Everything You Need to Know about the Flow Blockchain

Flow is a blockchain built for large-scale scalability, allowing for rapid and low-cost transactions in dapps like NFT markets and crypto-infused video games. The Flow blockchain is a fast, decentralized, and developer-friendly blockchain that will serve as the foundation for a new generation of games, applications, and digital assets. It’s built on a multi-role architecture that scales without sharding, allowing for enormous performance and throughput gains while maintaining an ACID-compliant, developer-friendly environment. Dapper Labs created Flow to address its blockchain congestion problem by creating a blockchain that is optimized for games and other interactive activities. Flow is now used by Dapper for all of its projects, including NBA Top Shot, but it’s also available to other developers.

Developers may use Flow to create successful crypto and crypto-enabled enterprises. Applications built on Flow can maintain people in control of their data, develop new types of digital assets that can be traded on open marketplaces from anywhere in the globe, and establish open economies that are controlled by the users. Smart contracts on Flow can be put together like Lego pieces to power apps that serve billions of people, from basketball fanatics to mission-critical corporations.

The Flow Blockchain Coin

The Flow coin (“FLOW”) is the Flow network’s native currency and the foundation for a new, open, and transnational digital economy. Flow token is the fuel that fuels the network if Flow is the digital infrastructure. Flow is the money that allows the network and all of its apps to function. Flow is intended to act as both a payment mechanism and a long-term reserve asset for the Flow economy as a whole. Validators, developers, and consumers utilize the token to participate in the Flow network and get incentives. It’s also utilized to pay fees and participate in protocol governance in the future.

Sharding Problems

The majority of ideas try to increase blockchain scalability by fragmenting them into interconnected networks, generally referred to as shards, however, sidechains have similar challenges. Serializability (“ACID”) guarantees, which are prevalent in database systems, are removed using these methods. Building an app that needs to access data across fragments becomes far more complex and error-prone when ACID guarantees are lost. Due to latency difficulties and greater transaction failure rates, interactions between smart contracts become extremely intricate, and even individual large-scale apps would have to resort to sophisticated mechanisms to scale across shards. The combination severely restricts the types of programs and network effects that may be run on the network. Instead of fixing the problem at the protocol level, sharding essentially transfers the most difficult portion of scaling the blockchain to application developers.

On a sharded blockchain, a basic user operation can take twelve transactions and seven blocks. The identical activity, and much more complicated than it, may be done by one atomic transaction in a single block in an unsharded, ACID-compliant environment like Flow.

Worse than the added time and expense is the increased attack surface and complexity: designing, testing, and hardening smart contract code on a sharded blockchain will be far more difficult.

The Environment of Flow Blockchain

Flow employs a proof-of-stake consensus process, which requires validators to stake a specific quantity of FLOW tokens to join the network. However, Flow divides validation duties into four distinct types of nodes: consensus, verification, execution, and collection, making it unique among blockchains. Each transaction is validated by each of the four-node types. According to Dapper, breaking out the duties makes transaction processing more efficient than on competing blockchains. It’s an alternative to sharding, which distributes a blockchain’s storage and processing demands over several nodes. Flow does not employ sharding and Dapper claims that this lets developers build on each other’s work by keeping transactions atomic, consistent, isolated, and durable ACID. Upgradeable smart contracts are also available in Flow, allowing smart contracts to be published in beta, then improved or repaired before being completed and made immutable.

The Flow blockchain is designed for the type of collecting and interactive crypto experiences that are rapidly gaining popularity and might attract much bigger audiences in the future. NBA Top Shot has already proven that a blockchain-based collectibles experience can produce large quantities of money and get widespread interest. That is just one of the numerous experiences developed on top of Flow.

Flow is dedicated to creating an open environment in which software developers, content providers, and users are all suitably compensated and rewarded for the value they add to the network. The community outreach and efforts toward governance are as, if not more, vital than our technological design in ensuring diversity and participation at the protocol level.

Validator node operators that support the network on Flow get a proportional share of the transaction fees that travel through the system based on the work they accomplish and their investment. Validators on Flow, unlike miners or validators on other blockchains, may start as Consensus or Verification Nodes with relatively little hardware, guaranteeing broad, egalitarian participation and decentralization. The network will give additional benefits to node operators proportional to their efforts and related equity in the early years of the network when fees are minimal.

The Developer Ecosystem

The most crucial long-term predictor of a blockchain’s success is a strong and dynamic ecosystem. It is a must for Flow to interact with a wide and diversified group of stakeholders. Most significantly, this comprises developers and ecosystem partners that choose to build on top of the network, in addition to the investment base.

The Flow developers are taking additional measures to promote a healthy ecosystem, in addition to a technical design designed for developer experience and performance.

  • Alpha Program for Developers: The Flow developers will begin showing the network’s capabilities to interested blockchain developers for technical input in the coming months.
  • Development of the Ecosystem: A percentage of the Flow tokens will be put aside for ecosystem development to help the network gain traction and reward early adopters. These participation prizes will be provided through a variety of activities, including contests, hackathons, and open source development contributions. Setting aside a percentage of tokens for long-term ecosystem development guarantees a path to diversifying and decentralizing network participation and governance, assuring worldwide access from a range of players, in addition to boosting adoption.

How the Flow Blockchain Works with a First Time User

As a user, you may now engage with the Flow blockchain through NBA Top Shot or by purchasing artwork from the VIV3 NFT store, as well as other blockchain-based apps. Developers may begin experimenting with Flow and constructing their dapps utilizing the numerous built-in capabilities.

Where the Flow Blockchain is Sold

Flow’s native FLOW coin was first made accessible to the public through CoinList in October 2020, although it was only available in the United States and Canada. Tokens purchased through the offering were locked for at least a year, meaning they couldn’t be traded until they were unlocked.

FLOW incentives provided to validators, on the other hand, can be transferred and sold, therefore there is some FLOW on the market, and certain exchanges, like Kraken and Huobi, allow users to trade FLOW. FLOW is presently not supported by major exchanges like Binance and Coinbase.

What Distinguishes Flow from the other Coins?

The Flow blockchain learns from previous solutions and improves on them. Flow provides:

  • Architecture with several roles: Flow’s design is unique in that it allows the network to grow to service billions of users without requiring sharding or lowering consensus decentralization.
  • Its programming is resource-oriented: Cadence is a simple and secure programming language for cryptocurrency assets and apps, and smart contracts on Flow are written in it.
  • Ergonomics for developers: This network is created for individuals who wish to produce beneficial goods for the community, from upgradeable smart contracts to the Flow Emulator.
  • Consumer onboarding: Payment onramps enable a secure and low-friction path from fiat currencies to crypto in Flow, which was developed for mainstream customers.

The Developers of Flow Blockchain

The Flow blockchain, as well as Cryptokitties, Dapper, and NBA Top Shot were all created by Dapper Labs. Dapper Labs was founded in 2018 to bring new types of digital engagement to users all around the world. Blockchain-enabled apps can connect fans closer to the companies they love, offer individuals a meaningful stake in the communities they help to build, and provide customers new options to become creators. The NBA and NBPA, Warner Music Group, and the UFC are among the Dapper Labs partners who have been publicly disclosed. Andreessen Horowitz, Union Square Ventures, Venrock, Google Ventures, Samsung, and the creators of Dreamworks, Reddit, Coinbase, Zynga, and AngelList are among the notable investors in Dapper Labs.

References

onflow, (n.d),  Token Economics

Retrieved from: https://www.onflow.org/flow-token-economics

Lily D., (Oct 30, 2021),  What is Flow(FLOW)? Everything you need to know about FLOW coin

Retrieved from: https://coin98insights.com/what-is-flow-coin

David H., (Jan 15, 2022), Investing in Flow- Everything you need to knowRetrieved from: https://www.securities.io/investing-in-flow-everything-you-need-to-know/

What Is Web3?

You’ve probably heard that there’s a major shift coming in the near future – one that will profoundly affect how we use the internet and what we expect from it. This shift is being called web3, and it will bring massive upgrades to security, user experience, scalability, and interoperability on the blockchain and with decentralized applications (dApps). But what does this all mean? What are the implications of web3? And how can you prepare yourself to take full advantage of the opportunities it brings? Let’s talk about it now!

So what is web3? 

A definition that makes sense to many people is a highly scalable, decentralized system that allows users to self-own and control their data, identities, and interactions across different internet services — from Facebook to Twitter to Google Docs — without being constrained by any one company or entity. This definition basically points out two core ideas about web3: self-sovereignty and interoperability. If these two ideas sound abstract, well…that’s because they are!

Blockchain

A blockchain is a decentralized, distributed and public digital ledger that is used to record transactions across many computers so that any involved party can verify and audit them in real time without any trust or middleman. The original blockchain was invented for Bitcoin by Satoshi Nakamoto in 2008 and released as open-source software in 2009. Since then, numerous other blockchains have been created to facilitate value exchange (bitcoin) or identity management (Bitnation). These purpose-specific blockchains can be classified according to their use and are generally called smart contract platforms or token systems. The Ethereum platform introduced Smart Contracts on top of its blockchain, allowing developers to build applications using their own tokens on top of it, with Ether being used as gas for transaction fees.

Smart Contracts

A Smart Contract is a computer protocol intended to digitally facilitate, verify, or enforce negotiation or performance of a contract (i.e., programmable contracts). Smart Contracts run on top of blockchain-based decentralized networks and bypass third parties (i.e., banks, lawyers) in favor of network consensus as to their execution and enforcement. NFTs: A Non-Fungible Token is a specific type of blockchain token that represents something unique; they are cryptographically unique and one-of-a-kind tokens that will never be replicated on another blockchain; you can think of them as digital property you own.

Non-Fungible Tokens (NFTs)

What Are They and Why Do We Care? : When people refer to tokens, they’re usually talking about fungible tokens — units of currency that can be broken into parts or substituted for other units as a means of payment. Fiat money, like USD or Euros, is fungible (though in some cases it might have serial numbers or have been blacklisted by banks). For example, if one bitcoin could be subdivided into 1 million pieces each worth $1 and bought/sold in exchange for goods and services just like fiat money, then it would be classed as fungible. Non-fungible tokens (NFTs) are different.

How are NFTs different from fungible tokens?

NFTs are interesting because they give their owners access to a real-world good or service. So if I buy a CryptoKitty, I can sell it later to someone else, or breed my cat with another Kitty and create a new NFT that represents its children (and hopefully their children too). While fungible tokens represent digital dollars that are exchangeable for goods, services, or other tokens on secondary markets, NFTs represent unique items that can have value in their own right. The debate around what makes an asset fungible is one of many important considerations when designing games on top of blockchains.

How To Use NFTs Today

Owning a digital asset on an Ethereum-based network is as easy as sending a transaction from your wallet; all you need to do is add a small amount of Ether to it and send it to someone else’s address. It’s fast, easy, and inexpensive (the gas cost for transactions is minuscule) but requires that you have ETH in your wallet to make it happen. For security reasons, we don’t recommend sending ETH directly from an exchange platform or smart contract since they often require that you move ETH back into your account before being able to transact anything. Since NFTs are standard ERC721 tokens in Ethereum networks, they can be easily exchanged for one another if users prefer a specific token over another.

The Metaverse

Now that I know what blockchain, smart contracts, and NFTs are, it’s time to tackle a futuristic blockchain technology—the metaverse. The term metaverse is a portmanteau for meta virtual reality. In other words, it’s an idea that combines VR and blockchain technologies with our everyday world. Instead of being told how to think about something or seeing information presented in front of us (which might be true or false), we can create our own sense of what’s real within a system of rules that has been laid out ahead of time. One great example of metaverses is cryptocurrencies like Cryptokitties or CryptoPunks that let you collect and trade digital assets in games.

How to Invest in Web3

There are many opportunities to invest in web3, including but not limited to NFTs. Before you get started, take some time to research and learn about these kinds of investments and what makes them so powerful for a decentralized future. ​It’s important to note that many consider non-fungible tokens (NFTs) a core component of web3; in fact, applications like Augur rely on these tokens heavily—the entire app runs on top of them.

Have any questions about Web3?

Whether it’s web3, blockchain, NFTs, or a host of other concepts and buzzwords, there’s a lot of information floating around out there. We want to make sure you have your questions answered—and point you toward more resources if you want to learn more about these exciting topics! Let us know what questions you have in the comments below; we’ll try to answer them in a future post!

Everything You Need to Know about the SandBox (SAND)

December 8, 2021, the record-breaking $4.3 million plot of virtual real estate purchase on Sandbox is the largest property transaction recorded in the Metaverse. It gets exciting! A gamer identified as P-Ape spent about $500,000 to purchase a piece of Land beside Snoop Dogg’s virtual mansion on Sandbox. With Snoop Dogg’s collaboration with the company, partnership with global brands like Adidas, $210 million transactional exchange since Sandbox’s inception in 2012, and apparent Land-grabbing efforts by some NFT giants, reality in the Metaverse is becoming commonplace, and Sandbox is a relevant player.

Sandbox (SAND) is a Tokenized Asset for gaming ecosystems in the Metaverse. The blockchain-based virtual world is community-driven, decentralized, and allows creators/gamers to create Assets, and rent, share and sell their Assets within the gaming market.

In a simpler term, imagine Sandbox as a real-world where you (or a brand or a company) can create Assets (clothes, bikes, cars, sneakers) and share, rent, or sell these Assets to other people.

The Sandbox is a gaming ecosystem that allows gamers to create, sell, and assume absolute ownership of their creations. Unlike the traditional gaming systems where the developers assume control of Assets and place value on Assets created by gamers, Sandbox’s Ethereum-based gaming ecosystem forfeits full control of user-generated content. It creates a more robust revenue-sharing system where developers, users, and gamers can make in-world profits.

 

The Sandbox (SAND) Marketplace

The Sandbox marketplace provides tokenized Assets, including the SAND—an ERC-20 token used for all ecosystem interactions and transactions. For example, a gamer uses SAND for transactions like avatar customization, equipment purchase, and playing games. In the future, Sandbox creators, Pixowl, intends to empower SAND into a governance token, allowing holders to influence ecosystem changes after they establish the Sandbox decentralized autonomous organization. But, perhaps, the most prominent feature of SAND and the Sandbox marketplace is the virtual Land purchase power of the token. With SAND, gamers can purchase Assets, including digital Lands represented by the ERC-721 NFT, and house their games and other digital Assets on their Lands.

Components of the Sandbox Marketplace

Lands and Estates

Since Facebook changed its brand name to Meta, the Metaverse, including digital Assets, currencies, and Lands, has soared in value. Sandbox’s 4.3million Land sale is a testament. As of writing, the low-average plot of Land, with a 1 (96m) by 1 (96) dimension can sell for anywhere between $11,000 and $13,000, according to a report from Fortune. Likewise, virtual Lands in high-value areas with digital Assets can have a purchase value worth millions.

In Sandbox, users can join adjoining Lands together to form estates. For example, a parcel of Land with a 3 by 3 dimension contains three plots. Sandbox metaverse has 166, 464 Lands, out of which the developers kept about 10% of the Lands for special Sandbox events and reserved extra 25,920 Lands to reward gamers, partners, and creators. As more Lands are bought off from Sandbox, one should expect scarcity in the coming years, leading to Land appreciation and second-hand resale. Second-hand resale answers the question of what happens when Lands finishes on the Sandbox metaverse. People who purchase Lands on Sandbox today are often keen on reselling some parcels in the future, opening doors for new enterers into the virtual marketplace. Albeit decentralized, we should expect that the future value of Land will be determined by factors like Assets on the Land, the influence of the avatar’s real-life persona, and demand-supply chain, amongst others.

Another feature of Lands in the Metaverse is its importance in creating digital concerts, tours, meets, and greets. Epic’s Fortnite Travis Scot concert is a perfect example that saw over 12.3 million players participate. The concert, tagged by Forbes as a “Stunning spectacle,” was mind-blowing, but yet a glimpse at what Blockchain-based metaverses like Fortnite and Sandbox will achieve in the future. The near future for Sandbox includes a partnership with Adidas, The Walking Dead, The Smurfs, and over 160 global brands. Through its official Twitter account, Adidas announced a partnership with Coinbase and has a parcel of Lands in the Sandbox metaverse.

The Snoop Dogg – Sandbox collaboration is exciting, as it represents a revolution in hip-hop, from the millions of fans across the globe willing to interact with Snoop’s avatar on Sandbox to inviting Snoop to perform on a fan’s Land. Snoop, on December 2021, announced on Twitter that there is an early access pass for people who want to experience his metaverse mansion. Snoop’s home exhibition entries include private passes at $5,700 per pass. Other Landowners on the Sandbox metaverse charge gamers and individuals rent fees for either touring or renting their virtual space.

VoxEdit

With Voxedit, users can create animated 3D objects, including tools like motorcycles, bikes, cars, animals, and avatars. Each thing created in the Sandbox metaverse is an Asset created on the ERC-115 token standard and can be minted either as an NFT or a fungible token. Gamers and users can create and mint Assets as they please. They can also fill their Lands with these Assets or sell off the Assets in the marketplace.

SandBox Marketplace

The Sandbox Marketplace is a digital arena where users can sell their Assets. Before selling an Asset, a user must upload the Asset to the IFPS—InterPlanetary File System.

Game Making

With the Sandbox Game Maker, gamers and users can create 3D games entirely free without coding knowledge. The extensive and deeply immersive tool helps people make game Assets and quickly incorporate the Assets into the marketplace, enhancing interaction with other users who may like the game.

Understanding The Sandbox Ecosystem

Sandbox is undoubtedly one of the biggest gaming platforms—and its stance in the virtual reality world has pushed digital Asset creation, storage, transfer, and avatar interaction seamless. The platform covers Ethereum gas fees for players and offers 50% of the SAND token transaction volume to support the virtual ecosystem and the Sandbox foundation. Sandbox pays for Ethereum gas fees on behalf of players, making the user experience more seamless. Additionally, 50% of the SAND token transaction volume is allotted to The Sandbox Foundation, supporting the ecosystem by funding grants and promoting the platform.

 

How to Make Money in Sandbox

 

Create Assets With VoxEdit and Sell as NFTs

The Sandbox allows users to create Assets, from motorbikes to avatars, animals, and vehicles, and sell them on the Sandbox marketplace. The value of one Asset differ from the other, and can range from a few SANDs, a few thousand SANDs, to tens of thousands of SANDs.

Create Your Game

Sandbox Gamemaker allows users to create their own game through the Game maker’s interactive and easy-to-use UI. Then, after completing your game, you can monetize it and earn as other players play the game.

Rent or Sell Land

Rent or sell your Land to other users for a price. You can increase your LAND value by populating it with Assets. Like Snoop, you can offer visitors a tour of your estate—of course, for a price. You can also invest in Lands you think might become more valuable in the future and sell either on the Sandbox marketplace or on any third-party NFT exchange like Rarible or OpenSea.   

Understanding Sandbox Tokens

An Asset

A creator can upload an Asset into the Sandbox marketplace—thus, into the Blockchain ecosystem, and then convert it into Non Fungible Tokens in the smart contract ERC-1155. The ERC-1155, an Ethereum Blockchain Standard, allows users in the Sandbox Metaverse to mint several copies of the same Asset. That is, with the smart contract ER-1155, you can mint a Non-Fungible Token –NFT (Remember that NFTs are not exchangeable; instead, they are unique digital Assets. Hence, one NFT cannot be exchanged for another NFT). However, with the ER-1155, you can create an NFT Asset and mint the Asset into many replicates.

With the feature, creators can create NFTs, say a bike, through the smart contract ERC-721 and then mint many copies of the same bike through the smart contract ERC-1155 and sell in the marketplace.

Categories of Assets

Entity

An entity is a single-level design in the ecosystem. For example, an entity can be an ax, a tree, a bird, or a dragon.

Equipment

Equipment can be used for attack or defense and is added to your avatar. Equipment can be a shield, a spear, or even a flower. As you adventure through Sandbox, you can create and mint special equipment for your avatar and improve your strength, speed, power, magic, and luck.

Block

The Sandbox Metaverse Game Player comprises basic blocks; however, players can create their blocks for a unique user experience.

References

David Hamilton, January 5, 2022, “Investing in the Sandbox: Everything You Need to Know.” Retrieved from: https://www.securities.io/investing-in-the-sandbox-sand-everything-you-need-to-know/

CoinMarketCap Data: https://coinmarketcap.com/currencies/the-sandbox/ratings/

Harry Robertson (December 27, 2021) “A co-founder of the metaverse explains what on earth is going on in the metaverse –where land is selling for millions, and Snoop Dogg is hanging out.” Retrieved from: https://markets.businessinsider.com/news/stocks/metaverse-the-sandbox-virtual-world-land-sales-decentraland-nfts-crypto-2021-12

Sebastian Borget (December 23, 2021) “The Sandbox (SAND): Tokenized Assets for Gaming Ecosystem.” Retrieved from: https://www.gemini.com/cryptopedia/the-sandbox-sand-crypto-nft-virtual-world

Kyli Logan (December 9, 2021) “Snoop Dogg is Developing a Snoopverse, and Someone Bought a Property in His Virtual World for almost $500,000.” Retrieved from: https://fortune.com/2021/12/09/snoop-dogg-rapper-metaverse-snoopverse/

Tim Hakki (November 27, 2021) “Adidas Goes Full Metaverse with Coinbase Partnership and the Sandbox Real Estate.”  Retrieved from: https://decrypt.co/87087/adidas-goes-full-metaverse-with-coinbase-partnership-and-the-sandbox-real-estate

Bharat Sharma (December 11, 2021) “Another Virtual Record: Virtual Plot Worth $4.3million Sold on Metaverse.” Retrieved from: https://www.indiatimes.com/technology/news/virtual-plot-worth-43-million-sold-metaverse-556305.html

Natasha Dailey, (January 7, 2022). “The Cheapest Piece of Metaverse Land You Can Buy 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

Everything You Need to Know about Decentraland

Decentraland is a play-to-earn metaverse built on blockchain technology. Users can engage with other gamers in real-time while exploring the 3D virtual world. The project aims to allow people to buy digital plots and turn them into their own micro-gaming experiences. The project has grown significantly in recent months as more people have learned more about the Metaverse. A metaverse is a 3D environment made out of other 3D worlds that is immersive and interactive. When Decentraland first launched in 2017, it was a simple 2D pixilated grid. Decentraland is an Ethereum-based program that aims to encourage a worldwide network of users to govern a shared virtual environment. You could purchase a plot of land for as low as $20 at the time. Property is now being sold for millions of dollars. One piece of real estate sold for $2.4 million this year.

Simply said, Decentraland is similar to virtual reality video games, but it is more immersive and real since it owns assets. As a result, everything available in the actual world may be found there, from digital skyscrapers and rapid transportation systems to movie theatres and hotels.

Decentraland: the History

Decentraland was a forerunner in the GameFi industry. The word “GameFi” refers to the combination of gaming and cryptocurrency. Due to a combination of new titles and rising NFT values, the GameFi sector is one of the fastest-growing market. Ari Meilich and Esteban Ordano, Decentraland’s co-founders from Argentina, were ahead of the curve when they initially shared the concept in 2015. The team would have to wait another two years to bring the concept to market. In February 2020, the Decentraland mainnet became operational. The Decentraland Foundation, a non-profit devoted to growing the network’s community and In January of this year, ecosystem, has given the initiative its full made significant progress. In January of this year, Barbados inked a deal with Decentraland to construct the world’s first virtual embassy on the platform. In addition, several significant worldwide brands are already featured in the game. When these advances are combined with a constant increase of celebrities getting in on the fun, it’s simple to understand why the price of virtual homes continues to soar.

 

Decentraland Token

In Decentraland, operations are governed by two sorts of tokens. They are:

1. LAND: The ownership of land pieces representing digital real estate is defined by a non-fungible token (NFT).

2. MANA is the Decentraland ecosystem’s main utility coin. To execute transactions on the platform, you must have MANA. MANA is an ERC-20 token that may be bought and sold on any Ethereum-based decentralized exchange. MANA is also where users get their prizes. MANA holders may earn additional benefits by lending out their tokens using platforms such as Gemini Earn, Celcius, and Binance.

The advantages of the MANA crypto coin include the ability to construct games, apps, gambling services, and even dynamic 3D environments that can be monetized or rented out to other players. The growth of digital products and services within the Decentraland metaverse results from this.

Another advantage of the MANA currency is that it may theoretically be used in any way to promote the development of LAND parcels in the Metaverse. Furthermore, there are no technological restrictions on what may be created in Decentraland for people who wish to earn MANA through it therefore, users are free to experiment with a variety of alternative virtual buildings.

One of the MANA coin’s disadvantages is that Decentraland is still a young initiative. It only started five years ago, and it works in the emerging decentralized finance (DeFi) field. Its coin is also hampered by the blockchain network’s inherent scalability concerns. Blockchain transaction speeds have been observed to rise during periods of significant network congestion. High transaction costs are also prevalent on the blockchain network and processing delays.

MANA also lacks real-world value since, according to Cryptwerk, just a few merchants globally accept it as a form of payment. This scarcity might be a disadvantage for cryptocurrency.

How Decentraland Works

Decentraland is a platform for content producers, enterprises, and individuals looking for a new artistic medium, commercial opportunity, or amusement. LAND in Decentraland may be purchased using the MANA crypto coin, which is decentralized. Decentraland uses the Ethereum blockchain. It uses the network’s security and capabilities to deliver a unique gaming experience. The program uses the Ethereum blockchain to monitor ownership of this digital land, and users must keep their MANA token in an Ethereum wallet to interact with its ecosystem. Users may create, play, explore, and interact with games and activities throughout the digital world. Genesis City was the name of the first community in the game. It is made up of 90,601 land parcels, and each plot of land functions as an NFT that is relevant to the user. NFTs that are relevant to the user are more sophisticated than those that are relevant to the game.

In Decentraland, What is a Piece of Land?

On the system, there are 90,601 unique parcels of virtual land. Each one is in the form of a LAND NFT. Each LAND is 16 square meters in virtual size and may be discovered at a unique Metaverse point. As a result, a LAND transaction is an NFT transaction. After purchasing a parcel of land, the player may utilize it to construct a fully virtual city. Many Decentraland users make money by leasing and promoting their LAND, while others make and sell goods for MANA tokens. Decentraland’s Property Estates function allows you to manage many parcels of land. Districts are made up of land areas that share a common concept. This enables those who share a shared interest to establish a community. Agora, a voting system, allows people to have greater power over what happens in their districts.

How is Decentraland Structured?

Many layered components of Decentraland are constructed using the Ethereum smart contracts. The consensus layer uses a ledger to track land parcel ownership. Each LAND parcel contains a virtual world coordinate, an owner, and a link to a description file that describes the information within the parcel. The content layer is in charge of what happens inside each parcel and comprises the following files:

· Script files: It describes the linked content’s location and behavior.

· Interaction definition: Peer-to-peer interactions like gesturing, messaging, and voice chat are made possible.

· Content files: It references all pictures and static audio.

How to Buy Decentraland

You can purchase the Decentraland cryptocurrency on the following exchanges:

1. Kraken: is the greatest alternative for inhabitants of the United States.

2. Binance: is the best cryptocurrency exchange for Australia, Canada, Singapore, the United Kingdom, and the rest of the world. Unfortunately, MANA is not available to residents of the United States on the Binance website.

3. WazirX – For Indian citizens, this is the greatest exchange.

Builder and Marketplace

The Decentraland team has also developed a marketplace and a drag-and-drop editor for users to create settings outside of the game area. Participants can use the marketplace to manage and exchange LAND tokens valued in MANA. In addition, owners may utilize the marketplace to buy, sell, and trade parcels and other in-game products like wearables and unique names.

All transactions are resolved between Ethereum wallets, and are validated by Ethereum’s network and recorded on its blockchain. Owners may use Decentraland’s building tools to create a one-of-a-kind experience within their LAND plots. Developers may access customization libraries and payment implementations through its editing tool, which allows them to create interactive scenarios.

You Can Create Your World

You can create bespoke environments, markets, and apps with Decentraland. Earn by sharing your originality and talent with the rest of the community. Decentraland plots use animations and interactivity to provide another degree of enjoyment to their goods and attract more consumers. Decentraland offers a great deal of freedom. You may find almost everything you can make in real life here. Virtual plants, cars, and structures come in various shapes and sizes. Create something unique to attract attention and get rewards in the form of MANA, the network’s native cryptocurrency.

Investment Opportunities

Purchasing a parcel of property in Decentraland should be approached with caution. The Metaverse is evolving gradually and quickly, yet it is still early. In the cryptocurrency markets, there will be extremes of bullishness and bearishness.

Your specific circumstances and risk appetite will determine whether MANA is an appropriate investment for you. Cryptocurrencies are high-risk, high-volatility securities. Before investing, you should conduct your research, assess the degree of risk you are willing to accept, and never invest money you cannot afford to lose.

Lastly, using user avatars and voice chat and messaging, the real-time layer supports social interactions inside Decentraland.

Where to Visit in Decentraland

Decentraland, the first metaverse to be built on the blockchain, allows users to create avatars, explore the virtual universe, and even use MANA to participate in the Decentraland economy. With MANA, users can buy land, gamble, play games, purchase art, designer clothes and accessories, and other NFTs, and even create their own businesses. But, unlike its gaming predecessors like Mario, Decentraland’s tokens facilitate worth and transferability as real-world assets. 

So, where do you start, and what are some of the best places in Decentraland to visit? Keep reading this guide to find out. 

Best Places to Visit in Decentraland

Here are the top spots we recommend visiting ASAP in Decentraland

Genesis Plaza (0,0)

When you arrive in Decentraland, you’re greeted by the sights and sounds of paradise — palm trees, blue skies, and a flowing and clear pond. Genesis Plaza is the center of the Decentraland universe.  

There are more than 90,000 units of land in Decentraland, which are referred to as “parcels.” These parcels are arranged in a 300×300 grid. Addresses are designated with the coordinates on an X-axis, from 150 to -150, and the coordinates on a Y-axis, from -150 to 150. Genesis Plaza’s coordinates are 0,0 as it is the middle of the matrix.

MetaZone Tower (61,-27)

If you want to make it — or fake it til you make it — in Decentraland, you need to look the part. That’s why Decentraland’s “app store,” MetaZone Tower should be the first stop on your Decentraland tour. MetaZone is a free-to-play and play-to-earn virtual world-building that allows users to create their own digital content. There are multiple arcade games users can play in MetaZone Tower to earn rewards and currency.

At the in-game marketplace, users can purchase NFT wearables, including tuxedos, dresses, designer handbags, and different hairstyles and accessories.

Everything in Decentraland is for sale — including usernames! One corner of MetaZone tower sells usernames. If you want to be called “Amazon” in Decentraland, you’ll have to hand over 2,000 MANA. There’s even an offer in for 2,350,000 MANA for the name “Taylor Swift!” 

The Sugar Club (-1,-35)

Looking to catch a live DJ set in the metaverse? The Sugar Club is the spot to be for house heads. But, that’s not all The Sugar Club offers. It’s one of the metaverse’s hottest nightclubs, known for synth wave music, artsy architecture, and name brand NFTs. The creator of The Sugar Club streams music into the club from his own DJ mixing table. On any given night, The Sugar Club hosts 20 to 30 avatars.

The Sugar Club offers VIP passes that take users who shell out some extra MANA up an elevator to a lounge complete with richer animation and graphics, more music choices, and a viewing of The Sugar Club creator’s crypto art collection.

Chateau Satoshi (-75,73)

Chateau Satoshi is a metaverse casino in the Vegas City District. Players can choose from slots, blackjack, and roulette — all payable in crypto.

Chateau Satoshi was released in conjunction with Decentraland’s public launch in February 2020. Its name is derived from Satoshi Nakamoto, who created Bitcoin.

The Chateau’s interior is very luxurious and decorated in a gold and white Art Deco style in true casino fashion.. There are grand staircases throughout.

Battle Racers (67,-21)

Battle Racers is far more than a mere arcade game. It offers plenty of opportunities for users, including, of course, the chance to win money.

Battle Racers starts in the garage. This is where users customize their Battle Racers. In the beginning, users are only given access to basic customizations, but as they win races, they earn more parts that can contribute to future upgrades. Users mix and match different parts to create the perfect custom racing — or battling — machine.  

The race tracks and garages are housed in the public Battle Racer arena, allowing other users to come by and check it out. Users can test out their cars on practice tracks. But, the real fun revs us up when competing against other players. These races are usually made up of four players — either real players or AI players, or a mix.

Players can convert their prize money into NFTs, allowing them to track their racing history on the blockchain.

Tominoya Casino (-120, 135)

Another Vegas-style gambling experience awaits you at Tominoya Casino — also located in Vegas City. Players can use MANA, Dai, or free play tokens to test their luck at Roulette, slot machines, and Blackjack.

The 52 land parcel features 40 NFTs, each with four slots or a roulette table. These land parcels are for sale and allow users who purchase them to earn a passive, monthly rent payment.

Crypto Valley (50,20)

Crypto Valley is a virtual land where Crypto projects and funds gather to form a community aimed at promoting innovation and communication. You can think of Crypto Valley as the Silicon Valley of Decentraland. Crypto Valley is where a lot of cryptocurrency companies, such as Polygon (MATIC) have built their metaverse headquarters. Throughout Crypto Valley, you’ll see NFTs advertising certain companies. Users can also create and sell wearable NFTs to market their businesses in Crypto Valley.

Conference rooms and convention centers are aplenty in the business-oriented Crypto Valley, built for launch events and metaverse meetings and conferences. In June 2021, Crypto Valley hosted its first virtual job fair. 

In February 2022, the inaugural, two-day Metaverse Summit will be held in Decentraland, bringing together experts, visionaries, thought leaders, and developers to educate the public about the metaverse and how it will impact the future.

Samsung’s 837X (102, 76)

Samsung opened a virtual store in Decentraland. The storefront, dubbed, “Samsung 837X” is a replica of Samsung’s flagship New York City store. Users can virtually visit the building and experience its high-tech interior by unlocking NFT badges and wearables by completing quests and even taking part in a live dance party.

Users who purchase the 837X NFT badge are entered into a raffle which gives them the change to win one three-limited-supply wearable collections for their avatar.

The interior of Samsung 837X is an ever-evolving experience center that’s designed to deliver forefront metaverse interactions fusing pop culture and innovation. There are three worlds inside of Samsung 837X designed to allow users to discover and learn about Samsung’s sustainability, customization, and connectivity initiatives. 

Sotheby’s (52,83)

The world’s oldest art market, Sotheby’s created a virtual art gallery in Decentraland. Located in a prime location in Decentraland’s Voltaire Art District, it is a digital replica of its London headquarters. The virtual gallery is made up of five floors to show off digital art. Users are even greeted at the front door by the avatar of Sotheby’s London commissioner Hans Lomulder. 

QuizZone (-25,25)

QuizZone is a multiplayer quiz competition where players complete quizzes to reach the top of the leaderboard. Users have two categories to choose from: 

  1. Special Quiz: Users complete a unique, one-time quiz. These are usually used for special events, and you can even win your own quiz topic. Every correct answer counts. The sum is displayed on the leaderboard.
  2. Random Quiz: Players have to complete a certain quiz that’s chosen randomly. Unlike special quizzes, random quizzes are always available. So, it’s a good idea to get your practice in on these quizzes while waiting for special quizzes to become available.

Meta Lite Bar (43,-40)

Just in time for the Super Bowl, Miller Lite is entering the metaverse with the debut of its Meta Lite Bar. The bar contains virtual beer and games, including darts, billiards, pool, and karaoke. Meta Lite will also be the only place to catch Miller Lite’s gameday ad, which will premiere in full length on Super Bowl Sunday.

Of course, there will also be digital swag for sale and even the chance to win $500 — and a virtual bouncer! The bouncer will only let guests who are 21+ into Meta Lite Bar.

Final Thoughts

Decentraland, the first crypto-based metaverse, is filled with profitable investment opportunities. The matrix is filled with all kinds of buildings, art, and games that you can use to turn a profit IRL. It’s definitely worth exploring, and we hope this guide will help you get started. Did we miss your must-see Decentraland location? Do you know a hidden Decentraland gem? Drop us a line to tell us about it!

MetaverseWiki

You’ve likely heard people talking about the metaverse or how the “metaverse is coming.” Most people talk about the metaverse as if it’s one destination. But, there are actually multiple platforms that make up the metaverse. In this post, we’ll go over active, known, and upcoming metaverse.

Decentraland (MANA)

Often referred to as the “king of all metaverse projects,” Decentraland has been funning a fully operational metaverse since February of 2020! Decentraland users are able to sign up easily using their MetaMask wallets to start exploring Decentraland’s virtual world. Decentraland even recently welcomed the government of Barbados onto its platform! Decentraland touts itself as being the first-ever virtual world owned by its users and allows them to:

  • Explore — The opportunities for user exploration are vast and include space adventures, medieval dungeon mazes, and entire villages crafted from the minds of community members.
  • Create — Decentraland users are invited to test the limits of their imaginations by creating scenes, artwork, challenges, and more. They can then enter their creations in contests and take part in events to win prizes.
  • Trade — Decentraland calls itself the virtual destination for digital assets. Users can buy and sell land, estates, fashion, and accessories for their avatars in the Decentraland Marketplace, which is backed by Ethereum.

Decentraland users place 3D models in the space with a simple drag and drop tool. Professionals can use SDK tools to generate interactive content on the platform. They can also import 3D models onto the platform and code advanced applications, games, and animations.

Even if you’re not willing to spend money to test out the metaverse, Decentraland allows users to create avatars and explore the virtual world — and communicate with others — for free. But, free users aren’t eligible to receive awards or attend special virtual events that take place in Decentraland.

Axie Infinity

Axie Infinity is a play-to-earn gaming blockchain-based Metaverse that mixes elements of art ownership and gamification of battling little creatures (that are NFTs) to earn rewards. These creatures are called Axies and can be purchased and sold off-platform. They range from $150 to over $100,000 depending on their rarity, with the most expensive Axie selling for 300 ETH.

The platform is growing fast, with more than 250,000 daily users who own tokens known as AXS. These tokens give users a stake in the game’s ownership and operations. Users build kingdoms, hunt for treasure, and search for rare resources. 

The Sandbox 

Sandbox started as a game in 2012. In 2018 it was acquired and introduced 3D and blockchain to the game. In November of 2021, it shifted to the metaverse. Currently, the company is working with partners in finance, gaming, real estate, and even the film industry to create a virtual megacity.

On the virtual metaverse, players can build, own, and monetize their gaming experiences in the Ethereum-based blockchain using NFTs and $SAND. The platform has IP partnerships with more than 165 brands to create digitized characters and products in the metaverse, including characters from the Walking Dead, Deadmau5, Shaun the Sheep, Snoop Dogg, and the Care Bears.

On Sandbox, all of the land plots are the same size. Users can combine their plots if they’d like larger places. But, the supply of land is quite limited and is sold through auctions.  

A noteworthy element of the Sandbox is that it provides an array of employment opportunities, including digital tour guides and content creators — that come with an IRL salary!

Star Atlas

Star Atlas was designed to give users a way to enjoy extraterrestrial experiences. The stars are the limit, and users can explore a whole new universe of possibilities, taking their custom spaceships deep into unique spaces where they can create or join factions where they can develop worlds entirely from their thinking.

The Star Atlas world is powered by the token ATLAS, which runs wholly on the Solana metaverse blockchain, and can be used to purchase digital assets, including spaceships, land, crew members, and equipment. Users can also buy POLIS with ATLAS, an in-game currency needed to manage multiple aspects of the gaming experience. 

Roblox

If you have kids, you likely know about Roblox, a popular metaverse platform among young users who use the platform to play games created by other users. Roblox also offers avatars and accessories from IRL brands, including luxury wear from Burberry.

Somnium Space

Somnium Space is a virtual world built on Ethereum, hosting every player in a single open world. Players buy digital land, play games in the world, interact with other users, and create digital assets to use on the platform. 

Somnium’s main characterization is that its players aren’t scattered across sub-servers. Instead, everything takes place in one world. The platform is deeply intertwined with NFTs, empowering players to own parts of their experience and watch their assets interact with the environment of the platform.

Stageverse

Stageverse is one of the newer metaverse platforms. It’s a social VR platform that features virtual venues, digital content, and interactive experiences. The platform allows viewers to experience concerts with one another through 360° 3D footage captured from multiple angles around the venue and made its debut with a two-hour immersive concert. There are other immersive elements aside from the 360-degree footage, including AR and special 3D effects. Users can also chat and interact with one another and other elements in the environment.

Spatial

Spacial is an AR/VR collaboration platform that turns any room into a 3D workspace. Users use virtual reality headsets, mobile phones, or desktop devices to walk around and interact in the platform’s virtual rooms. They also collaborate and view content with others.

Cryptovoxels

A user-owned virtual reality environment, Cryptovoxels is based on the blockchain and includes a city called Origin City. The roads in Origin City are held by the company, and individual lots and land are operated like users through NFTs.

Users can explore Origin City, and create, buy, and sell their own virtual assets that can then be traded on an NFT marketplace, such as OpenSea.

Ifland

Ifland is powered by South Korea’s largest wireless carrier, SK Telecom. Ifland users share PDF documents and mp4 files, making the platform popular for business people, conferences, employee training, orientation sessions, and town hall meetings. Users can use personalized avatars and interact in a number of settings, including cafés and stadiums.

Enjin  

Enjin users mint, store, and sell all kinds of virtual goods. Developers assign value to their goods by locking the ENJ tokens into smart contracts. Users can buy, trade, sell, and use virtual goods based on their contract terms. Once an item is sold, the seller receives an ENJ. Similar to other metaverse tokens, there’s a limited supply of ENJ tokens — one billion coins will be created and issued to users of this metaverse blockchain.

Users store their ENJ coins in an in-platform wallet that links all features together. When the wallets are active, users are able to connect to games, buy and use different items, and trade with other users.

The metaverse platform has a distinct marketplace that allows users and businesses to expand their existing markets with QR codes and NFTS. Users can interact with one another through sites, games, and applications. 

WEMIX

This blockchain platform was designed with gaming in mind. WEMIX players win and craft items for NFTs and trade them for WEMIX tokens. The platform offers users decentralized marketplaces to use and exchange digital currencies.

NetVRk

NetVRk tokens are used similarly to other metaverse tokens and make it possible for users to access virtual assets, including homes and property, vehicles, and other items. Users can even buy advertising spaces with their tokens. These spaces earn significant amounts of passive income, which offers the users more tokens to build wealth and develop their virtual universe.

Users can also use the tokens to buy a stake in the NetVRk, giving them a fixed interest payment based on how many metaverse tokens they’ve already tethered to the platform. NetVRk offers users endless interactions and experiences with fellow users and rewards for their participation.

Nvidia Omniverse

After the rollout of Omniverse Enterprise in November 2021, Nvidia is opening the doors to its Omniverse metaverse platform to all — for free. Nvidia’s Omniverse features “one-click-to-collaborate” sharing technology, 3D marketplaces, digital asset libraries, and AI-enabled 3D face modeling animation. The company describes its metaverse as a “metaverse for engineers,” as it serves as a platform for 3D simulation and design collaboration in real-time. Nvidia pitches its Omniverse as a way to accelerate innovation in architecture and construction, engineering and manufacturing, and supercomputing. 

Since launching its open beta, Omniverse has been downloaded by more than 50,000 individual creators.

SuperWorld

SuperWorld is a virtual world where users buy, sell, collect, and curate more than 64 billion unique plots of virtual land. The virtual real estate platform is mapped over the globe’s entire surface, enabling users to buy land in literally any place on Earth, including skyscrapers and stadiums, historical monuments and iconic structures, even natural wonders of the world — there are no limits.

If you have any questions about any of the above-mentioned metaverse platforms, or you think we missed one, feel free to give us a shout!

Building Your Personal Identity in the Metaverse

After Facebook’s rebranding to Meta, many people wonder, “What is the Metaverse?” The Metaverse is an immersive digital depiction of an area that may either mimic a real-world setting or be entirely fictitious. The movie, Ready Player One, comes to mind.

Continue reading

Building Your Brand Identity in the Metaverse

The Metaverse: What Is It All About?

Our virtual and physical worlds have converged in a new, merged physical and digital reality as we approach the Metaverse era. The recent move by Facebook to change its name to Meta reflects the potential of virtual reality. Mark Zuckerberg stated, “It is time for us to create a new business identity to encapsulate all that we do, to represent who we are and what we aim to accomplish.”

“The Metaverse will require innumerable new technologies, protocols, firms, ideas, and discoveries to work,” says strategist Matthew Ball, formerly of Amazon Studios. And it won’t appear out of nowhere; there won’t be a clear “Before Metaverse” and “After Metaverse” distinction. Instead, it will develop gradually over time as various goods, services, and capabilities connect and meld.”

The Metaverse comes at a time when virtual worlds may be utilized for almost everything, including concerts and mingling with friends and family. All companies must consider how they will need to accommodate this transition into their marketing strategies. “You have to go there, you can’t build up your own,” Neal Stephenson, who originated the phrase Metaverse, told Vanity Fair. As a result, as part of their future digital transformation, companies will need to actively connect with the metaverse.

Even if they can’t define the phrase, the younger generations, those born between the 1990s and the early 2010s, and those born after the early 2010s, are already comfortable with the idea of the metaverse. This is partly due to the number of time kids spend on platforms like Roblox, Minecraft, and Fortnite, where they can meet up with peers in sophisticated virtual worlds. They are accustomed to these internet activities. Younger generations spend a lot of time here choosing avatars and playing games with their pals, and the epidemic has intensified these habits — from lockdowns to a more communal reliance on technology to keep connected. These new behaviors will undoubtedly have a huge influence on companies.

For brands, the metaverse offers never-before-seen marketing potential. And, similar to how companies have embraced social media over the last decade, the metaverse is the next big thing that brands must engage with before falling behind.

Here are some tips for companies looking to build a brand for themselves in the Metaverse:

Avoid Interruptive communications

The level of participation witnessed at these virtual events hints at the new world’s potential scope and power — one that promises huge prospects for companies if they can figure out a way into the metaverse. Marketers will undoubtedly need to find out how to best utilize the metaverse, which is not an environment conducive to interruptive broadcast marketing. Rather, messages should blend in with the platform and entire experience. Aim to highlight rather than distract, and make sure that any brand insertion blends in seamlessly with the surrounding surroundings. Take, for example, Deliveroo, a food delivery business that placed virtual riders into the game Animal Crossing to deliver snacks. Discount vouchers also accompanied this change for in-store delights.

Look for Openings.

Examine if the Metaverse provides an opportunity for your firm to attempt new things and achieve long-term goals such as sustainability, which is ideally suited to many Metaverse uses. Almost every CMO has already made a public commitment to sustainability-related ESGs or will do so shortly, and they will soon be measured.

Make a Plan for Your Arrival.

Request that your agency team starts establishing a position on how and when your brand should appear in the metaverse. Holding corporations and independent agencies are both good observers of mass media behavior and upcoming trends, so this is an excellent time to inquire about what they’re observing throughout their client portfolio. Find out what testing they might put in place to help you get your brand comfortable in the Metaverse.

Choose your Targets Carefully.

Consider the time that your target audiences/customers spend in the metaverse and adjust your marketing strategies accordingly. Firms catering to younger demographics, for example, are unlikely to have the luxury of sitting out the metaverse for long. Take special note of your target demographics and what behaviors are currently trending among your present and future customers, indicating how quickly you should move into the Metaverse.

Younger generations, especially the ones that will eventually make up the majority of the workforce, with buying power to match — are looking for shared social spaces and virtual experiences, regardless of where they are. They also aim to assist companies in co-creating these worlds, which will increase involvement and loyalty. Also, the car industry is putting money into it. Hyundai, for example, provides virtual test drives in Roblox, which is aimed firmly at Gen Z. Video game companies have always featured cars in their games. This trend will undoubtedly continue in the metaverse, which offers a plethora of applications for the automotive industry, ranging from a collaborative, social space for vehicle design to a simulation environment for test drives and virtual showrooms.

Watch out for Competitors.

Start a dialogue about times when rival firms do things in the metaverse, such as a display at a leadership meeting to get the executive team talking. So much of the sector may be scary, especially regarding seemingly incomprehensible ideas like NFTs or blockchain. Make it a priority that you find a champion for these issues that can present relatable, concrete examples to each meeting.

Even the most prestigious businesses are vying for a piece of the pie. A prominent example is Louis Vuitton’s new virtual universe to attract zoomers or generation z. In recent months, the French luxury goods firm released a video game that follows the journey of the brand’s creator, encompassing dream destinations and digital realms inspired by cities such as London, Beijing, Paris, Tokyo, and New York. It’s also worth mentioning that the game features NFTs (non-fungible tokens), which is another indicator of the rising value of virtual worlds and virtual commodities.

Balance Accordingly

If you’re already in it, be aware that all new areas include risk and reward; moderate your expectations accordingly, recognizing that it may be very unpredictable and lacking in norms.

Consumers will find your products and services more gratifying and meaningful if you align your brand with an experience related to your goal. These online encounters may be brief, but they have sown the seed of awareness, so keep on track to prevent missing out on significant new business prospects.

The good news is that the current epidemic has made us all more adaptable than we’ve ever been. There will be trials that fail, to say the obvious. Years ago, Second Life provided the promise of the metaverse, but the risk to the companies who engaged was neither large nor long-term. So, if this is the right moment, think about how you’ll get there.

It’s Time to Learn More about NFTs.

NFTs (Non-Fungible Tokens) are digital assets that you cannot exchange for other digital assets of the same sort. Simply said, an NFT is one-of-a-kind, special, and limited. All of these characteristics make it extremely appealing to customers. Furthermore, you do not need a product to sell to start an NFT. It can represent a ‘tokenized’ photo, video, or audio material that has been used to produce a digital certificate of ownership. Blockchain technology is then used to keep and distribute a record of who owns the NFT. NFTs may be seen as the generation and exchange of value, particularly in the setting of communities with well-defined goals. Keeping with the exclusivity concept, we might use Gucci as an example. The Italian fashion house teamed up with Christie’s to auction off what is effectively a piece of digital art for millions of pounds. This elevates fashion collectibles to a whole new level, but not all NFTs have to be so pricey or be works of art. The goal is to make clients feel like they possess something special, no matter how expensive it is. Just make sure you’re getting fair compensation for your services and that the token propels your brand forward in the direction you want it to go.

Conclusion

People in brand marketing and leadership positions, in particular, should begin to consider how to release their creativity and storytelling. If the metaverse’s creative palette increases, we should be delighted to design experiences that are both outstanding and stickier than ever before at any step in the customer journey, from acquisition through engagement, transaction, and customer care.

The metaverse asks that businesses rethink their marketing strategies, but the epidemic has already done so. Now is the time to respond. Embracing a mindset of continual evolution while following the processes stated above will bring you to the good possibilities that can provide your consumers with more and more value.

References

Enginecreative, (n.d), How to market your brand for the Metaverse,

Retrieved from:https://www.enginecreative.co.uk/blog/brand-metaverse/

Janet B., (Jan 3, 2022), How Brands can enter the Metaverse,

Retrieved from:https://hbr.org/2022/01/how-brands-can-enter-the-metaverse

Metavrse, (Oct 12, 2021), A Brand guide to the Metaverse,

Retrieved from:https://metavrse.com/a-brand-guide-to-the-metaverse/

Thomas T., (Dec 13, 2021), Is your Brand ready for the Metaverse,

Retrieved from:https://mediacatmagazine.co.uk/is-your-brand-ready-for-the-metaverse/

Guide to Investing in the Metaverse

By now, you’ve likely heard the term “metaverse” thrown around a time or two. You’ve likely also heard that the metaverse is the future, and now is the time to invest in the projected trillion-dollar revenue opportunity. But, how can you invest in something you don’t understand? Don’t worry. In this post, we’ll go over the basics of the metaverse and investing in it.

Over the course of the next several years, the metaverse will start playing a central role in our lives as companies, entrepreneurs, and everyone in between looks at ways to take advantage of this next big wave in tech. In the metaverse, instead of spending their online time on browsers or domains, users are completely immersed in a virtual world.

Cryptocurrency will help fuel the new-age exploration — whether it’s via buying digital land or a digital designer handbag NFT, cryptocurrency will be the primary form of exchanging goods and services.

What is the Metaverse?

The metaverse is a virtual world where users create personalized avatars and explore. It goes well beyond gaming and allows users to virtually interact and experience activities in real-time. 

The metaverse combines multiple elements of technology, such as virtual reality (VR), augmented reality (AR), and video, to enable users to “live” in a digital universe. 

Although recently emerging, the term and concept of the metaverse aren’t new. In fact, it was coined back in 1992 by author Neal Stephenson in his sci-fi novel “Snow Crash,” in which he envisioned lifelike avatars who meet in 3D buildings and other types of virtual reality environments. 

Tech giants such as Meta (formerly Facebook), Microsoft, Apple, and Roblox are already key players in the metaverse.

Crypto in the Metaverse

NFTs (non-fungible tokens) are also fueling — and funding — the metaverse investing boom. People use these tokens to buy digital assets, including virtual land or outfits for their avatars. Certain metaverse cryptos even allow their owners to vote on decisions within the metaverse platform they use, including where money should be invested or which new features should be released first.

Decentraland, for example, is a virtual world that allows users to own digital plots of pixelated land. Property values in Decentraland have skyrocketed in the midst of the NFT craze. Underdeveloped land parcels that measure 16 meters x 16 meters are now selling for upwards of $6,000 — they used to sell for $20!

Decentraland is also experiencing an explosion in growth. Its daily users grew from about 1,500 to 18,000 in the fourth quarter of 2021.

Metaverse investors are gobbling up plots of digital land with the intention of turning it into an established space and eventually turning a huge profit. 

NFTs in the Metaverse

NFTs are pieces of data that prove that users maintain ownership of digital ( and sometimes real world) items — from tweets to concert tickets and even game-winning shots in professional sports!

If Ethereum, Bitcoin, and Dogecoin are the money of the metaverse, NFTs represent the things that fill up the virtual universe. 

NFTs are predicted to take over the video game industry as players exchange money or cryptocurrency for unique avatars, skins, and other items. 

The NFT craze is also booming among collectors and investors as some spend millions of dollars for them. NFT trading volume was expected to surpass $24 billion in 2021 — a massive increase from only $0.1 billion in 2020.

NFTs and Virtual Real Estate

As we mentioned, NFTs show ownership of specific items, and that includes virtual real estate. Investment firms have been pouring millions into digital land across the metaverse. Rapper Snoop Dogg is even getting involved! In September 2021, he announced via Twitter that he was entering the Metaverse on the blockchain-based mobile game platform Sandbox that allows players to buy and sell digital assets. After Snoop’s announcement, an anonymous Sandbox player purchased an in-game plot of land next to Snoop’s virtual mansion for nearly $500,000 — yes, half a million real U.S. dollars.

Since Snoop Dogg’s announcement, total sales within The Sandbox’s virtual world have surged, with daily trading volume of NFTs exceeding $180 million in December 2021, up from about $800K the year before.

Another notable metaverse real estate transaction is tokens.com’s $2.8 million purchase of virtual land for a digital fashion district.

After you’ve got your land, it’s time for development. Architects are busy creating office buildings, luxury homes, entertainment complexes, and shopping malls that people can visit and enjoy in 3D without having to leave their physical homes.

Investing in the Metaverse

If you’re ready to see what all the hype’s about for yourself and start investing in the metaverse, follow these steps:

Step 1: Create a cryptocurrency wallet

Just like the real world, every metaverse purchase requires money. Your crypto wallet will hold all of your digital currency for your investments in the metaverse.

WazirX, CoinDCX, and CoinSwith Kuber are popular crypto wallet options.

For NFT purchases, the most popular crypto wallets include MetaMask, Coinbase, and Binance.

Step 2: Create an account on a platform

To purchase metaverse commemoratives, you’ll need to use some money from whichever crypto exchange houses your digital funds to directly purchase the commemoratives. Currently, the most sought-after metaverse commemoratives include MANA, SAND, and AXS — all of which are currencies of different metaverses.

To purchase in-game NFTs and virtual real estate, you’ll need an account on the platform you intend to make the purchases on and connect your crypto wallet to it.

Step 3: Find the NFT you want to buy and make an offer

NFTs don’t have pre-determined selling prices. Instead, you bid on them. The highest bid wins the NFT.

As long as your wallet is funded, the parcel is chosen, and the price has been agreed upon, you’re ready for your first metaverse purchase! The transaction will be recorded on your wallet and will generate an NFT title that you can display to show off your new 21st-century investment.

Where to Invest in the Metaverse

Many metaverse real estate investors are looking to go beyond merely buying land. They want to create something that’s truly worthy of investment. The possibilities are truly endless, but here are some good options that investors are currently considering and investing in:

Metaverse Event Space

Metaverse event space is an excellent opportunity for booking short-term rentals on your metaverse property. If your structure is big enough to accommodate events like virtual concerts, you can attract musicians and other performers looking for a new way to reach their audience that may not be willing to attend in-person events.

Billboards

The billboard is a traditional advertising form that will absolutely carry over into the metaverse. This is because metaverse platforms have roads and traffic, making billboards valuable platforms to reach diverse audiences. Similar to IRL, metaverse billboard income comes from renting out spaces to companies looking to advertise to passersby.

Experiences

Experiences in the metaverse are going to be out of this world — pun intended! Six Flags just can’t hold a candle to everything that’s possible in the virtual universe. Of course, you’ll need ample space and imagination to create something that’s sure to generate ticket sales. You’ll get some bonus points if you can update, change, or remodel your space on the cheap compared to real-life amusement parks that require expensive and time-consuming repairs and updates.

Malls and Commercial Shopping Centers

Fashion is going to be big in the metaverse, and the shopping mall will have a comeback. Nike is aiming to be the king of virtual sneakers and clothing in the metaverse and has already filed a series of patents for digital apparel.

Brands will need lots of space to create metaverse showrooms and stores. In fact, a lot of brands are already seeing success promoting and selling NFT versions of their real-life products. From custom sneakers to exclusive handbags and other hard-to-attain objects, the metaverse can help users express themselves. 

Office Space

The chances that we will ever return to pre-pandemic rates of working from the office are extremely low, and companies are looking for ways to bring their teams together. Instead of relying on dedicated metaverse platforms to create office spaces, metaverse office space on larger platforms adds another element of the real world into its virtual counterpart. 

Final Thoughts

When it comes to the metaverse, the possibilities truly are endless and are only limited by our imaginations and the ingenuity of those exploring the space. If you’d like to learn more about the metaverse and how you can get started investing, feel free to reach out to us today.