The Top Four Metaverse Crypto Projects

Published on
July 31, 2022

What is the Metaverse?

The Metaverse is simply a virtual universe containing multiple digital worlds with their own economic systems, native currencies, characters, and assets that can be traded on a marketplace.

The biggest attraction of the Metaverse to most people is the ability to escape reality and build a new life within a digital world; many people also want to get rich from this growing industry by building digital assets and then selling them to other players.

The word Metaverse was first used back in the 1982 novel "Snow Crash," which Neil Stevenson wrote; in the novel, the Metaverse is described as a virtual world that allows people to escape the totalitarian reality.

How Do You Take Part In The Metaverse?

Firstly you'll want to find a metaverse crypto project that you find interesting; there's certainly no shortage of them. If you want to start owning land or taking part in events, you'll want to have your own crypto wallet and the crypto primarily used in that specific world.

If you're a crypto beginner, you should check out our guide on setting up your phantom wallet, a Solana-powered cryptocurrency wallet. Taking part in the Metaverse is fairly easy and doesn't require a lot of money as some people might think.

And although there are plenty of worlds to choose from, it's hard to know which ones are going to stick around, which is why you should start with the largest currently available. So, let's take a look at the Metaverse big four.

1) Cryptovoxels

If you've been researching the Metaverse for long enough, you'll have heard about Cryptovoxels; it's a user-owned world that operates on the Ethereum blockchain. Within Cryptovoxels is a city named Origin City. The streets of Origin city are owned by 'The Corporation," and the parcels of land are owned by the users.

If you buy and own a parcel, you can add or remove blocks which are known as voxels, and edit features of their owned parcel. If you're feeling generous, you can open up your parcel of land to be a sandbox, allowing anyone to actually build what they want on your land.

If you want to further step up your experience, you can connect your Oculus Quest, Oculus Rift, or HTC Vive. Cryptovoxels doesn't require you to code any of your digital creations, thanks to its drag and drop asset builder, meaning if you're new to crypto and the Metaverse, you'll find this metaverse crypto project super easy to build on.

If you're interested in just buying assets rather than creating them, just head on over to OpenSea, and there you'll find an abundance of assets to choose from. The native currency of Cryptovoxels is called $COLR, but as of June 2020, the platform transitioned into using ETH as their currency of choice, and that $COLR was confirmed as dead.

2) Decentraland

We've mentioned Decentraland plenty of times before, and for a good reason, as Decentraland can be considered as the first Web3 metaverse crypto project. This world is another that's built on the Ethereum blockchain and regularly breaks records for the most expensive land sales. The name of the land in Decentraland is called LAND, and one of the most expensive sales had sold for $3.2 million.

In order to purchase LAND in Decentraland, it has to be bought using the native token called MANA, and a parcel of LAND currently measures out to be 16 meters by 16 meters, or 52ft by 52ft.

The Decentraland marketplace is one of the largest and most widely used within the Metaverse ecosystem and allows you to buy and sell parcels of LAND, avatar clothing, and personalized names for your character; you really are building another life for yourself in Decentraland.

3) The Sandbox

The Sandbox originated as a game for mobile and Microsoft Windows back in 2012. However, later on in 2018 was bought by Animoca Brands and began to pivot to building it into a Metaverse crypto game. A decision that would change the gaming and Web3 industry.

The feature that scaled the Sandbox platform is the VoxEdit interface, which allows you to create your own in-game assets, and the Game Maker allows you to build 3D games without spending your own cash. It was the first beginner-friendly Metaverse, allowing users to quickly and easily build events and edit their land; it requires zero coding experience, which at the time was a huge advantage over their competitors like Decentraland.

Sandbox actually holds the Metaverse's most expensive land sale, which sits at $4.3 million and was bought by Republic Realm; the land included 100 islands and quickly sold on for $15,000 each when listed; some were even relisted and sold for $100,000 per island.

There are over 166,000 land pieces available within The Sandbox world and are split between regular land, which measures to be around 96x96 meters. And estates which are a combination of multiple land pieces, are mainly used for building large-scale events.

With Sandbox, you can make money for your involvement in the events, making games yourself, or selling digital assets.

4) Somnium Space

A virtual reality game that is hosted on the Ethereum blockchain, Somnium Space is an up-and-coming Metaverse project. One cool aspect of this Metaverse is that you can stick to the standard 2D mode or upgrade your experience to be more immersive thanks to VR technology; you can do this from either a desktop or your mobile device.

Somnium Space seems to be really going hard on culturing a highly engaged community with constant events, giveaways, and opening up the decision-making to the users. So, if you're into projects that prioritize community before profit, Somnium Space could be for you. They've also partnered with Sony to help users build their avatars in a seamless way by using Sony's 3D model creation technology.

Shared content and posted charts are intended to be used for informational and educational purposes only. Parcl does not offer, and this information shall not be understood or construed as, financial advice or investment recommendations. The information provided is not a substitute for advice from an investment professional. Parcl does not accept liability for any financial loss or damages. For more information please see the terms of use.

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