Key Takeaways
The metaverse is a connected digital universe where people can work, socialize, and create using 3D avatars.
Blockchain supports key metaverse functions like digital ownership, transferring value, governance, and interoperability.
Non-fungible tokens (NFTs) are used to represent unique digital items, land, and identities inside metaverse platforms.
BNB Smart Chain hosts several metaverse projects, including RPG games and virtual worlds, while Ethereum is home to platforms like The Sandbox and Decentraland.
These platforms allow users to create, trade, and interact within virtual spaces, and some offer models where participants can earn tokens by engaging with the environment.
Introduction
The metaverse is a broad term for a connected, explorable online universe. Users enter it through 3D avatars and can work, play, and socialize all in one place. While the concept gained major attention in late 2021, it has continued to develop since then as technology and infrastructure have matured.
Crypto and blockchain play a central role in this development. They provide the tools for digital ownership, secure transfers of value, and decentralized governance. Without these technologies, it would be difficult to establish who owns what in a shared virtual world.
This article looks at some of the blockchain-based projects that have helped shape the metaverse, spanning multiple networks and use cases.
Why Blockchain Matters for the Metaverse
Blockchain supports six important functions within the metaverse: digital proof of ownership, digital collectibility, transfer of value, governance, accessibility, and interoperability. Each of these is important for building a functional, trustworthy virtual economy.
For example, NFTs allow users to prove they own a specific piece of virtual land or an in-game item. Blockchain records make these claims transparent and verifiable without needing a central authority. Smart contracts enable the transfer of these assets between users without intermediaries.
Governance in metaverse platforms often works through a decentralized autonomous organization (DAO), where token holders vote on decisions that affect the platform. This gives communities a say in how the virtual world is run.
Metaverse Projects on BNB Smart Chain
BNB Smart Chain (BSC) has become home to a range of metaverse and blockchain gaming projects. These range from collectible card games to RPG universes and virtual event spaces.
Top Goal is a collectible card game built around real-life football players. Cyber Dragon and Alien Worlds are RPG-style games with on-chain economies. SecondLive is a virtual reality metaverse project that hosts events and social experiences.
These projects show how the BNB Smart Chain ecosystem has built out a diverse set of metaverse experiences, each with different mechanics and community focuses.
What Is The Sandbox (SAND)?
The Sandbox is a blockchain game where users explore a virtual world filled with user-created environments and NFT games. It started as a mobile game and later moved to the Ethereum blockchain, using the SAND token to power its in-game economy.
Players create their own avatar and digital identity. An avatar can link to a crypto wallet to manage NFTs, SAND tokens, and other assets. Players can also build games and virtual items using the VoxEdit and Game Maker tools, then turn those creations into NFTs and trade them with others.
The Sandbox has attracted partnerships with major brands and entertainers since its launch on Ethereum. It continues to release new LAND parcels and expand its virtual world, though like many metaverse projects, user activity has varied with broader market cycles.
What Is Decentraland (MANA)?
Decentraland is a 3D virtual world on Ethereum where users can develop land, host events, and engage in social activities. Its economy runs on the MANA token, and virtual real estate is represented as an NFT called LAND.
Users can create digital identities, buy and sell land, and participate in the platform's governance through its DAO.
Decentraland's LAND NFTs allow holders to vote on platform decisions and have historically traded at significant prices. Like other metaverse virtual real estate, LAND prices have fluctuated considerably with overall market conditions.
What Is Enjin (ENJ)?
Enjin is a blockchain platform focused on the creation of NFTs intended for use as in-game items. The project provides software development kits (SDKs) that make it easier for developers to create Ethereum-based NFTs.
One distinctive feature of Enjin NFTs is their liquidity mechanism. A common challenge with NFTs is finding a buyer when you want to sell. Enjin NFTs can be melted down in exchange for ENJ tokens, meaning they always retain some baseline value as long as ENJ itself has value. This approach reduces the risk of holding illiquid assets.
Enjin does not offer a standalone 3D virtual world. Instead, it provides the infrastructure for other games and applications to use blockchain-based items. This positions it as a supporting layer for the broader metaverse ecosystem.
What is Bloktopia (BLOK)?
Bloktopia is a VR metaverse game set in a skyscraper with 21 floors to represent Bitcoin's maximum supply of 21 million BTC. Similar to Decentraland and The Sandbox, Bloktopia aims to be a hub for events, socializing, work, and more.
The project uses the Polygon blockchain to support its four main aspects: learn, earn, play, create.
Learn: Bloktopia acts as a gateway for users to learn about blockchain and how it helps power the metaverse.
Earn: Bloktopia offers a play-to-earn model with its native token BLOK, virtual real-estate known as Reblok, and advertising opportunities with Adblok.
Play: users are able to socialize with friends online and enjoy a wide variety of user-built games and content.
Create: Bloktopia provides tools for gamers to create environments and digital ad spaces.
FAQ
What role does blockchain play in the metaverse?
Blockchain provides the infrastructure for digital ownership, value transfers, and governance in metaverse platforms. It allows users to prove ownership of virtual land, items, and identities through transparent on-chain records. Smart contracts automate transactions, and DAOs enable community-based decision-making.
What is The Sandbox in crypto?
The Sandbox is an Ethereum-based virtual world where users can buy LAND, create content, and trade NFTs. Its native token, SAND, is used to buy assets, pay for transactions, and participate in governance. Players can also earn tokens by creating games and experiences that others engage with.
What is Decentraland and how does it work?
Decentraland is a 3D virtual world on Ethereum where users can buy and develop LAND NFTs, host events, and socialize. It is governed by a DAO where MANA and LAND holders vote on platform decisions. Users can build experiences, run virtual businesses, and participate in the community.
What is Enjin used for?
Enjin is a platform for creating and managing blockchain-based NFTs, primarily intended as in-game items. Developers use its SDKs to mint Ethereum NFTs, which can be melted back into ENJ tokens for liquidity. Enjin supports digital collectibility and scarcity across multiple games.
Are these metaverse projects still active today?
The Sandbox and Decentraland continue to operate and release updates at the time of writing, though the level of active users has shifted since the peak of metaverse interest in 2021-2022. Enjin also continues to develop its blockchain NFT infrastructure.
Closing Thoughts
Blockchain technology has provided an important foundation for the metaverse by enabling digital ownership, transparent economies, and community governance. The projects mentioned above each take a different approach to building virtual worlds and digital asset infrastructure.
Further Reading
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