Disclaimer: This article is for educational purposes only. Binance has no relationship with this project and no endorsement for this project. The information provided through Binance does not constitute investment or trading advice or advice. Binance is not responsible for any of your investment decisions. Please seek professional advice before taking financial risks.

TL;DR

The metaverse is experiencing rapid growth. Projects continue to develop and connect to help unite more aspects of our digital lives. Blockchain already has an important role in this development.

Binance Smart Chain is home to a large number of metaverse projects. The project includes RPG games like Cyber ​​Dragon and Alien Worlds, the SecondLive metaverse, and even a player-owned Casino called decentralized.games. Collectible card games like TopGoal also have a place in the metaverse.

On the Ethereum blockchain, Decentraland and Sandbox provide similar metaverse experiences that allow players to create digital identities, purchase land, and trade NFTs on NFT marketplaces. The combination of work, life, play even allows players to participate in the play-to-earn DeFi economy. By playing and interacting with games, users have the potential to generate income. Bloktopia provides a similar experience found on 21 floors of a digital skyscraper. Users can trade and rent real estate space on each floor to generate income.

While it doesn't yet offer a 3D virtual reality universe to explore, the Enjin project provides tools for creating in-game NFT assets. NFTs are another important part of the metaverse because they can create digital collectibility. Through Enjin, users create liquid NFTs that can be decomposed into ENJ tokens at any time.

Introduction

2021 is a big year for blockchain and crypto. From meme coins to bull runs and NFTs, the industry continues to make headlines. The latter half of this year has given rise to a new trend: the metaverse. With the aim of combining real-world social life, work, and immersive technology, metaverses have captured the public's imagination. Even though the metaverse is still in its infancy, cryptocurrencies already have an important role to play. Let's dive into some of the blockchain projects that are helping make this new digital future a reality.

Why are crypto and blockchain important for the metaverse?

To understand the importance of crypto and blockchain for the metaverse, let's briefly review the definition of metaverse. Metaverse is an online, connected universe that can be explored with 3D avatars. Users can work, socialize, create and learn in one place. Think of it as the next evolution of the internet experience.

While the web has PayPal and card payments, the metaverse has crypto to create a digital economy. Blockchain is proving to be a useful technology for six key areas of the metaverse: digital proof of stake, digital collectibility, value transfer, governance, accessibility, and interoperability. Blockchain technology provides a transparent and cost-effective solution, making it an ideal choice for the metaverse. You can explore these six areas in more detail by visiting What is the Metaverse?. Let's see how it can be applied to metaverse projects on various blockchains.

Metaverse project on Binance Smart Chain

A huge amount of development has taken place on Binance Smart Chain with regards to the metaverse. The projects range from collectible card games with real-world players such as TopGoal to RPG-style universes such as Cyber ​​Dragon and Alien Worlds. In fact, there are player-owned casinos, namely decentral.games and a classic universe VR project that holds events called SecondLive. You can read our selection of 5 BSC Metaverse Projects to Know to find out more about BSC's offerings.

What is The Sandbox (SAND)?

The Sandbox is a blockchain game that allows users to explore virtual worlds containing NFTs (non-fungible tokens), user-generated environments, and other content. The Sandbox, created as a mobile game in 2021, has grown into a complex game on Ethereum using Ether (ETH) and SAND tokens to support the in-game economy.

Players create their own avatars and digital identities which is the main concept for this metaverse. Avatars can be associated with crypto wallets to manage players' NFTs, SAND tokens and other blockchain assets. Players can even create virtual games and items using VoxEdit and Game Maker tools. This powerful program can create complex and professional video game assets that can then be converted into NFTs. Since users can trade these items, it has developed a play-to-earn model that allows users to generate additional income by playing The Sandbox.

What is Decentraland (MANA)?

Decentraland is a 3D universe where players develop plots of land, host events, create content, and engage in other social activities. The core economy of Decentraland is based on blockchain to assign digital identity, ownership, and scarcity to unique items. Decentraland is one of the most well-known and well-known projects that preceded the metaverse craze at the end of 2021.

Founded in 2016, Estaban Ordano and Ari Meilich took a basic 2D game and developed it into a massive world of NFTs worth hundreds of thousands of dollars. The project also has its own ERC-20 utility token, namely MANA.

Then, how can Decentraland become a metaverse? This project meets many metaverse criteria: 3D interface, digital economy, social elements, and in-game events. With more and more projects connecting, Decentraland also has a metaverse hub aspect. Decentraland is also famous for its virtual real estate NFT called LAND. In addition to providing voting power in Decentraland's decentralized autonomous organization (DAO), LAND has experienced large price increases making it popular among traders and investors.

What is an Engine (ENJ)?

Enjin is a blockchain platform focused on creating NFTs that are used as in-game items. The project has released a software development tool (SDK) to make creating Ethereum-based NFTs easier for general users. As NFTs are already a major part of the metaverse, Enjin plans to create a safer way for people to mint them.

A common complaint regarding NFTs is that they can be illiquid. You will have to find a buyer for your NFT which can take time. However, Enjin NFTs can always be cashed in with ENJ coin returns. This means that NFTs will always have value as long as the ENJ price does not reach zero. Since you don't have to wait for a buyer, converting an NFT to ENJ can provide instant liquidity. By helping support digital collectability and scarcity, Enjin aims to become a useful part of the metaverse.

What is Bloktopia (BLOK)?

Bloktopia is another VR metaverse game set in a 21-story skyscraper. Just like Decentraland and The Sandbox, Bloktopia aims to be a hub for events, socializing, working and more. The 21 floors represent Bitcoin's maximum supply of 21 million BTC. The project uses the Polygon blockchain to support its four main aspects: learn, earn, play, create.

1. Learn - Bloktopia will serve as a gateway to learning about blockchain and how it helps support the metaverse. This project provides a more accessible and interactive way to learn about crypto.

2. Earning - Bloktopia adopts a play-to-earn model with its native token called BLOK, virtual real estate called Reblok, and advertising opportunities with Adblok.

3. Play - Users can socialize with friends online and enjoy a variety of games and user-generated content.

4. Get creative - Bloktopia provides gamers with tools to create environments and even advertising spaces.

Play-to-earn has become a hot topic in the gaming metaverse. The concept of generating income by playing and interacting with games is very interesting. While Decentraland and The Sandbox present simple methods for selling real estate, Bloktopia takes the concept even further. Each Reblok floor can be rented out to tenants or used for single events. Users can also generate advertising revenue when other players spend time on their level.

Closing

Metaverse development still has a long way to go. If you play the project for yourself, you can see that the mechanics, look, and feel are still pretty basic. Most are still in the planning stages and not even available to test yet.

However, one thing that is certain is that the number of new projects continues to increase. Development is happening at a rapid pace, for both large gaming companies and small metaverse crypto projects. The projects mentioned above are only a starting point. So, check regularly for updates and news to stay abreast of the evolving metaverse.

Disclaimer: This article is for educational purposes only. Binance has no relationship with this project and no endorsement for this project. The information provided through Binance does not constitute investment or trading advice or suggestions. Binance is not responsible for any of your investment decisions. Please seek professional advice before taking financial risks.