- each Metaverse has their own currency
- each Metaverse is different and has its own flavour
- which Metaverse will still be here five years later?
There are more and more different Metaverses. Which one will be the most popular and used, no one knows at the moment, but I deem them as social platforms composed of land or world parcels that anyone can own, from everyday people to small businesses to big institutions.
Why should you buy Metaverse Land?
Owners of these small parcels (aka Metaverse Lands NFTs) can monetize and build anything. The only limitation is their imaginations. However, I feel that everyday people genuinely express themselves with unfiltered feelings and moments with others every day. And the Metaverse could be an avenue for conveying these ideas & feelings to others. With web3 space ever supported by communities, it will be truly remarkable if Metaverses catches on to the mass public.
These Metaverse Landowners may not have the skillset to build onto their land, and they often resort to hiring builders to help them develop their desired Metaverse experience. However, they can use their lands to create enjoyable experiences for themselves and others to visit. As a result, virtual buildings such as art NFT galleries, museums, game rooms, online stores, stadiums, and more can materialize in the Metaverse.
Landowners and even builders alike can generate income by selling goods or even renting their lands as a passive income source. Ownership makes the Metaverse different from traditional virtual worlds like Second Life, The Sims, and Fortnight. A single company owns these games' virtual worlds. So while players can buy things like in-game items, they can only receive the benefits of these items. They don't own anything, and they can't resell these items for real cash.
On the other hand, users of Metaverses own everything they pay for and can monetize it. They can purchase, sell, rent out, and trade any items within the Metaverse world or through secondary marketplaces, and this includes Metaverse land NFTs or other assets such as buildings, clothing, etc. Additionally, users have full ownership of any revenue they generate from their land and assets. Every item within a Metaverse is an NFT.
To put it simply, everything people do in the real world is replicated in the Metaverse. This is revolutionary because it puts the power and ownership of something inside a virtual world back to its users. As a result, this provides much-needed freedom and limitless user-created content.
They can play, work, be social with other users, and actively participate in the digital economy within the specific Metaverse World.
With NFTs, users can fully own and profit from the items they purchase, earn, or build in a given Metaverse
Metaverse Currency
It's common for Metaverses to use their own created cryptocurrency instead of the fiat currency for in-game transactions. For example, Decentraland uses $MANA, and Sandboxes uses $SAND.
Cryptocurrency is a digital version of money in a Metaverse. Since cryptocurrencies use blockchain technology, the underlying design is decentralized, trustworthy, and secure. Like physical money or fiat currencies, Cryptocurrencies are "fungible." This means that they can be exchanged or traded for one another. Their value is also equal — for example, one MANA (Decentraland's native currency) is always worth one MANA. Moreover, cryptocurrencies standardized the currency used by every user in that particular Metaverse, from sellers and buyers of NFTs to people working and participating in activities in the virtual world. Furthermore, transactions in virtual worlds are almost instantaneous. Therefore, standardized currency makes it easier for landowners and users to access their funds in the virtual world.
While cryptocurrencies are "fungible," NFTs are "non-fungible." This means that NFTs are unique, can't be replaced with something else, and can't be duplicated within that Metaverse. Thus, they give users significant control over their Metaverse lands, buildings, clothing, avatars, and other items they own. For instance, if you buy a plot of land in Somnium Space Metaverse, you'll be the owner of that land plot. There will only be one plot of land in that location in the virtual world, making it unique and scarce.
Nowadays, there are more and more Metaverses created. The biggest question is, which Metaverse will still be around in 5 years? Will it be a much-decentralized platform like Decentraland or something like Sandbox or Meta's Horizon? Exciting times for everyone right now in web3
Thank you. I look forward to hearing your own insights and comments.
Cheers,
Eric F
If you want to get in touch about interesting NFT ideas or projects or want to hear about a specific topic, I'm @ericclfung on Twitter.
Thanks to @parabolic_B & @Rocketman1988 & @CISBROS for reviewing this post.