In recent weeks as Facebook announced it was rebranding to the name “Meta” it has sparked a renewed interest in metaverse cryptocurrency projects. Meta plans to create a VR (Virtual Reality®) metaverse that allows people to socialise on a larger scale.
Meta is not the only metaverse project. There are many others. The key difference here is blockchain. The Meta’s metaverse is expected to be controlled and maintained by themselves, which is unlike what is seen in the blockchain metaverse where the control of the project is distributed across thousands of users. Distributing control is powerful because it gives power to many and not just one.
Millions around the globe are increasingly interested in metaverses. This is because there is an infinite number of possible identities and possibilities for what a person could become. Many people want to escape reality and be someone else. We are moving into an exciting new metaverse and many large companies recognize this possibility. Facebook’s commitment to driving this sector forward will increase the amount of funding it receives.
Decentralized metaverse projects are more democratic than Meta and allow users to have greater control and transparency with developers. Three blockchain-based, metaverse projects are worth considering as the metaverse growth booms.
#1 The Sandbox (SAND).
It is relatively new, the Sandbox metaverse (SAND). The virtual world, which allows users from around the world to connect in a distributed ecosystem, is called Sandbox (SAND). You can also make income from selling real estate, land and in-game goods. Their own currency, SAND, is used to trade within their ecosystem. It can also be used in many transactions throughout the metaverse.
They have a long list of partners that include notable individuals and companies that increase investor reach. Atari is a gaming company, Deadmau5 music artist and Deadmau5 are all notable partners.
They currently have a market capital of less than $2.5billion, which means they still have a lot to grow as their projects develop.
#2 Decentraland (MANA).
Decentraland is a popular metaverse project because it’s been around for quite a while. Because many investors believe in its development, there has been a lot interest. A VR social element is also used, similar to Meta (Facebook), and it’s combined with blockchain technology for a decentralized, transparent, and open metaverse. Decentraland has its own currency MANA which can be used to buy and sell in-game items, land, names, or even user names. You can buy and sell these, then you can link them to fiat currency so users can actually make money from the game.
Metaverse users have the ability to create their avatars, which opens up a world of possibilities. It is this aspect that draws so many people to the metaverse projects. This allows a person the freedom to choose who they wish to be and not be limited by their limitations in the real world.
The Decentraland market cap (MANA) is $5 billion. It is slightly less than The Sandbox, so there may be less room for growth. But, Decentraland has more experience in metaverse sectors, and that means they have a higher level of support.
#3 JEDSTAR GameFi and DeFi (JED).
JEDSTAR, the third metaverse project you can add to your portfolio. JEDSTAR is a brand new cryptocurrency project (dated 2021), which is a 3-token DECO that allows for DeFi, GameFi and Governance.
The DeFi token JED has been released, and the GameFi token KRED is expected to be available soon. JEDSTAR will use KRED to launch their Collectible Card Game, (CCG) in their metaverse Massively Multiplayer Online Role-Playing Game. It will also be used by AGORA for trading content within the game on the NFT market place. This will help support both the games’ ecosystems.
JEDSTAR is not only supporting crypto-based features, they are also reaching out to non-crypto gaming platform such as their latest partnership announcement with Skill Gaming. This will be a world’s first Currency As A Service (CAAS) where users will be able to directly convert their fiat into KRED and vice versa. Because it eliminates the need for users to go through the hoops to convert from one currency to the other, this initiative is likely to influence mass adoption.
Already, they have announced initial partnership with Chainlink and Skill Gaming as well as FRAG Games, Remote Control Productions, with many more to come.
As around 40% of people play video games, we have recognized that gaming is the ideal avenue to reduce crypto adoption. As the majority of those 40% have grown up using some type of in-game currency of some kind, it is one of most effective ways to encourage mass adoption. The difference that currently persists with a lot of the AAA gaming companies is that it’s only a one-way street in terms of converting fiat into the in-game currency. Fiat can only be used for in-game purchases. However, if an account holder has in-game currency they want to convert back to fiat due to their current business model they are unable to do this. JEDSTAR realized there was a market gap for gaming platforms. They have therefore taken steps to simplify in-game currency transactions and help redefine who should be responsible for their in-game financial affairs through their partnership Skill Gaming, which currently has over 30,000 players.
KRED will be having a public pre-sale on JEDSTAR’s website in Q4 which allows for users to purchase the token at a discounted price prior to public launch later in the year.
JEDSTAR, being a young project, offers investors the opportunity to participate in higher growth rates than The Sandbox or Dectraland metaverses projects that are already established. JEDSTAR is more than a metaverse. It’s a multi-faceted endeavor that hopes to encourage mass adoption of cryptocurrency through various KRED applications within the game-to-earn industry.