Article
August 11, 2022

How To Enter The Metaverse: Everything You Need To Know To Dive Into The New Digital Reality

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What Metaverse Mean?

Metaverse is a concept that was born 30 years ago in a cyberpunk novel by Neal Stephenson. At that time, neither cryptocurrencies nor the company renamed from Facebook to Meta nor VR technologies existed. Even the film "The Matrix" had not yet been released. It is noteworthy that there is still no clear institutionalized definition for the term metaverse.

Then what does metaverse mean? We will stick to general definitions and say that the metaverse is a digital reality built (and continuing to grow and expand) using various technologies, including aspects of gaming, augmented reality (AR), virtual reality (VR), and cryptocurrencies.

A metaverse is also a place of socialization and communication for users, therefore this digital reality can be imagined as an extended messenger and social media.

The metaverse can become a space for playing, shopping, socialization, learning, creativity, and, perhaps, what is very important, in the metaverse you can find a dream job for yourself.

The Future of the Metaverse

What is the future of metaverse? KPMG, one of the largest audit and accounting firms, predicts that by 2030 the metaverse could become a market cap of $13 trillion (by comparison, the entire crypto market today reached just over $1 trillion) with five million active users.

As we have already said, there is no single centralized metaverse at the moment, and later we will tell you about the top projects in this area. However, the question of regulation and setting general rules inevitably arises when discussing the long-term prospects for such a potentially global thing as a metaverse.

There are strong concerns among users and developers, such as the concern that VR and AR technologies that are now expanding will lead to surveillance capitalism, and the creators of digital universes will use monitoring opportunities for the benefit of authoritarian governments.

Another threat is a repetition of all the problems inherent in Web2 - aggressive advertising, a toxic environment, fake news, and disregard for personal information.

It is worth asking the question: how can the metaverse overcome the disadvantages mentioned above? Another nuance: who will govern the metaverse?

Recently, the Metaverse Standards Forum (MSF), an organization of more than 650 members from the video game industry, Internet technology, augmented reality technology, and more, was created. On June 21, 2022, companies gathered together for the founding of the Metaverse Standards Forum to discuss how to foster the creation of interoperability standards at Standards Developing Organizations.

This is an example of an attempt to introduce clear rules for the functioning of the digital universe and to make the digital reality publicly accessible to users, creators, investors, and developers. Interoperability aims to resist monopoly while increasing competition.

Centralized Metaverse vs. Decentralized Metaverse

Metaverse projects, just like the crypto exchanges we wrote about in one of the articles, are divided into centralized and decentralized.

The difference is intuitive to every reader: the centralized project has complete control over user access to the product and user assets. Centralized metaverses like Fortnite, Second Life, and Roblox are public ecosystems where the user feels the lack of self-ownership of the assets and where personal data can be used for the commercial interests of the creator company.

Users’ capabilities are limited by the parameters set by the developers, and although there is an institution of reputation that does not allow companies to do out-of-the-ordinary things. Many thousands of users, say, in the Reddit community, can initiate some change within the ecosystem, but all this remains at the level of the theoretically possible. The user remains only a user with limited freedom and not a co-creator.

Decentralized metaverse is managed by the DAO. Much has been said about the decentralized automated organization, but we will repeat the main points.

The DAO replaces one central authority and allows us to move from the status of ordinary users and consumers to whom large corporations are constantly trying to impose and sell their products. The DAO is a fair model for social consensus, where users become accomplices in the development of a project in which their voice is important. The widespread adoption of the DAO model goes hand in hand with the spread of blockchain technology.

Decentralized metaverses

Decentralized metaverses tokenize in-game assets and land parcels to give players control over the world they settle down in.

Let's explore the top decentralized metaverse projects that have exploded in 2022.

TOP-5 Metaverses in 2022

Pax.world

Screen Shot 2022-08-11 at 15.48.53 Pax.world is the new metaverse that went live recently – on the 25th of July 2022. What is special about this promising project?

Pax.World, without requiring advanced software from users, introduces video and audio calls, streaming, and broadcasting into its metauniverse, expanding our current understanding of the ways of communication on the Internet. And all this is decentralized based on blockchain.

Pax.World is the platform that covers the needs of various users – gamers, businessmen, creators, and ordinary users who are looking for communication and new knowledge in digital reality.

As in other metaverses, in Pax.World, users acquire personal NFT land parcels and unique avatars. But it's more interesting to watch the formation of public spaces. So, in the ecosystem, you can find art galleries, education centers, venues and an arena  for virtual events, and even more.

At the moment Pax.World island offers 20,000 parcels that can be your digital home.

The native token PAXW is used to trade in-game and real estate assets, and also to pay for the services such as education, or entertainment.

The Sandbox

Screen Shot 2022-08-11 at 15.49.03 In one of our articles, we did a deep analysis of The Sandbox project, which we advise you to read in your spare time. So, here we focus on the main points.

The Sandbox is the Ethereum-based gaming metaverse. Pixowl, the developer of two popular mobile games – The Sandbox (2011) and The Sandbox Evolution (2016), set out in 2018 with the lofty goal of building the game on the blockchain and giving users greater ownership and earning opportunities. The Sandbox game includes three elements that are, in fact, autonomous developer products:

VoxEdit is the leading software that helps artists create NFTs and sell them on The Sandbox Marketplace. To sell works of digital art, the user only needs to register an account on The Sandbox and connect a wallet.

Another way to express your creativity in The Sandbox is to create your games. Using the free Game Maker software, any user can bring their own 3D game to the Sandbox ecosystem.

As in the Pax.World metaverse, the Land is the basis of the ecosystem. The map is divided into blocks of land that the user can purchase to start playing. Each piece is a non-fungible token. The land, like real estate, can be sold and rented out! There are a total of 166,464 parcels in the metaverse. About a third of the entire area is dedicated to special events and distributed among Sandbox partners, gamers, and creators as a reward.

SAND is the utility token of the Sandbox digital economy. SAND token is used in the same way as any utility currency – for staking, rewarding users, and buying avatars, land, and other items within the ecosystem.

Sensorium Galaxy

Screen Shot 2022-08-11 at 15.49.14 Sensorium Galaxy is pushing the limits of Web3 and becoming the leading metaverse for virtual events.

Blockchain and the music industry have been collaborating over the past few years. The evidence of the need for convergence between the music industry and Web3 is the popularity of decentralized services such as Audius, a platform having more than 100,000 artists in its collection.

Admittedly, the Metaverse, which was launched in June 2019, has secured the backing of big names and corporations like Jay-Z, ID&T (Tomorrowland & Defqon), Epic Games (Fortnite), and the list doesn't end there.

Since its launch, Sensorium Corporation has raised over $100 million in private investments. The project has attracted notable EDM artists such as Carl Cox, David Guetta, Eric Prydz, Nina Kraviz, and Charlotte de Witte.

Perhaps the most notable of all Sensorium Galaxy virtual space products is called PRISM. The Environment of the space is specially designed for concerts and other audiovisual experiments, providing high-quality virtual experiences to users.

The application is available in three versions: VR, laptop, or phone. AI-powered avatars, innovative for this kind of project, can be utilized in the Sensorium Galaxy iPhone & Android apps.

The Sensorium Galaxy digital economy has its native cryptocurrency called $SENSO. $SENSO, as it should be, is used for various transactions (for example, to buy an avatar) within the Sensorium metaverse. Users can also stake the token, thus becoming a DAO member.

Recently, on August 2, 2022, Sensorium Galaxy became a member of The Association For Electronic Music (AFEM), representing the interests of the music industry members. "Our AFEM membership is a statement. We believe that technology companies like Sensorium play an essential role in shaping the future of the music industry," said Sasha Tityanko, Art Director and Deputy CEO at Sensorium.

Decentraland

Screen Shot 2022-08-11 at 15.49.23 Decentraland is another virtual world based on the Ethereum blockchain. After the introduction of the test version, the project was fully launched in February 2020.

Since there is no super-goal for the user in this metaverse, and he can just live like a real life, all the possibilities resonate with what we saw in the universe of Sandbox and Pax.World. In Decentraland, you can develop and sell land like real estate, you can visit public places and chat with friends, and you can even play digital casinos and mini-golf on GolfCraft Island! The total number of parcels in Decentraland is 90,000.

Decentraland allows users, similarly to Sandbox and Pax.World, to develop their lands, upgrade avatars, and become part of virtual communities.

Access to the platform is possible at the moment through a browser (preferably Chrome or Firefox). VR headset is also available for a deep immersion in digital reality.

The Metaverse is governed by MANA, LAND, and Estate (tokens that fuel Decentaland economy) holders through the DAO. To get voting power, users need to lock their Mana up in the DAO. So, each wrapped MANA gives one unit of the voting power. LAND or Estate provides 2000 units of voting power each.

You can read more about the project in one of our review posts on Telegram.

Pavia

Screen Shot 2022-08-11 at 15.49.32 The Pavia is a metaverse that is notable for being built on the Cardano blockchain. It launched in September 2021. Right now, Cardano is preparing to launch the second metaverse - Cardalonia, made in the medieval European aesthetics.

Within the Pavia ecosystem, there are 100,000 land parcels, of which about 20,000 are currently inhabited.

Like other metaverses, Pavia users can create and animate assets using 3D rendering software like Blender. These assets are called PCAs – Pavia Compatible Assets.

Pavia is collaborating with Readyplayer.me, allowing users to create life-like avatars. Of course, you can make an avatar similar to yourself or create something extraordinary and sell your non-fungible avatar on the marketplace.

$PAVIA is a utility crypto token in the Pavia ecosystem. It is used to make in-game purchases.

What Metaverse Crypto To Buy?

The first and most obvious rule for any trader: diversify your crypto portfolio to reduce risk and increase earning potential.

All of these metaverse tokens are approximately the same in their purpose, so the choice should be based on quantitative indicators and forecasts.

Aside from our discussion will be the Pax.World token, $PAXW, information about which is not yet in the public domain. The pre-sale of the token was completed in January 2022.

The next step - IDO & IEO of $PAXW token – is scheduled for September this year in the project roadmap. The Metaverse and the DAO are expected to launch at the end of the year. Stay up to date! Maybe this is the crypto ecosystem that will be most suitable for you.

As of today, the total capitalization of $MANA token is $1,830,147,452 with a 24-hour trading volume of $265,402,615 USD. The price of $MANA is $0.9878. So far, Decentraland's main competitor, The Sandbox token, can be purchased for $1.27. The market cap of $SAND is $1,636,993,051 USD with a 24-hour trading volume of $274,513,288 USD.

Market capitalization

$SENSO is worth $0.1764 today with a 24-hour trading volume of $1,121,136 USD. The project's capitalization is $12,398,366.

Pavia token is valued at $0.02171. The market cap of the metaverse is $44,764,603 USD. No information is available about how much of a cryptocurrency was traded in the last 24 hours.

Conclusion

The new metaverses we've reviewed seem to be concepts we know well. Probably many of us have played Second Life or The Sims, games where you need to equip your home and environment and create your own virtual identity.

However, the hallmark of the new decentralized metaverses is that their approach moves away from the game itself and becomes a platform for the exchange of ideas, business strategies, art objects, and even more. Pax.World or Decentraland, for example, offers users new forms of communication on the web. Now you can communicate by simulating your presence in the metaverse. Art galleries, lecture halls, and concert venues, where eminent musicians hold concerts, are a new level of interaction with art and the next step towards learning and education.

The Metaverses offer many ways to earn. Anyone interested in blockchain, NFTs and crypto can find a place within these ecosystems. Play to earn, create and monetize 3D games. Become an NFT artist, or a real estate dealer. After all, you can trade native metaverse tokens.

A huge amount of tokens are available on the bitoftrade trading widget.

bitoftrade is the unique platform where you can not only exchange tokens but also place limit leverage orders, exchange fiat for crypto, try a risk-free leverage demo, and follow market movements on the Markets page.

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