With the exponential growth of the Metaverse and the Gamefi space along with their duel focus on non-fungible tokens (NFTs), it’s no surprise that nearly every blockchain and distributed ledger tech project are actively engaged in developing and launching their own entries into or versions of the Metaverse. Ethereum scaling solution Polygon has been actively developing and expanding on its GameFi and NFT strategy, creating an extensive range of options for building and connecting blockchains and decentralized applications (dApps) while taking the initiative a step further by establishing Polygon Studios, an independent branch that’s dedicated to blockchain gaming and NFTs.
Metaverse had quickly become the buzzword of 2021 in the crypto industry. With Facebook recently rebranding to become “Meta”, their acquisition of Oculus VR, and the recent [failed] move to create their own digital currency called “Libra”, it is becoming evident that big tech companies intend to double-down on digital experiences in the coming years. At the forefront of this new frontier are virtual worlds called “metaverses.” As corporations look to profit from the next big boom in the 2020s and 2030s, let’s explore what a company built entirely around imagination and experience like Disney could do with their metaverse.
Hot on the heels of yet another record breaking performance, Golden State Warriors ace sharpshooter Stephen Curry has set his aim on the crypto world with his release of the “2974 Collection”, a series of 2974 non-fungible tokens featuring digital replicas of the shoes he wore when he surpassed Ray Allen on the all-time 3-point scoring record this month. Each unique NFT was priced at $499 and launched this Monday on 2974SC.com with the collection quickly selling out. Curry is planning to donate 100% of his profits to the “Eat. Learn. Play” foundation that he and wife, Ayesha Curry, established in 2019.
The first to market play-to-earn NFT game running on Tezos (XTZ) DOGAMI, announced via a recent press release that they have secured $6M in a funding round with investments from leading names Animoca Brands, Ubisoft, and The Sandbox (SAND).
Adidas Originals just announced plans to enter the Metaverse. The acclaimed sportswear brand will be releasing a nonfungible token (NFT) collection starting on December 17th at a price of 0.2 Ether ETH, equivalent to approximately $810, after partnering with Bored Ape Yacht Club, GMoney, and PUNKS Comics, all leaders within the NFT space.
Decentraland and its native token MANA are well positioned to take advantage of the growth in blockchain-powered games inhabiting the metaverse and has been one of the most in-demand cryptocurrencies in 2021.
The Sandbox and its native token SAND have been seeing a steady inflow of new funds which resulted in the SAND token hitting an all-time high of $3.61 on November 17th. Since breaking out, the SAND token has given into selling pressure and has retreated back below the $3.30 support level. While further selling pressure is possible in the short term, the growing excitement surrounding the metaverse and virtual properties has driven the price of virtual land higher.
Hot on the heels of recent announcements from tech giants Facebook and Microsoft, the Metaverse has become the next big thing in both crypto and tech communities. While the venture into the virtual realm may be big and bold news for some of the largest corporations in the world, several cryptocurrencies have been built around virtual worlds from the ground up. One seeing recent gains due to all the talk surrounding the Metaverse is The Sandbox, a blockchain gaming developer that allows users to play, create, own, and govern their own gaming experience through owning virtual lands.
During Microsoft’s recent Ignite conference, the tech behemoth revealed its plans to unleash their own version of the Metaverse, blending the digital and physical world through blockchain technology and virtual/augmented reality.
Over the past 24 months, cryptocurrencies and anything blockchain related have been all the rage. If you happened to have some free cash burning a hole in your pocket, maybe you’d be tempted to jump into one of the latest hyped coins or better yet, grab a few NFTs. You’d not only be supporting a unique and individual token but you’d be buying a piece of digital history as the world starts to accept the legitimized worth of digital currencies. While there is a massive draw to the space, there is also ample room for manipulation of the global interest in NFTs.