishing, and foraging lead to rewards like JEWELs, CRYSTALs, portions, and other in-game items that can converted into tradable tokens in the Marketplace. 
  4. The Perilous Journey: The Perilous Journey, albeit dangerous, is a way for players to earn rewards and make money.  
  5. Sell NFTs: You can also make money by selling your heroes as NFTs. You can also rent NFTs to other users for a price. 

Conclusion

Crystalvale is special because it launches on the DeFi Blockchain. Beyond Crystalvale, the DeFi Kingdoms Blockchain is set to become a location for Defi Kingdoms community members to launch exciting GameFi and gaming experiences. With the success of Serendale, including the DeFi Kingdoms Serendale JEWEL market cap of $2, 874, 076, 047, the CRYSTAL, Crystalvale’s power token, sits on the history of a powerful predecessor. 

Research References

game.defikingdom.com

https://game.defikingdoms.com
https://medium.com/defi-kingdoms-official/the-perilous-journey-bce4aba122d1
https://defikingdoms.com/crystalvale/
https://docs.defikingdoms.com/how-defi-kingdoms-works/the-jeweler
https://docs.defikingdoms.com/how-defi-kingdoms-works/power-tokens/crystal-token

How the Metaverse will change Retail

At the coming together of the real and virtual worlds breathes new life into the ever-evolving idea of shopping. As customers got more familiar with digital purchasing on Amazon and erstwhile brick-and-mortar businesses embraced the new format, the Internet hastened the decline of retail shopping malls worldwide. However, people prefer the visceral, real purchasing experience that internet retailers provide.

In the Metaverse, the future of Retail will provide customers with an experience that is not limited by traditional design. Designers and programmers will be able to create a store in any style they choose, from an old-fashioned mall to the moon’s surface. For example, a platform designer creates shopping experiences that link large merchants with customers worldwide. VR sites are already using experiential gadgets such as the Oculus headgear to allow users to explore virtual worlds and games. Beginning to shop in these new imaginative realms will be a logical development.

The Future of Retail: Avatar-Based Shopping

The Metaverse will bring in a new era of virtual reality in the e-commerce sector. Using their own virtual Avatar, online consumers would interact with the items of their choice in real-time. Buyers will be able to enter, explore, and check out what they wish to buy if retail firm uses Metaverse to construct a digital store. They will also have the ability to engage with other users.

As a result, this setting drastically changes our perception of virtual and actual stores. Further, Metaverse will give us an entirely new technique of shopping. It will also have an impact on future consumer behavior trends. Take up the offered Metaverse course to learn about these possibilities.

Online gamers and chat room users have long known the digital Avatar as a picture or graphical depiction of an individual in the digital realm. Online users will shop and interact with things in the virtual world using a digital avatar of their choice and creation in the Metaverse. Imagine utilizing your virtual Avatar to interact with items and other people in this new sort of store. This experience may resemble typical consumer habits, but it will eventually evolve into its own distinct experience.

Of course, the future of shopping in the Metaverse will allow you to purchase for your Avatar as well as with your Avatar. For example, stores might provide one-of-a-kind clothing and accessories that allow customers to customize their online image to better represent their physical or idealized selves. In addition, to combine the actual and virtual worlds, physical goods providers may add digital gear for avatars with qualified orders.

Embracing the Metaverse’s Future of Retail

Although shopping in the Metaverse may be a novel notion for many consumers, it is already being adopted by various brands and businesses. Aside from avatar shopping, the following are some of the most common use cases:

  1. Virtual Reality (VR): Some merchants are already working on systems that use the virtual reality experience afforded by headsets like the Oculus Rift.
  2. Integrated branding: Brands have been paying for product placement in movies and television shows for a long time. Companies like Procter & Gamble and Hellman’s are now collaborating with online gaming to be a part of the digital world.
  3. Sales of NFTs: Major brands such as Crockpot sell visual representations of things for purchase in the digital realm.
  4. Augmented Reality (AR): Retailers such as Amazon and IKEA have begun to invest in augmented reality so that consumers may use phone applications to see how a certain item would look on their actual bodies or in their homes and offices, in addition to picturing products in the digital realm.
  5. Digital Avatars Products: Digital purses and jewelry for virtual avatars are now available from major companies like Gucci and Louis Vuitton.

Transforming the Shopping Experience on the Internet

Because of the public’s interest in its uses, Metaverse is becoming part of common discussion worldwide. Furthermore, major corporations such as Facebook and others actively support this emerging technology. Therefore, different organizations are employing it for their own goals, and we can anticipate a good impact on the online retail industry. Indeed, with adequate Metaverse training, Retail companies can get the most out of their sub-technologies like AR and VR. However, because blockchain technology is an important aspect of Metaverse’s system, a certified blockchain specialist can provide useful information.

Thanks to companies like Alibaba, customers have already begun to enjoy virtual purchasing experiences. Alibaba has been giving unique purchase opportunities to their clients for years, utilizing China’s annual shopping holiday, Singles Day. The establishment of the virtual shop is the most recent of these experiences. Shoppers may tour a virtual store identical to any other real business using VR headgear or disposable cardboard holders coupled with their cellphones. It’s an exciting approach for merchants to deliver a one-of-a-kind experience to keep customers returning to their websites and making purchases.

Early metaverse technology has been implemented into Amazon’s marketplace as well. For example, Room Decorator, the company’s newest augmented reality shopping product, lets you visualize what furniture and another home décor would look like in your area using your phone or tablet. In addition, you may combine various goods and even store AR images of your area for later viewing.

Warby Parker offers a digital try-on software that allows you to try on all of the frames in the company’s collection before making a purchase. This allows you to purchase its items online without having to take a chance on the product’s suitability for your face.

Combining Online and Offline Retail

E-commerce in the Metaverse will grow in the coming years. As technology and the use of technology advance, more novel features that combine physical and online purchasing will become available. 

Because of the expanding fame of augmented reality, buyers may be confident in the quality and fit of a product before they purchase it. This benefits customers in terms of convenience, but it also benefits merchants to reduce returns and expand their client base.

The rate of product discovery and personalization will also improve. Thanks to metaverse technology, brands will provide customers with a more tailored digital experience. The Metaverse will provide a smooth experience for shoppers, allowing them to locate what they want when they want it. Unlike the present constraints of individualized digital shopping experiences, the Metaverse will allow companies to tailor the buying experience at scale, reaching a larger number of customers than ever before.

The Metaverse bridges the online community with Retail

In the Metaverse, the gap between social media and Retail will continue to narrow. As seen by the importance of Amazon reviews and other online product reviews, social proof is already at the heart of e-commerce. Brands will go beyond simply a star rating in the Metaverse by creating interesting communities that allow customers to interact with the brand and other fans of the brand.

Non-fungible tokens –NFTs- are another important component of the Metaverse. NFTs will be able to be used by brands for various objectives to improve the purchasing experience. NFTs will be utilized to develop brand-new digital goods. They’ll also be utilized as receipts, passes to special events, and even early access to future product releases. Finally, NFTs may be utilized to provide various VIP experiences for a company’s most ardent consumers and brand champions.

Key Problems of the Metaverse for Retail

Obstacles in the form of technology stand in the way. The Metaverse offers are still well above what is currently attainable in technology. Existing VR headsets are inconvenient, there is no cross-platform compatibility, and there are several restrictions on making transactions in virtual places.

Metaverse retail is still in its early stages regarding consumer awareness and demand. At the end of October 2021, more than a third of Americans questioned by YouGov and the Drum had never heard the phrase “metaverse.” Even while the usage of virtual reality headsets will continue to expand at a constant rate, the audience is focused on a niche of passionate gamers who are willing to put up with the unpleasant equipment.

Authenticity is a key for younger audiences. The gaming community has recently reacted negatively to the introduction of NFTs, which are seen as “money grabs” that fail to meet the demands of gamers. Similarly, Roblox has been chastised for its highly commercialized metaverse marketing strategies. These examples demonstrate the necessity of identifying target audiences across media and establishing customized methods that integrate community input and participation.

In order to establish a metaverse strategy, brands and retailers must be willing to experiment, learn, and evolve in this fast-paced environment. Even individuals who are not yet ready to fully participate in the Metaverse as it currently exists might take numerous measures to create the groundwork for the future.

References

Sky C., (Jan 27, 2022), what the Metaverse means for Retail today and what’s in store for tomorrow,

Retrieved from: https://www.emarketer.com/content/what-metaverse-means-retail-today-what-s-store-tomorrow

Rashmeet K., (Jan 25, 2022),  Metaverse impact on the online shopping community,

Retrieved from: https://medium.datadriveninvestor.com/metaverse-impact-on-the-online-shopping-industry-974f3dafdeb5?gi=70aeeb66ae26

RetailProphet., (Jul 23, 2021),  The Metaverse will radically change Retail,

Retrieved from: https://www.retailprophet.com/2021/07/23/the-metaverse-will-radically-change-retail/

Nick H., (Jan 24, 2022),  How the Metaverse will reshape e-commerce forever,

Retrieved from: https://www.forbes.com/sites/theyec/2022/01/24/how-the-metaverse-will-reshape-e-commerce-forever/?sh=2938764f69d9

Retaildive, (Jan 24, 2022),  Should retailers be investing in the Metaverse,

Retrieved from: https://www.retaildive.com/spons/should-retailers-be-investing-in-the-metaverse/617436/

What is Digital Land Really Worth?

Welcome to the virtual land rush, in which investors, companies, and presumably extremely wealthy individuals are vying for virtual real estate in the Metaverse. In 2021, the virtual land market in the “main four” metaverses – Decentraland, Somnium Space, Cryptovoxels, and Sandbox – exceeded €440 million, with that amount expected to quadruple in 2022. Last December, the Sandbox metaverse set a new land sale record, selling a parcel of land for €3.8 million in a single transaction.

Some individuals may find it difficult to comprehend the idea that digital and pixelated tracts of property are being sold for more than 2 million dollars. Yes, on the burgeoning idea of the Metaverse, non-physical land is being sold for the same price as equally valuable real residences. I’m not sure how that’s even feasible. Why would somebody pay money for a digital pixel that appears to have no monetary value? Is it worthwhile to invest in digital real estate?

According to proponents of the Metaverse, the virtual land’s value proposition competes with that of the actual world. Adidas is one of several companies that has created virtual land for customers and gamers to purchase, sell, trade, and even construct. Decentralized apps Decentraland, The Sandbox, and CyrptoVoxels have the most popular virtual land. Investing in digital land is progressively becoming equivalent to owning a house for investors with a long-term vision for the recent growth of the Metaverse and the migration to Web 3.0. Many individuals believe that the value of virtual land will continue to rise.

Multiple digital domains make up the Metaverse. Each resembles a three-dimensional virtual metropolis where avatars live, work, and play. Anyone who has played famous video games like Fortnite, Animal Crossing, or the Roblox universe has seen what these worlds are like. Virtual reality, streaming video, mobile gaming, avatars, and artificial intelligence are all used to create immersive digital experiences in each.

However, metaverse real estate investing remains very speculative, and no one can say if this boom is the next great thing or the next big bubble. In a few years, technologists anticipate the Metaverse will mature into a fully functional economy, providing a synchronous digital experience as integrated into our lives as email and social networking are now.

The blockchain — a digitally distributed public database that removes the need for a third party, such as a bank — powers banking in these virtual worlds, and bitcoin is the money of choice. Anyone entering a virtual environment may buy or exchange nonfungible tokens, or NFTs, which are blockchain-based assets that are digital representations of real-world goods, including art, music, and even homes. The NFT is a unique legal document that acts as evidence of ownership.

In recent months, the amount of commercial real estate transactions in the Metaverse has increased.

What is the aim of Digital land?

Virtual parcels of land appear dreary and unpleasant on screen. On the other hand, digital plots of land aren’t as restricting as real-life consequences of homeownership, contrary to what you may think while looking for a home. Although buying digital land isn’t as time-consuming as buying real estate, the advantages of owning digital land are extremely comparable. Owners may be able to generate a passive income stream. The plots of property in the game’s virtual environment, Lunacia, are rumoured to offer owners virtual items in the blockchain play-to-earn game Axie Infinity. It is possible to harvest or make virtual commodities. Premium tier land plots in Lunacia are expected to have a value much greater than the purchase price, similar to how location affects property value in the real world.

A portion of the most valuable land was sold for 550 ETH. It was valued at $2.5 million at the time. Tokens.com, a blockchain technology business focused on NFTs and metaverse real estate, paid $1.7 million in October 2021 for a 50% stake in Metaverse Group, one of the world’s first virtual real estate companies. The Metaverse Group is headquartered in Toronto, but its virtual offices are in Decentraland, a realm in Crypto Valley, the Metaverse’s Silicon Valley. There are further districts for gaming, retail, fashion, and the arts in Decentraland.

Tokens.com has broken digital ground on a skyscraper in Decentraland after that acquisition. Luxury labels such as Louis Vuitton, Gucci, Burberry, and others have already joined the Metaverse via NFTs, giving firm officials hope that the Tokens.com tower would soon produce money from leasing and advertising for these companies.

Is there any money to be made in digital land?

In blockchain games like Axie Infinity, digital land gives up opportunities for in-game mechanics like harvesting and developing materials to create monetary value. Crypto natives are looking into digital land as a feasible and lucrative long-term investment since these plots of digital land allow gamers to acquire and harvest resources in return for prospective monetary worth or earn passively just by holding it.

Digital land, like physical land, is an asset in this sense. The infrastructure of digital land is what makes it more appealing. Because digital land plots in The Sandbox and Decentraland run on the Ethereum blockchain, a decentralized network, users don’t face the same restrictions as they would in the actual world because there are no middlemen to hold up future growth.

The Metaverse Group has established a real estate investment trust with aspirations to develop a portfolio of assets in Decentraland and other worlds such as Somnium Space, Sandbox, and Upland. Although the internet is unlimited, virtual real estate is not – Decentraland, for example, comprises 90,000 pieces of land, each measuring around 50 feet by 50 feet.

Many of these digital places resemble cartoonish, gummy-coloured dream worlds, while others are digital extensions of our earth. SuperWorld is a virtual real estate marketplace that spans the whole planet, with 64.8 billion plots of land available for purchase as NFTs. The Taj Mahal, as well as your childhood home, are also accessible. Owners can purchase plots for emotional or commercial purposes, but in any case, once they purchase the NFT, they are entitled to a portion of any trade that occurs on that piece of land.

And as the Metaverse seeps more into our universe’s everyday consciousness, the omniverse emerges as a new domain where the boundaries between them blur.

The actual and online worlds collide to form a hybrid environment in which the fungible and nonfungible collide at various locations, allowing tangible things to be sold as NFTs in the Metaverse. The commerce that will propel this revolution will be housed in metaverse real estate.

Is it worthwhile to invest in digital land?

When you acquire real estate, you spend time and money making sure the proper permits, contractors, and neighbors are happy. The constraints that exist in the digital world, on the other hand, are mostly ones that you impose on yourself. For The Sandbox and Decentraland, the average price of digital land is now at $13,000 for an empty plot with limitless opportunities to collect wealth.

It’s expected that as the construction and excitement continue, the amount of land accessible will grow. The native tokens evolve in tandem with the lands. SAND, The Sandbox’s native coin, has risen in value from its low point of $0.03 at the start of 2021. According to DappRadar, SAND is now selling for approximately $7.

Only a few digital marketplaces exist where investors may buy and sell real estate, and they all utilize their currencies. For example, Decentraland’s is known as MANA. People may also explore NFTs, including land plots for sale, on Decentraland’s marketplace.

Wave, a business that produces interactive concerts such as Justin Bieber’s virtual concert, makes money through virtual products and corporate sponsorships for the events hosted in neutral zones rather than a digital stadium. Fans across the world tuned in to see Justin Bieber’s avatar perform songs from his blockbuster album “Justice.” Investors also kept an eye on things. Although the firm has not yet monetized real estate, Adam Arrigo, a co-founder and CEO, said he is looking into the possibility.

References

Raisa B., (Jan 20, 2022), Why Investors are paying real money for Virtual Land,

Retrieved from: https://time.com/6140467/metaverse-real-estate/

Debra K., (Nov 30, 2021),  Investors snap up real estate in a Virtual Land boom,

Retrieved from: https://www.nytimes.com/2021/11/30/business/metaverse-real-estate.html

Sergio G., (Nov 27, 2021),  Digital Land plots selling for millions in Metaverse Projects,

Retrieved from: https://news.bitcoin.com/digital-land-plots-selling-for-millions-in-metaverse-projects/

Micheal P., (Dec 28, 2021),  They are making more (digital) lands- Should you invest?

Retrieved from: https://www.forbes.com/sites/forbesbusinesscouncil/2021/12/28/they-are-making-more-digital-land—should-you-invest/?sh=46488d4419c1

Chris D., (Jan 12, 2022),  Investors are paying millions for virtual land in the Metaverse,Retrieved from: https://www.cnbc.com/2022/01/12/investors-are-paying-millions-for-virtual-land-in-the-metaverse.html

How Luxury Brands are Using NFTs and the Metaverse

The NFT market is booming right now, and estimates indicate that it will continue to do so in the future. Metaverse’s invention paves the door for NFT luxury businesses to achieve $56 billion in revenue by 2030. As the creation of NFTs continues to develop new forms of fashion consumption, an increasing number of luxury brands are getting on board, investing in their own digital collectibles businesses. The demand for digital fashion and commodities will skyrocket in the coming years as more areas of people’s life go online.

The Metaverse, a pioneering idea presently being created and implemented, is a virtual realm where individuals may interact with one another and digital things through customizable avatars. However, there is still a long way to go. Nonetheless, the venues now available to us present chances for luxury companies to gain from digital collectibles and the emergence of social gaming within this short period.

People were able to connect to information during the start of the internet, known as Web 1.0. Web 2.0 was a social media iteration that enabled a new generation of individuals to engage with one another. Web 3.0 is now poised to create a completely new virtual world, dubbed the Metaverse. People will seek more than just knowledge and connections in this new digital environment; they will seek a true virtual reality immersion.

Huge opportunities for luxury brands in NFT and Metaverse

Users’ avatars will wear outfits and use things as expressions of individualization and personal expression in an immersive experience, just as they would in the real world – this opens up a huge potential for luxury brands. As an example, seasoned analysts have suggested the worldwide platform Roblox. One out of every five participants in this game and the creative system will change their avatar every day, similar to how a human gets dressed in the morning. Other platforms, such as Fortnite, have previously demonstrated what a mall in the Metaverse may look like by constructing a Retail Row and then a Mega Mall.

Balenciaga: A French luxury brand, created a digital range of Fortnite fashion clothes in September 2021, which could be purchased for $8 using in-game cash. The social gaming area of digital asset investments, according to crypto-gaming specialists, might contribute $10–$20 million to the luxury goods industry.

Gucci: FromMay 17 through May 31, 2021, the Roblox platform sponsored a virtual exhibition for premium fashion brand Gucci. Roblox players could buy digital replicas of actual Gucci merchandise for a minimal sum of in-game cash. However, when the exhibition ran out of digital assets to offer, gamers began auctioning off the branded NFT objects, causing their prices to skyrocket. For example, one of the pieces, a virtual duplicate of the very desired Dionysus handbag, went for $4,100 at auction, $700 more than the real-life original’s selling price.

Karl Lagerfeld: Another intriguing venture for luxury NFTs occurred in September 2021, when world-renowned designer Karl Lagerfeld published 777 NFTs on THE DEMATERIALIZED, a digital fashion marketplace, to be sold for 77 euros (about $87) apiece. With players’ keen expectations, Lagerfeld’s products sold out in a matter of seconds, generating interest in a new luxury goods market sector. Whether those purchases were driven by the excitement of a new and creative product or by individuals realizing how powerful digital real estate can be in creating possibilities, the outcomes of that successful launch far surpassed expectations.

Burberry: Burberry has collaborated with a game developer for the first time to create its own NFTs. After the success of its game, B Bounce debuted in 2019; the brand went into the digital world by collaborating with Mythical Games’ Blankos Block Party on a charming shark Blanko that can be acquired, updated, and sold in-game. The Burberry NFT, unlike Ethereum, does not function on the energy-intensive Proof of Work crypto paradigm but rather on a proprietary EOSIO blockchain protocol that uses a significantly less energy-intensive Proof of Authority methodology.

Nike x RTFKT: The new Nike sneakers may be tried on, but they cannot be worn in real life. On Dec 14, 2021, the sneaker behemoth entered the virtual NFT realm by purchasing the digital shoe brand RTKFT. RTKFT was formed in 2020 by Benoit Pagotto, Chris Le, and Steven Vasilev to blur the barriers between sports, gaming, and sportswear. In early 2021, RTFKT joined up with “Fewocious,” a prominent crypto artist, and sold 600 pairs of shoes in just seven minutes, grossing USD 3.1 million. On Snapchat, RTKFT held a virtual “try on” session for the sneakers, following which bidders could participate in the digital auction. The victors received tangible shoes, but digital shoes remain the most prized possession. Since RTKFT studios announced their affiliation with Nike Inc., their popularity has skyrocketed. Many of their virtual sneakers have striking resemblances to Nike signatures like the Air Jordan 1 and Air Force 1 and are influenced by them.

Sotheby’s, the prestigious auction company, immortalizes its online presence by introducing an NFT-only marketplace. The famed auctioneer hopes to profit from the increased interest and investment in the digital art area by being the first high-end auction company to build this space.

Sites like The Dematerialised are now completely dedicated to the trade of digital fashion NFTs that will never be used in the real world. The marketplace, which follows a similar real-world hype model, exclusively sells limited-edition things like bags and shoes, with just one brand or computer-designed object available at any one moment.

NFTs provide a unique avenue for other firms, such as Rebecca Minkoff, to experiment with avatars, increase brand interaction with a younger demographic, and commit to charities relevant to the company, such as The Female Founder Collective. “We have always been at the confluence of fashion and technology,” Rebecca Minkoff stated after her phygital presentation during NYFW. NFTs were the natural next step in that process for us. As individuals continue to experiment with clothing themselves and their avatars and having more experiences online, we wanted to investigate the notion of not just a 2D picture, but also digital commerce.”

Because luxury fashion brands still rely on the materiality of clothing to connect with their clients in our real world, the success of Karl Lagerfeld, Gucci, and Balenciaga are merely instances of what could be. Because so many of their attributes rely on physical materials, brands that aren’t used to selling digital items will have a distinct relationship with NFTs and the industry change.

Users following the rise of NFTs and the shift to digital assets may be wondering what all the commotion is about, why everyone is so eager to cash in on this market, and how the fashion industry might fit into this digital world. The Metaverse is working to fix this dilemma, and we’re already seeing creative solutions to the problem.

How the Metaverse will shape the future of luxury brands

While luxury businesses have made an early impression, analysts predict that following the Metaverse’s full emergence, brands that fall into the “soft luxury” category (which includes ready-made clothing, leather products, footwear, and so on) will be in the best position to benefit. On the other hand, the “hard luxury” sector, such as high-end watches and jewels, may find it far more difficult to attain the same degree of success as in the real world.

The Metaverse may also assist firms in reaching out to new audiences. For example, the present Roblox player population is primarily made up of teens, but women account for 70% of all sales in the fashion business. However, within the Metaverse, luxury companies will have the potential to appeal to clients of a whole new age group with whom they would not normally interact as consumers, thereby enhancing the appeal of a more engaging and embodied internet.

Because the Metaverse is founded on a decentralized virtual realm, many creative individuals will have a lot of chances to flourish inside various meta-universes, and luxury will undoubtedly find a home. On the other hand, the luxury brand representative must consider the prospect of being outperformed in their industry and craft with the development of attractive items and the arts in general. Because the laws and economic environment in this fascinating new digital frontier are still being defined, everyone has a unique opportunity to succeed.

The Metaverse is, without a doubt, here to stay. While the digital universe is still expanding and evolving, it has already been ingrained in many aspects of our life. Despite the fear of the unknown that a whole new world can conjure up, the real world has its own set of dangers and uncertainties to overcome. However, this new digital realm can open up opportunities that allow many people to breathe a sigh of relief when they realize that the virtual world is not going anywhere and that we are becoming more and more a part of it every day.

References

Trinetra P., (Jan 11, 2022), From Nike to Balenciaga: These brands already have a presence in the Metaverse,

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Zofia Z., (Oct 4, 2021),  How fashion brands are navigating NFTs and what’s next for the Metaverse,

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Cathy H., (Jan 2, 2022),  Accessorising the Metaverse with luxury AR wearable NFTs,

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Ed M., (Jan 28, 2022),  Fashion in the Metaverse; How NFTs are changing the Fashion Industry,

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Laura K., (Feb 2, 2022),  The Metaverse and the implication of intellectual property rights for fashion brands,

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The Untapped Potential of the NFT Rental Market

NFTs are more popular than ever. While the world’s first-ever NFT was issued in 2014, acceptance of this new class of digital assets only began to take off in 2021, which will go down in history as the “Year of the NFT.”

NFTs are omnipresent these days, peddled from every corner of the globe and in countless Twitter discussions. Everyone wants in, from Heidi Klum to Snoop Dogg and down to your local postman and barista. The excitement’s consequences are apparent. According to DappRadar, the market valuation of NFT has surpassed USD 22 billion, an increase of more than 22,000 percent from the same period last year.

These figures are shocking to analysts both within and outside the crypto business. Even more astounding is that, because the industry is still in its early stages, NFTs have a long way to go.

NFT Renting

NFT renting is as straightforward as the name implies. Individuals who do not own a certain NFT but would like to use or experience it for a short period can rent it through a suitable platform that enables NFT rentals. There are at least two ways to execute in reality.

1. Collateralized Renting: Owners of digital assets can offer them in a marketplace set up for NFT lending and borrowing. When interested renters come upon an NFT that they like, they may begin the NFT borrowing procedure. The NFT is subsequently put into a smart contract, with the lender and borrower defining the contract’s parameters. The borrower is obliged to deposit collateral, which is likely to surpass the value of the NFT, to safeguard the lender and their asset. Price oracles are most likely used to verify the value of each NFT. Furthermore, the renter will be charged a rental fee to cover the expense of borrowing the NFT.

 These terms are codified in a smart contract, which will also contain other essential elements like the rental period and other terms and conditions (such as returning before the contract ends, providing collateral, and so on.). The contract takes effect after the lender and the renter has agreed on all of the smart contract’s criteria. As soon as the NFT is passed to the borrower, the asset is available for use for the contract term. The smart contract runs and returns the NFT to its original owner when the contract expiration date approaches. The collateral is released and subsequently returned to the borrower at the end of the NFT loan procedure.

2. Collateral-less Renting: NFT rentals can also take place in a second, although similar fashion – though, in this case, the rental procedure is substantially simplified, and both asset owners and renters benefit from two advantages. For lenders, approach two provides an alternative in which the original NFT never reaches the renter’s hands. At the same time, those who borrow do not have to put up collateral, lessening the impact on their financial holdings. Having to borrow without collateral starts in the same manner as borrowing with collateral. NFT owners post their assets on a marketplace that allows NFT rentals, and anybody who sees the item and is interested can start the NFT renting process.

 The NFT is subsequently put into a smart contract, with the lender and borrower defining the contract’s parameters. A wrapped replica of the original NFT is coined in a collateral-free rental arrangement. This wrapped NFT has the same qualities and properties as the original asset and, of course, is backed by it.

The borrower and the lender agree on a rental price and term. The rental sum is paid, together with any incentive costs, and the smart contract is activated, with the borrower receiving the wrapped NFT. The wrapped NFT is returned to the smart contract at the end, thereby burning the wrapped asset. Liquidity providers gain money from the incentive fees included in the initial payment (those who stake the asset into the renting pool).

The Types of NFT Renting

Without spending a lot of time on it, one may rapidly grasp the potential that renting NFTs provides. At its most basic level, the NFT rental sector will provide individuals with access to certain NFTs that they would not otherwise be able to afford. This is analogous to hiring a race vehicle for the day because the typical individual cannot afford to buy one for half a million dollars.

NFT rental creates a parallel economy in the NFT business. Many NFTs are resting in crypto wallets today, unused for the day by their owners (or for even weeks and months on end). While these owners aren’t utilizing their assets, they aren’t willing to give them up. As a result, whatever usefulness the digital asset could otherwise provide is squandered, as it sits unused in the wallet.

Owners may put their assets to work by activating NFT lending and borrowing capabilities. Furthermore, with the advent of collateral-free NFT rentals, owners can rest sure that their original asset is protected in a smart contract — rather than in the hands of the borrower.

The Gaming Industry: Like many other industries, the gaming business is usually one of the first to adopt new technology and ways of working. With the introduction of NFT rentals, this tendency has continued. Game economies used to be a closed ecology, with players spending hours playing and accumulating in-game assets but never monetizing them on or off the platform. This changes when NFTs are used and much more when NFTs are rented.

For the first time, NFTs allow players to take their in-game assets to a marketplace and sell them for real money. Better still, gamers who wish to profit from their current assets may sell their NFTs on a marketplace that allows for NFT borrowing, allowing them to make money while they sleep.

The Art Industry: Digital art has never been more prevalent in the year 2021. Beeple’s collections are the front-runners, with over 100 million dollars in sales and single-handedly pushing digital art into the public. However, other artists, in addition to his collections, are beginning to make their mark – and will likely position themselves in the coming years to sell their works for hundreds of thousands, if not millions, of dollars. Unfortunately, most people will be unable to afford one of these art objects, housed in a rare place. However, with the introduction of NFT rental, a user with a small salary may rent one of these art pieces for a day while hosting an online party in the digital world.

NFT Renting in the Music Industry: Music streaming services have essentially made music a free consumable item in recent years, with the musicians who create it getting pennies on the dollar. However, these days are numbered, as the advent of NFTs finally grants content and music artists some of the content control lacking in the creative economy for a long time.

The public will soon have access to NFT music files and music videos. Artists who do not want their latest songs to be available “for free” on streaming services will have to charge their fans to listen to their music. Likewise, music videos will no longer be available for free but will be restricted to those who have purchased special edition NFTs. Fans who want to see the music video can buy it directly from the artist or another merchant or use the NFT rentals to rent the song straight from an NFT holder. Finally, a commercial model can emerge in which the content producer benefits and the fan can directly support the content creator.

Avatars in the Metaverse: NFT avatars like CryptoPunks, Bored Apes, and others were the other great winners in the NFT world in 2021. With the metaverse’s rapid emergence and the increasing importance that avatars will play in it, an NFT lending economy centered on avatars is almost guaranteed to emerge in the coming years. Avatars will ultimately become more complicated, wearing various outfits, holding multiple accessories, and so on. These additional NFTs, for which a conventional and rental economy will exist, will also take off shortly.

NFT Renting: The future

NFTs aren’t going anywhere. Inevitably, they will have an influence on all industries to varying degrees in the years ahead. As a result, the NFT rental business is primed to take off, allowing all Web3 economy participants to access nearly any NFT, independent of the original asset’s underlying worth.

Every stakeholder, from lenders to borrowers to the NFTs themselves, has a chance to win. NFT lenders may earn on otherwise static assets, NFT borrowers can leverage certain assets for a limited period to achieve a specific goal at a particular moment, and NFTs will be used in the way they were designed and intended.

References

Axel F., (Jan 6, 2022), 2022 the year of NFT Rentals,

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Shilpa L., (Feb 9, 2022),  NFT Renting- How do Lenders and Borrowers benefit from IQ protocol?,

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Ryan C., (Oct 6, 2021),  NFT Rental Service- Who is going to actually rent NFTs?,

Retrieved from: https://www.nftqt.com/nft-rental-service-who-is-going-to-actually-rent-nfts/

Nftworlds, (n.d.),  Staking and Rent for NFT world Holders,

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Dylan K., (Aug 6, 2021),  Crptopunk Owners can now rent out their Avatars,Retrieved from: https://hypebeast.com/2021/8/cryptopunk-rental-protocol-nft-ethereum-blockchain-renft

Leasing out Land in Decentraland Metaverse

In recent weeks, virtual property sales have made headlines, with a piece in the virtual world Decentraland smashing all sales records and selling for a stunning $2.43 million. Only to be beaten by a $4.3 million transaction a few days later. The million-dollar storyline is part of Sandbox, a blockchain-based game that has attracted celebrities such as Snoop Dogg and Steve Aoki.

As bizarre as these million-dollar land auctions may appear to those unfamiliar with the crypto-world, proponents believe metaverse property is the next big thing, and early buyers will enjoy the most significant benefits. Furthermore, clever professional investment firms frequently purchase the most costly plots. Continue reading to learn more about the possibilities they perceive – hint: it’s more than just conjecture or bragging rights!

Most of you must be aware that purchasing and renting Land in Decentraland is an investment. If you are a newcomer, you should consider purchasing Land in Decentraland! Why? Because it will enable you to make more money! Yes, you may earn money by buying Land and renting or leasing it to other Decentraland users, selling it, or even constructing a structure on it. However, if you find land parcels too costly and want to enjoy the beauty of Decentraland, it is preferable to rent rather than own.

Virtual Land

Virtual Land is a fundamental component of The Metaverse, A next-generation internet in which actual and virtual worlds meet, complete with hyper-realistic VR experiences and its economy. Sandbox, Decentraland, and Cryptovoxels are examples of virtual worlds and games that allow players to own Land in their environment.

What makes Virtual Land valuable?

There are several reasons people could own virtual Land, and governments are becoming increasingly interested. We’ll look at some of the most popular reasons why someone may consider purchasing virtual property, as well as the various ways in which landowners might profit from their digital assets.

  1. Renting Land and Creating Valuable Experiences: Since you now own the Land, you may either use it to gain experience or rent it out to others to do so. For example, you may rent out space to businesses to merely display their products or hold branded events such as fashion shows. Brands are increasingly purchasing property on their own. You may also rent your Land to game developers to use. Some of these games may be pretty profitable for the producers – Decentraland, for example, hosts several virtual casinos – so there is an incentive for them to pay to secure a space.
  2. Demand Increases Despite Scarcity: Most designers in the metaverse restrict the supply of their Land, similar to how many cryptocurrencies have a maximum total supply (e.g., bitcoin) or maximum inflation rate (e.g., ethereum). So as more businesses come to the metaverse, developers build games, and artists conduct exclusive concerts or experiences, there is a logical assumption that the number of people desiring to consume the content will grow, and prices will climb as a result. According to Decentraland’s creator, users have increased by tenfold in the last few months.
  3. Speculation: As previously said, metaverse land is more than just speculation, but it doesn’t imply conjecture isn’t a factor in people’s purchasing decisions. Despite the current excitement surrounding virtual land purchasers, many transactions are still made based on guesswork, which the figures cannot fully explain. For example, Decentraland’s currency MANA has increased by more than 3,000 percent in 2021 and currently has a market worth of more than USD 5 billion. In addition, Decentraland’s co-founder stated in December that the platform had over 300,000 monthly active users, which is a significant amount for a nascent platform; nonetheless, non-crypto gaming applications would require many more active users to obtain a similar price. For perspective, Fortnite is presently valued at $29 billion and has 80 million monthly users. In other words, each of Fortnite’s monthly active users has a market valuation of slightly under $400, compared to approximately $17,000 for each of Decentraland’s monthly active users.
  4. Status & Utility: Most individuals purchase a property to live in and enjoy in the real world. Similarly, many purchases in the metaverse and games like Fortnite happen simply because the consumer wants to enjoy the item. Whether it’s having extra powers in the game, boosting their rank, or obtaining access to unique events, there’s something for everyone. For example, Fortnite produced almost $9 billion in sales in 2018 and 2019! This is due to the fact that players may purchase extra features, skins, clothes, and accessories in-game. Additionally, Snoop Dogg has revealed that he will organize private virtual events and allow users to have him perform on their property.

The more experiences that are built on top of these virtual worlds, the more appealing it should become for new users to join, which will inevitably lead to an increase in the price of both the Land itself and the tokens used to purchase it – most virtual worlds use their cryptocurrency, and the value of which can fluctuate. The majority of the metaverse’s environment is still being constructed today, which may be likened to the “real” world, where the value of a property in a freshly established neighborhood would only increase as the community grows around it. It will be packed with cultural hotspots, boutiques, and cafés in three years and will be the area where everyone wants to hang out.

Virtual Land purchasing risks

Virtual Land has a variety of concerns because it is a developing field. When it comes to virtual Land, there are a few unique dangers to be aware of:

  1. It’s too soon to tell which initiatives will win: Even if virtual Land as a notion or asset class soars to new heights, it remains to be seen who will emerge victoriously. Perhaps a new game with more exciting features or experiences will be released, and people will rush to the new platform, abandoning Axie Infinity, Sandbox, or Decentraland. Remember that while Sandbox was first released in 2012, the blockchain game is a departure from the original and will only be released in beta in November 2021.
  2. There is no genuine user interest: Some doubters believe virtual Land is just a fad among crypto-speculators. There will be insufficient actual user interest and customers willing to spend money on the virtual world’s goods and experiences in the end. For example, the inventor of Second Life, Philip Rosedale – the forerunner of everything we’re witnessing now – was an early proponent of the metaverse, declaring in 2007 that the 3D web will be dominant and that we’d all have our avatars.

Being a Landlord in the Decentraland Metaverse

There are several advantages to being a landlord in the Metaverse right now, whether solo or a stakeholder in a bigger corporation. Three of these are shown below:

  1. You can make money as your virtual Land grows in value: Decentraland has been around much more than other platforms like the Sandbox. Data about Decentraland sales from NonFungible.com dates back to 2017, when the native Decentraland currency, MANA (CRYPTO: MANA), was worth pennies on today’s dollar.
  2. Commercial renters are more readily available than you would think: Landowners in Decentraland frequently rent out their lots and finished properties, generating revenue from a piece of virtual real estate that they may have owned in the distant past. They primarily rent to people, but the beauty of the current metaverse is that many commercial players are also becoming involved. For example, you could build virtual malls, workplaces, or virtual event spaces and rent them out instead of renting virtual houses and flats. Suddenly, you’re a real-world business landlord with real-world commercial endeavors that you can touch. Brands are making a massive push into the metaverse, and they’ll need a lot of room to convey their messages to everyone who happens to be nearby.
  3. When compared to the actual world, input costs are modest: Even if you hired a virtual structural designer to assist you in building a Metaverse property, the input cost is insignificant compared to the price of real estate in the actual world. This is because there are no property inspections; there are no restrictions on what you can and cannot build (gravity isn’t even an issue, which is interesting); and there are no restrictions on who may inhabit what and for how long. You’ll pay a little more, but you’ll have no actual building supplies to deal with, no waste, and no supply chain issues to worry about. Pixels and electrons are used to construct everything. Even if there is a resin scarcity and the color blue is out of supply till further notice, those can be tweaked as needed.

‍ The metaverse is an exciting new chapter in the internet’s history, where our physical and virtual lives will blend more than ever before; virtual Land will be a vital component of these new virtual worlds. Twenty years ago, a Fifth Avenue storefront was the holy grail; now, a first-page Google or Amazon ranking may bring in millions of dollars; and tomorrow, a premium piece of virtual real estate in the appropriate virtual environment could be the equivalent. However, because this is a new field, there are huge dangers, and we’re still early in the adoption curve; it’s still a gamble as to which platforms will emerge as the final victors and what people actually desire.

References

Miles A., (Mar 8, 2019), Monetizing your Land in Decentraland,

Retrieved from: https://medium.com/decentralgames/monetizing-your-land-in-decentraland-5d5d5ed5c911

Shubham A., (Jan 28, 2022), How to rent in Decentraland? Earn without selling,

Retrieved from: https://deasilex.com/how-to-rent-land-in-decentraland/

Natasha D., (Jan 7, 2022), The cheapest piece of Metaverse Land is going for a whopping $11,000,

Retrieved from: https://markets.businessinsider.com/news/currencies/metaverse-land-plots-decentraland-sandbox-selling-for-11000-2022-1

Kristi W., (Dec 20, 2021), 3 Benefits to becoming a Landlord in the Metaverse,

Retrieved from: https://www.fool.com/real-estate/2021/12/20/3-benefits-to-becoming-a-landlord-in-the-metaverse/

Nftplazas, (Aug 9, 2018),  Make a passive income- lease out your Decentraland Land,

Retrieved from: https://nftplazas.com/make-a-passive-income-decentraland-land-owners/

Phygital NFTs

A phygital is a product that combines the physical and digital worlds. The phygital is created when a physical object is coupled with a digital counterpart (the NFT). When you buy one of our three services, you’ll get a phygital card, which is both physical and digitally assessed.

Phygitals refers to a future in which everything is digitally connected to the internet and the blockchain. A phygital is a smart NFT that allows for extension and composability in ordinary items. Due to a lack of confidence, digital services could not previously be developed on physical objects. Phygitals are here to make a difference.

Due to blockchains and cryptocurrencies ‘ open-source nature, applications and services for actual objects can be constructed, such as protocols. For example, assume you’ve just acquired a high-end supercar — as a phygital. Both in your driveway and your digital wallet, this automobile would “sit.” Keeping your supercar in your digital wallet allows you to extend the warranty, rent it out to strangers, use it as collateral for a loan, and even drive the same car in the digital world beyond the universe — all without the need for a mediator to facilitate these transactions.

From smart products to trustworthy physical assets, phygitals encompasses many concepts. We buy products online on the old internet, Web2, which most public still uses today. Web3, based on blockchain networks, is where many people are developing the future and buying stuff online. The Earth is being phygitized.

Science fiction has influenced our visions of a future we live in both the physical and digital realms. That dimension has now become known as “The Metaverse.”  Forbes admits that the Metaverse’s definition and capabilities are continually changing, The Metaverse is humanity’s creative playground in a globally shared, digital realm that will blur the barriers between reality and fiction. Real Items has combined actual items with a digital twin, or NFT, which are 3D replicas of your physical products, to expedite the acceptance and arrival of this new internet paradigm change. These goods can be brought into the Metaverse and interacted with digitally.

Phygitals is increasing the possibilities of goods as they are now by leveraging blockchain and NFTs to add a trustworthy digital layer to them. This digital layer lets you interact with apps and experiences created on top of the actual items you own, blurring the barriers between the real and digital worlds. As a result, the Metaverse will become more of an extension of our physical world as more and more of the tangible products we buy are available in the Metaverse. “Virtual reality will be a powerful drug,” said Steven Spielberg.

These digital worlds will enable us to interact with items we already know and love in new and innovative ways. For example, we’ll want to go shopping in the Metaverse and buy phygitals at the Metamall. Shopping alone and on our phones on the internet will become obsolete. Instead, we’ll shop for phygitals in a shared place with other digital avatars, and the phygitals we buy in the Metaverse will be delivered to our physical addresses.

The sci-fi future envisioned by Steven Spielberg is not far off. However, unlike popular belief, the Phygital future will not occur in a single enormous explosion. Rather, it will gradually embed itself deep into the foundation of our life, similar to exponential technologies.

Phygital NFTs in Retail and Augmented Reality(AR)

The survival of concrete block retail depends on phygitals. This industry has struggled to keep up with the rise of eCommerce, and phygitals have proven to be a lifeline for retailers looking to improve their marketing approach. Amazon’s amazing usage of augmented reality (AR) technologies allows consumers to view what furniture looks like within their homes perfectly illustrates this. The adoption of this technology creates a smooth and personalized shopping experience for customers. A phygital experience is when we interact with digital goods in our actual houses.

With the improved AR ability to add, alter, and arrange hundreds of pieces of furniture in the same area, Amazon consumers may now feel in total control of their selections. In addition, they may save and alter these designs on their phones or computers. This will save time and alleviate the customer’s concern that a piece of furniture will be too large or inappropriate for their home’s overall aesthetic.

Another example may be seen in the development of computational textiles. Yoel Fink, an MIT professor and creator of the Advanced Functional Fabrics of America, built the world’s first backpack that functions as a Fiber Computer, a “fabrics as a service” product, with the help of a team at MIT. Being near this bag gives you immediate access to knowledge that someone wants to share with their community.

A unique feature in phygitals can be included: the opportunity for clients to upload “memories” to an NFT through any digital wallet. Special smart contract-enabled chips or QR codes can be used to access NFT data and memories. However, instead of using technology to scan and engage in the fibers of a physical good, special smart contract-enabled chips or QR codes can be used to access NFT data and memories. Text, photos, and videos may all be used to create these memories. They also contain the position and date of the memory’s creation.

Phygital NFTs in the Car industry

Virtual showrooms can now display more frequently, showcase more models, and serve more clients thanks to Phygitals, all while lowering their exhibition expenses. Customers can profit from digitalization in addition to cost savings. Customers may escape the stress of bargaining by dealing with online platforms that manage the transactional process from beginning to end. In the automobile business, digital applications improve customer experience, which is crucial to a company’s success.

If you plan on selling your automobile in the future, converting it to a phygital will make the process go more smoothly. The NFT of a phygital automobile may hold almost any information about the physical vehicle, including maintenance records and driving history. The obtained data is tamper-resistant and unalterable since stored on the blockchain. Phygitizing your automobile will make it easier to transmit information to the future owner. It will be the most reliable method of selling your car because the buyer will examine every aspect of it.

Phygital NFTs in Real Estate

Property transfer is time-consuming and costly. This process can be sped up by converting the real estate to phygitals. A single NFT may keep all relevant data about a property, including reports, disclosures, pictures, and even videos. This consolidates all necessary data into a single database that can be conveniently accessed. NFTs are inherently tamper-resistant due to their usage of blockchain technology, making the transfer of property and information safe and indisputable. Phygitals can also be used to prove ownership. Anyone who legally owns the NFT has possession of it.

According to Forbes, transferring real estate property rights without violating securities laws is substantially easier. The property’s NFT may be placed into an online marketplace where future purchasers can bid on it by converting it to a phygital. Phygitals create new platforms for real estate transactions, making property resale more simple, efficient, and affordable.

Smart contracts are another layer of protection applied to real estate digital assets. Smart contracts are self-executing contracts in which the contents of the buyer-seller agreement are directly written into lines of code. As a result, its transactions are transparent, traceable, and irrevocable.

When the relevant land registration is entered into its database, smart contracts are automated and prepared to immediately deliver money to the seller. The procedure is fully automated and only occurs if both parties have met their obligations under the agreement. Smart contracts fundamentally combine the duties of notaries and brokers into a single self-contained system. In a word, a smart contract embedded into a phygital substitutes mediators in a property sale transaction, saving purchasers both time and money.

Phygital NFTs and Everyday products

Physcial items may have digital counterparts to improve user experience, as Amazon and car businesses have demonstrated. But what about the mundane aspects of life? What if you desire your favorite items in a digital format?

Combining real objects with a digital identity has several benefits. For starters, end-users may check whether a product is genuine by scanning the smart label or QR code attached to the product’s package. After purchasing the product and claiming ownership of the digital identity, the owner has complete access to the NFT’s unique content. Proof of origin, recycling guidelines, and a Certificate of Authenticity are all included in the digital identity.

Because of blockchain technology, NFTs are also intrinsically tamper-resistant. The blockchain is simply a transaction log on the internet. It’s also decentralized, which means there’s no central authority in charge and no single point of failure. The decentralization of blockchain and its openness enhance supply chain efficiency tremendously. This is especially important for companies with trouble with supply chain traceability and confidence.

References

Monsieurk, (Jan 7, 2022),  Phygital NFT: Link between virtual and real,

Retrived from: https: https://blog.kryll.io/phygital-nft-link-between-virtual-and-real/

Kristy F., (Feb 6, 2022), NFTs mean the Future is Phygital,

Retrived from: https https://arichlife.com.au/the-future-is-phygital-says-culture-vault/

Cryptonews, (Dec 10, 2021), NFTs gain popularity as NFT runway launches a Unique 3D Phygital project,

Retrived from: https https://crypto.news/nft-popularity-nft-runway-3d-phygital-project/

Thenextcartel, (Sep 27, 2021), 3 ways in which NFTs are changing the world,

Retrived from: https https://thenextcartel.com/discover/3-ways-in-which-nfts-are-changing-the-world

Daniel B., (Sep 6, 2021), Why its game on for Phygital NFTs,

Retrived from: https https://htecgroup.com/insights/industry-insights/why-its-game-on-for-phygital-nft/

Zycrpto, (Jul 14, 2021), Watch skins- Wearable NFTs and the Phygital revolution,Retrived from: https https://zycrypto.com/watch-skins-wearable-nfts-and-the-phygital-revolution/

A Brief Overview of The Sandbox Metaverse

The Sandbox Metaverse, or TSMV, aims to create the most immersive Blockchain-based virtual reality experience the world has ever seen. By merging revolutionary technologies such as Virtual Reality and Blockchain together with community, collaboration, and creativity, The Sandbox Metaverse has been built to be one of the first decentralized virtual worlds in existence. It will change not only how we interact with each other and with the technology we use on a daily basis, but how we perceive reality itself.

About The Sandbox

The Sandbox is a virtual reality that runs on the blockchain, allowing users to monetize their digital presence and social status. The metaverse was envisioned by Neal Stephenson in his 1992 book Snow Crash, where people could visit virtual-reality representations of other people’s homes, businesses, or any other space. In The Sandbox, you’ll be able to visit anyone who has a home there: even though you can only see what they want you to see (and they can only see what you want them to see), it’s quite an experience!

Technology Stack

Decentralized Storage – A key component of The Sandbox Metaverse is its use of decentralized storage, an innovative take on cloud computing. Traditional cloud-based data storage services are centralized and vulnerable to security breaches, meaning users have to trust that all their data is safe and secure. But with a decentralized service—like InterPlanetary File System (IPFS)—anyone can maintain a copy of all data on file. This means users retain ownership over their information, and there’s no single target for hackers to attack. As we’ve seen repeatedly in recent years, a cloud service breach can destroy millions in customer value overnight—and potentially cost even more down the road as public trust erodes and customers flee from their brand.

ICO Details

The Sandbox ICO was released August 8th, 2018. 100M tokens were available for purchase in total. 60% of these tokens (60M) will be sold to investors and 40% (40M) will be held by corporate entities associated with supporting materials, platform upkeep, etc. Funds generated from ICO sales are as follows: 15% used for hiring developers and artists to bring projects online immediately upon sale; 25% invested in partnerships to bring real-world works online; 25% used to make blockchain purchases of land that was previously privately owned which had no clear ownership; 20% will go toward building a social layer on top of users’ interactions called The Village; 10% is reserved for special marketing campaigns and bounties.

Virtual Earth

Imagine a virtual world populated by customizable avatars and things—houses, cars, clothing, etc.—that can be bought and sold via cryptocurrency. That’s what CEO Eric Benz believes he can offer in his immersive metaverse called The Sandbox.

Non-Player Characters (NPCs)

NPCs have been a core element of RPGs for many years. The Sandbox is taking NPC interactions to a whole new level by creating non-player characters with artificial intelligence (AI). These AI NPCs will be able to learn from each other and live in distinct territories; they will also be able to breed and take care of their offspring! This means that these NPCs will act like living creatures. They’ll carry out specific daily tasks; perform roles within a territory; and can even defend themselves against players who invade their turf. With these social interactions at play, you’ll truly feel like you’re interacting with an evolving society.

Have any Questions about The Sandbox?

This metaverse is a great tool for virtual conferences and provides a secure environment for businesses to host meetings, training courses, and product launches. While I have just scratched the surface with my description of how The Sandbox metaverse works, do not hesitate to reach out if you are interested in purchasing land, building in The Sandbox, or learning more about how your company can partner with Metaworks Holdings. We would love to speak with you!

The Land Opportunities in the Decentraland Metaverse

Decentraland, which launched in February 2020 and advertised itself as the first fully decentralized virtual environment, is built on the Ethereum blockchain. Decentraland is decentralized implies that the people who use it own and manage it. MANA, Decentraland’s native money, is used to make transactions in this realm, and NFTs are used to verify the evidence of ownership of virtual property. The coin’s value had begun to rise in 2021, but it skyrocketed after Metaverse’s announcement.

The concept of investing hundreds or even millions of dollars on imaginary “land” in a virtual environment seems ridiculous. However, the world has recently witnessed significant investments in virtual land within the Metaverse. For example, A plot of land in Decentraland was purchased for US$2.43 million by the Metaverse Group, a real estate business focusing on the metaverse economy.

What drives the value of the Metaverse Land?

The buzz in the Metaverse has paved the way for the emergence of a new economy centered on the marketing and trade of digital goods. Events like metaverse concerts and NFT ownerships sparked interest and excitement among investors, speculators, and consumers even before Facebook announced its rebranding to Meta and accepted the new technology. Without a question, Facebook was pivotal in hastening the acceptance of the Metaverse. But, on the other hand, industry specialists had already grasped the essence of the business and were making preparations appropriately.

The growth of NFTs at the same time only made it simpler for investors to trust in projects that have a large consumer use case. As a result, the sector is now worth billions of dollars, and analysts predict that by the end of 2025, it may be valued at as much as $82 billion.

Because digital lands are traded as non-fungible tokens (NFTs), they are intentionally limited. The only token with actual worth is the original, and its scarcity makes it more valuable and increases its value over time. As a result, metals like natural lands become valuable assets, and individuals can profit from them by selling, leasing, or constructing on them.

Digital or Metaverse lands, like real lands, are limited resources. One of the factors that influence the price is their scarcity. Another factor is the location. Premium metaverse sites are more valuable, just as they are in the real world. Posh districts, opulent penthouses, and pricey villas are all elements that make up the virtual world.

Early purchases of premium location lands are likely to increase profits, especially when picking a site to develop successful enterprises and valued activities. Likewise, it’s reasonable to expect landowners to profit handsomely if an area becomes densely filled with high-end brands.

Purchasing land in the virtual world is not a new concept. For years, gamers have acquired virtual properties and constructed structures on them.

On the other hand, these early virtual worlds were highly centralized and frequently administered by a single firm, with all lands and material belonging to the servers of these companies. As a result, gamers just accepted these materials as a part of the game. They never considered them worthwhile investments since the major corporation may go out of business or alter rules and laws at any time.

There is no central authority imposing any restrictions or boundaries in a decentralized metaverse established on a blockchain. On the other hand, landowners are free to do anything they wish with their lands. No one, not developers or governments, can take away their decisions or the material they post to the platform. This feature is quite beneficial for investors who want to feel more involved in the entire business and growth process.

Why Decentraland Metaverse is a good investment

It might feel like leaping over a cliff into emptiness when it comes to buying metaverse real estate. There is no actual land, sea, sky, molten core, or gravity to keep everything together. Nonetheless, it’s something that people are beginning to believe has worth. You know, that’s all it takes. The only reason people value anything is that it’s crucial to their survival. Here are some reasons why Decentraland Metaverse is a good investment:

  • Decentraland was established in 2017, and it was accessible to the general public in early 2020. Non-Fungible.com states that 133,878 NFT real estate transactions totalling $164.8 million had been completed in the virtual world as of Jan. 19, 2022. This excludes transactions made through the platform’s marketplace or through less transparent third-party sales platforms, of which there is a number. Bloomberg reported on virtual land sales in Decentraland’s commercial districts as early as 2018. Ripio.com, a credit network, spent $150,000 for a plot back then, and it wasn’t even the year’s highest sale. MANA, Decentraland’s cryptocurrency, was valued at around 12 cents per coin at the time. A MANA coin is worth $2.21 as of Jan. 21, 2022, despite a terrible week for the markets as a whole.
  • Every metaverse platform indeed has some users who want to see it succeed. Decentraland’s members, on the other hand, are involved in its success, so much so that its events page is chock-full of open-to-the-public activities ranging from art gallery openings to musical performances and even charity events. In addition, casino and game evenings put on by various organizations may bring large numbers, while meditation courses can help everyone relax. Not to mention group therapy sessions, pet displays, and special interest gatherings. A lot is going on in Decentraland that is critical to its future. Because this isn’t “just a game,” but rather a community of actual individuals with genuine passions who are shaping the future of their platform, they must be emotionally involved in it. Public events can also introduce new visitors to Decentraland’s culture and introduce them to people who spend time on the platform daily. As a result, people lose interest in online platforms, not because they’re bad concepts. On the contrary, Decentraland’s inhabitants and leadership are continually upping the standards for the platform and enticing visitors with fresh and exciting ideas.
  • Big Brands are already planting their flags in the Metaverse: Multinational corporations are like bugs. If you spot one, there’s a strong probability there are several more hidden behind closed doors. And this is becoming increasingly true, with new businesses staking their claims in Decentraland on a near-daily basis. Although some have predicted that bringing huge businesses into the Metaverse will bring it to an end, the fact is that corporate engagement is how it will endure. Failure to launch is quite likely without someone putting up money for initiatives that no tiny firm (or community group) can pay on its own. Instead, these prominent actors have a strong interest in Decentraland’s success, and they’ll be promoting it and raising awareness in the Metaverse.

Risks in buying Land in Decentralized Metaverse

  • Metaverse features remain a specialized interest with a small market:
    This may be the most crucial item to remember when dealing with metaverse real estate. It’s unquestionably a niche market, but one with a fervent following. Like developers who only construct mega-mansions, you also must accept that your market is tiny and likely to remain so. There’s nothing wrong with it, but it should reflect your investing approach.
  • If a metaverse platform fails, so does your investment:
    No one, in their right minds, wants to think about their investment failing. Still, there’s always a risk when investing in anything, so let’s address the elephant in the room: the risk with metaverse real estate is significant, and even worse, if a metaverse platform falls, your investment is lost forever. Unlike real-world real estate, where you can always rely on the fact that you still own a piece of ground you can touch and step on, a metaverse property might vanish entirely if the platform goes bankrupt.

    Members may have voting rights when closure is a possibility, but if there isn’t enough money to keep the platform going, the person who pays the bills has no choice but to shut it down.
  • The Metaverse isn’t exactly beneficial to the real world:
    While roaming about in the Metaverse, it’s easy to forget that it’s electricity- and computer-intensive imitation of the real world. Although metaverse platforms are attempting to become more environmentally friendly through tighter, more innovative programming, the coins that fuel them aren’t making the same effort.

The Metaverse Land

The Metaverse, like real estate, is all about three things: location, location, location. When you initially enter the Metaverse, there are regions where people congregate, and such areas would be far more valuable than areas where no events are taking place. Those frequently visited regions, to be valid, attract big spenders. Snoop Dogg, for example, is constructing a virtual home on a parcel of land in Sandbox, and an undisclosed person recently paid $450,000 to be his neighbor.

While there are lots of individuals buying items in the Metaverse out of fear of missing out, as well as large corporations that may not completely get what they’re getting into but are aware that other brands are, there are also plenty of very astute, brilliant people entering this sector. As a result, the potential for metaverse real estate to flourish is huge. It is especially true when more businesses join the market and strive hard to create experiences that are just not possible in the real world owing to limitations, such as physics or, more likely, an ongoing epidemic that shows no signs of abating.

Decentraland has its vibrant economy, culture, and stories, which are essential components of any civilization. Sure, it doesn’t seem like what people are used to, but it’s a world within a computer that’s growing from nothing to something that everyone can access from anywhere on the earth.

References

Aisling C., (Nov. 29, 2021), Welcome to Decentraland, the Metaverse world with its own crypto where land is worth millions,

Retrieved from: https://www.euronews.com/next/2021/11/29/welcome-to-decentraland-the-metaverse-world-with-its-own-crypto-where-land-is-worth-millio

Natasha D., (Jan. 22, 2022). The frantic Metaverse land grab is likely to persist in 2022 as investors realize virtual real estate equals cash, predictive analytics firm says

Retrieved from: https://markets.businessinsider.com/news/currencies/metaverse-real-estate-sales-2022-outlook-web3-decentraland-sandbox-cryto-2022-1

Theo T., (Jan. 6, 2022). Real estate in the Metaverse is booming. Is it really such a crazy idea?

Retrieved from: https://theconversation.com/real-estate-in-the-metaverse-is-booming-is-it-really-such-a-crazy-idea-174021

Chris D., (Jan. 12, 2022). Investors are paying millions for virtual land in the MetaverseRetrieved from: https://www.cnbc.com/2022/01/12/investors-are-paying-millions-for-virtual-land-in-the-metaverse.html

The Metaverse Matrix World

Matrix World is a decentralized open virtual world that allows users to interact with immersive 3D apps that operate on many blockchains simultaneously. The Matrix world comprises lands given as Non-Fungible Tokens (NFTs) on blockchain networks like Ethereum and Flow. As a result, Matrix Lands may be traded and transferred on blockchain networks while their owners maintain total control over the creations on their Lands.

 These lands can be tied to a Matrix Network sandbox with its computation and storage capabilities. These tools enable landowners and creators to control the visual appearance, inner attributes, and lifecycle logic of the land’s creations, culminating in constructing an immersive 3D application that may run indefinitely in Matrix World cyberspace.

Users in Matrix World can use standard 3D open-world features like constructing 3D architectures, organizing virtual meetings, exhibiting digital assets like  NFTs, and more advanced functionality like creating and hosting 3D decentralized applications, for example, DApps, using Matrix’s built-in creator services and computational resources, as well as more advanced functionality like creating and hosting 3D decentralized applications (DApps) using Matrix’s built-in creator services and computational resources. 3D games and 3D markets are among the DApps available. Our ultimate objective is to eliminate the boundaries between blockchains and establish a next-generation 3D open-world DApp platform on top of Matrix World, allowing for infinite possibilities and opportunities in the metaverse.

When discussing open-world games, it’s impossible to avoid mentioning Minecraft. Minecraft gives gamers the ability to create their 3D environment. It also exposes rich and sophisticated backend interfaces that let users create their own game or application within that world. It also brings the notion of Bring Your Own Device (BYOD) to the game. You may buy your computational resources, such as a Minecraft server, to operate your Minecraft-based mini-game as a developer.

The bulk of blockchain-based 3D open-world platforms are influenced in some manner by Minecraft, and numerous well-developed solutions have already been released. Some of these programs have emphasized gameplay and game development. In contrast, others have emphasized 3D social networking and asset showing (NFT). Still, others have provided a thin layer of 3D visualization while enabling users to add additional extensions to expand their ecosystems. No current blockchain-based open worlds, on the other hand, have proven the same amount of customization and user experience as Minecraft. To put it another way, none of the existing blockchain-based 3D open worlds has given a Turing complete universe capable of unlimited possibilities. Of course, a 3D environment made entirely of assets isn’t the same as a live Metaverse, but the latest innovation is sweeping the community.

Matrix World Multichain connectivity

The Matrix World technology makes it possible to maintain identities across many blockchains. The system now supports Ethereum and Flow as durable and consensus layers, but it may simply be modified to include other blockchains. Additionally, Matrix Objects may be linked to external smart contracts operating on several blockchain networks. Game developers and content producers, for example, may create a 3D Uniswap ATM by customizing its design and setting the action that calls Uniswap’s Ethereum swap function. Furthermore, they may include such an ATM in a virtual NBA Top Shot museum that contains a Flow-powered 3D video gallery.

Matrix World links easily to external services in addition to blockchain networks. We suggest combining NFT markets on several blockchains, such as OpenSea, MyNFT, and others, as well as storage protocols like IPFS and Arweave, and streaming platforms like Twitch and YouTube in the first instance. To do this, developers may use both programmable 3D objects and API endpoints to connect directly to the aforementioned services. The entire system is expandable, allowing for the constant addition of new services to improve the world. The multichain connection of Matrix World allows for the building of one-of-a-kind immersive social networks. By linking to multichain DApps and other resources, users may enter a world of limitless possibilities. Matrix World will improve multichain DApp compatibility and communication across several metaverses.

How the Metaverse Matrix World is Used

3D DApps that are truly immersive: Users will create immersive 3D apps using Matrix World’s development infrastructure and programming language. Creators may specify the forms of 3D objects, add materials and textures, create lighting, add transformation functions, add programmed and AI-based behaviors, make payments, call other services, and so on. The players may inspect elements such as textures in the 3D NFT buildings. They can conclude their purchase without using external links in the immersive marketplace, take the NFT home, and utilize an auto construction code pack to witness the NFT building auto-build on their Lands.

NFTs that are programmable: With Matrix World’s accessible functionalities, users may immediately import 2D photos, 3D models, films, audios, and other multimedia NFTs into the 3D world. Each imported NFT will be converted into a Matrix Object with its original look, such as a 2D image into a 3D picture with a frame. Furthermore, creators may program the loaded NFTs to make them more functional because all NFTs imported into Matrix World become Matrix Objects. Suppose the author is a game designer, for example. In that case, they may use Loot NFTs to build playable characters for a mini-game and then develop a mini-game employing these characters.

Cross-Chain Socializing and Trading: Matrix World is a metaverse that integrates several different blockchain networks and applications. It provides a gathering and meeting space for participants from various blockchain networks.

Cross-Chain Meetings & Conferences: Matrix Users having IDs from various blockchain networks can be authorized to attend meetings and conferences at public social facilities and buildings across the world. Cross-chain communications will be more productive than single-chain discussions. 

Cross Chain Advertising: Matrix World is the greatest option for brands looking for cross-chain influence. Putting adverts in Matrix World’s multichain viewable public space may attract potential clients from several blockchain networks.

The NFT Ecosystem

Importing NFTs: Matrix World will provide users with simple tools for importing NFTs into the metaverse. Using these functionalities, users will immediately import 2D photos, 3D models, films, audios, and other multimedia NFTs into the 3D environment. In addition, all NFTs will be converted to Matrix Objects with their original looks; for example, a 2D image will be transformed into a 3D picture with a frame.

NFTs that are programmable: Creators may program the loaded NFTs to make them more functional since each NFT imported into Matrix World becomes a Matrix Object. Suppose the author is a game designer, for example. In that case, they may use Loot NFTs to build playable characters for a mini-game and then develop a mini-game employing these characters. On the other hand, if the creator is a programmer and an artist, they can use a dynamic animating filter to turn a static image into motion.

NFTs created from Objects: Matrix World may create NFTs from Matrix Objects and import existing NFTs. Consequently, Matrix World will have its first-party 3D marketplace, which will be linked to the Ethereum and Flow exchanges. As a result, users may quickly publish NFTs from Matrix Objects with only a few clicks.

Matrix World Services

Editor for Objects and Scenes: The Matrix World developers plan to provide a set of tools that will allow anybody in the Matrix World to create 3D items. The first tool will be a cloud-based What You See Is What You Get (WYSIWYG) model editor, which will allow users to change the geometry, material, lighting, and shaders of a 3D model. Along with the model editor, a Scene editor is in the works, which will allow authors to import the multiple 3D items they’ve produced into a Scene or use other external resources directly to ramp up and enrich a Scene.

Users can create with Automation: The Matrix World developers are also working on an automated tool that will allow users to create Scenes using pre-defined blueprint templates, in addition to handcrafting models from scratch. In addition, builders may sell their blueprints on Matrix World’s marketplace to help other players construct faster while also profiting their labor.

Matrix World Architecture

There are three layers to the Matrix system: frontend, backend, and external services.

  • The Frontend: Matrix World’s frontend is a public-facing web or mobile client. It includes the following:
    1. Identity client: The Identity Client is a multichain identity client that allows users to log in and access Matrix World’s services using their blockchain credentials (cold wallet or hot-wallet services).
    2. Content rendering client: The Content Rendering Client is a WebGL-based client for rendering 3D Matrix Object visual appearances in the browser.
    3. Interaction client: The Interaction Client is in charge of interfacing with the Matrix Network’s Matrix Object models. The Matrix Network sends the signal to a particular SVM in the backend, which updates.

References

Matrixworld, (n.d),  Matrix: A Programmable 3D Multichain Metaverse

Retrieved from: https://matrixworld.org/home

Armit S., (Jan 18, 2022),  Metaverse: Welcome to the Matrix

Retrieved from: https://medium.com/technology-hits/metaverse-welcome-to-the-matrix-d497f998878d

Nate L., (Sep 29, 2021),  Welcome to the Metaverse: What it is, Who’s behind it, and Why it mattersRetrieved from: https://fortune.com/2021/09/29/welcome-metaverse-what-it-is-who-behind-why-matters-matrix-zuckerberg/