Will the Mateverse and GameFi be a New Challenge for Blockchain Technology?

TechKnowableDecember 27, 2021

3 6 minutes read

Many metaverse cryptocurrency initiatives have been launched that perform very similar things to Meta, but in a more decentralized manner because their metaverses aren’t controlled by a single body like Meta’s. As a result, as digital coins are connected with the blockchain metaverse, they will have the final say on how things will be managed and overseen in the metaverse sector, there has been a lot of both internet and cash poured into this sector.

While all blockchain categories were scorching hot in 2021, GameFi and Play-to-earn took the top rank, accounting for approximately 13% of total investments.

The second half of the year was overrun by massive gaming announcements and figures, with the seasons seemingly going from DeFi to NFT and now to GameFi. For example, on August 6th, Axie Infinity earned $17 million, beating even Honor of Kings, one of Tencent’s most popular mobile games.

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Meta vs Decentralized Metaverse

One of the reasons why people are seeing through Facebook’s name change to Meta is because they will still be the entity in charge of their social network, as they have been in the past. This simply adds to the public’s rising disdain for conglomerates that prefer to keep power in their own hands rather than share control of the platform with its users. Meta, by claiming to be a metaverse, is attempting to give its users the illusion of choice; it claims to be a virtual reality social platform, but it does not allow users to choose what they want the platform to look like or tolerate during their time there.

This speaks to the decentralizedmetaversecryptocurrency projects that are doing exactly that, allowing its users to decide the platform’s fate through a decentralized governance framework. This gives individuals the genuine freedom to make their own proposals, which are then voted on by other users, and the consensus determines whether they are accepted or not. The developer/company does not have the last say, and this is a great way to distribute power across a big group of people.

When this is linked with blockchain technology, it will rewrite the rule book for who should own the future of a platform: the users themselves.

Below are three options that we believe are the best up-and-coming metaverses to consider adding to your portfolio.

Decentraland (MANA)

The Decentraland (MANA) cryptocurrency project is one of the most well-known and long-running metaverse projects currently in existence. It’s a virtual reality social network that blends VR social features with blockchain technology to ensure the project’s governance is totally transparent and fair. They have their own currency called MANA within the network, which creates its own economy not only within the constraints of the digital platform, but also a transfer into the real world, providing actual revenue for its user base.

Users can build their own avatars and use them to travel to virtual locations like as casinos and other parts of the world, as well as play virtual reality games with other users.

Users can earn real money by using the platform in one of the common methods, such as buying and selling land that has been set aside for auctions. On Decentraland’s digital marketplace MANA, users can also buy and sell NFTs of products.

https://coinmarketcap.com/currencies/decentraland/

The Sandbox (SAND)

The Sandbox is similar to Decentraland in that it is a virtual world where users can earn money by buying and selling products, land, and real estate. It also allows users to interact socially with one another and experience the virtual environment together.

The Sandbox features a long list of partners and advertisers who encourage increased user participation, including well-known musicians like Snoop Dogg and Deadmau5. They’re also using well-known series like The Walking Dead to promote their game.

When compared to Decentraland (MANA), The Sandbox’s market valuation is less than half ($2.3 billion) of MANA’s ($5 billion), indicating that it has a lot of room for future growth as the project develops and matures to the age of Decentraland’s.

https://coinmarketcap.com/currencies/the-sandbox/

JEDSTAR DECO and GameFi

Third, there’s a new child on the block, a project that, when compared to Decentraland and The Sandbox, has the most potential for growth.

JEDSTAR is a DeFi (Decentralised Finance) and GameFi (Gaming Finance) project aimed at bridging the gap between the cryptocurrency and fiat (everyday currency) financial sectors. The importance of gaming to the team in terms of mainstream crypto adoption is critical.

While their existing token $JED (price: $0.52 USD) is still early with a perfect entry point of 30 million USD market cap despite a 10000 percent price surge, their new token $KRED, which is set to launch in a few days, has already confirmed that their currency will be used in over 200 games in 2022. It will be a mix of in-house developed games, such as their planned flagship CCG (Collectible Card Game), Metaverse MMORPG (Massively Multiplayer Online Role-Playing Game), and in-game NFT marketplace, as well as on numerous platforms via the world’s first CAAS (Currency as a Service) model. Their CAAS methodology will enable far wider adoption of cryptocurrencies without the need to go through the usual hoops of converting money to cryptocurrency. KRED will also be implemented on JEDSTAR’s hyper-casual gaming platform, STARDOME, allowing players of the regular gaming platform to simply buy and trade KRED using the same payment methods they use in everyday life.

Chainlink, FRAG games, Remote Control Productions, and Skill Gaming have all recently announced excellent initial agreements with JEDSTAR.

The JEDSTAR team recognizes that bitcoin adoption will occur, and that with only about 4% of the world’s population now using cryptocurrencies, reaching the remaining 96% is a challenge. Gaming employs around 40% of the world’s population, and many of these people are already accustomed to utilizing in-game money. JEDSTAR has understood that by employing an actual cryptocurrency as the basic token for Skill Gaming’s platform, they can easily bridge this gap. This allows for widespread cryptocurrency acceptance as well as ease of use for gamers who will no longer have to worry about conquering the challenges of understanding and using cryptocurrencies.

Although the KRED cryptocurrency has not yet launched, the company is hosting a public pre-sale on their website for November/December, during which investors will be able to reserve tokens at a discounted rate compared to the public launch price in the coming days.