The concept of the metaverse is opening up opportunities in the blockchain space. A metaverse will give some an alternate reality, where they can interact with others, carry out daily activities, and even earn income. Some brands are already researching how metaverse will improve their operations and revenue streams.
The term 'metaverse' has been linked to the author of a SciFi novel called Snow Crash. Coined by Neal Stephenson in 1992, this book describes a make-believe alternative universe in vivid detail. It combines features like augmented reality, virtual reality, and similar elements that allow users to live their regular lives in the ecosystem.
Examples of applications in the metaverse include blockchain-based platforms already driving advancements in development and creating opportunities.
Axie Infinity
One of the most popular Play-to-Earn games in existence, Axie Infinity has given its gamers access to intriguing gameplay and earning opportunities.
With this metaverse opportunity, users can earn income, common in developing countries like the Philippines and Ghana. Though it may not give its gamers an immersive experience with an avatar, it can be said to be a part of an early-stage metaverse.
Second Life
It is a 3D virtual environment designed to use their avatars in different environments and situations like learning, socializing, and even business. In the ecosystem, users could trade their collectibles.
Decentraland
Decentraland is creating a metaverse-like environment where users can enjoy the interaction of virtual real estate, cryptocurrencies, and NFTs together. People can navigate the ecosystem with their avatars and carry out economic activities. In the future, brands will use the lands and architectural structures in the metaverse to advertise their products, thereby creating an economy.