The Metaverse – A Virtual Reality World Based on Crypto Technology
Several companies are attempting to build a Metaverse, a virtual reality world that’s based on crypto technology. The goal is to provide a way to create value and interact in both physical and digital spaces.
Unlike traditional videogames, the metaverse is built on the blockchain, allowing users to own virtual properties and interact in the environment. Avatars, or digital representations of individuals, interact with the physical world through virtual-reality headsets.
Several popular metaverses include Decentraland, SecondLive, and Axie Infinity. Decentralized, open-sourced, and community-run, these systems are based on the blockchain and are still in the early stages of developing virtual reality (VR) and augmented reality (AR) technology.
Several firms, including Epic Games and Animoca Brands, are investing in the metaverse. These companies are creating a digital economy that facilitates user ownership of assets and allows for the secure exchange of value between platforms.
Axie Infinity, which uses the Ethereum blockchain, is one of the most popular metaverses. Users can gain tokens through breeding, winning tournaments, or staking. They can also be used to vote on community treasury funds.
Axie Infinity has been gaining 190.9 million in revenue over the past 30 days. Its tokens, known as “Axies”, can be constructed from over 500 different body components. The Axies are regulated on the Decentraland platform, meaning that the company is in charge of regulating the Axies.
The Axie has been a big success for Decentraland, and it has been a catalyst for the metaverse ecosystem. Axies have become so popular that several larger firms have begun marketing their products on the platform.