Best Metaverse Projects in 2023-Introduction

This guide enlists the best metaverse projects in 2023 to invest in. According to a report published by Grayscale in November 2021, the Metaverse, in the coming years will gain a market capitalization of 1 Trillion dollars.

We are witnessing companies across varied industries reserving their places in some capacity in Metaverse. Some of the household names include Microsoft, Facebook, Tech Mahindra, Nvidia, Unity Software, Nike, Verizon, Hulu, PWC, Adidas, Atari, Walmart, JP Morgan and more.

Metaverse projects (mostly gaming platforms for now) are being integrated with the Blockchain technology to introduce decentralized digital token economy where you can buy, sell, trade, create and stake digital assets like game collectibles, Avatars, wearables for Avatars, virtual lands and more. This guide will focus on exploring the best Metaverse crypto projects which have the potential to be the Google and Facebook counterparts in web 3.0.

What is Metaverse? What is a Blockchain?

An all encompassing and singleton definition of the Metaverse is still to be framed. With new developments and updates happening in the space on a daily basis Metaverse is still evolving. However until now we can define Metaverse in the following manner:

A Metaverse is a 3 dimensional and seamless convergence of virtual and online space in which we participate as our Avatars using a VR Headset and can simulate almost all real-world activities like buying and selling, playing games, participating in concerts, socializing, and more one can think of (checkout this Justin Beiber’s Metaverse concert).

This definition is good and encompasses the understanding till date about the concept. But it can get more mature as the Metaverse evolves further.

Some early examples of Metaverse are the online 3D games like Decentraland and The Sandbox.

Read more about Metaverse here.

What are Metaverse Projects?

Traditional Web based applications are witnessing the Blockchain technology to produce their Decentralized versions.

For instance traditional financial applications have their blockchain counterparts in the world of DeFi (Decentralized Finance).

There are blockchain based browsers, messaging applications, etc.

Similarly the Metaverse projects are adopting the Blockchain technology also.

But why is this technology intervention happening anyway? Let us explore.

Why blockchain in Metaverse projects

Blockchain is a powerful technology used to store data digitally, such that

• the data is immutable (cannot be changed) and
• transparent (visible to all in the network).
• data can be transferred peer-to-peer in a secure fashion, without any third party involvement

Let us see why blockchain is being integrated in Metaverse projects.

• Proof Ownership of digital collectibles in Metaverse: Metaverse will allow buying and selling of digital collectibles like arts, game collectibles and even virtual lands.
  
  But when digital stuff like these are involved, security is of utmost priority. We need to employ some sound technology which can trustfully and securely prove the ownership of these digital collectibles.
  
  Otherwise there might be probable hacking and online frauds prevalent in the Metaverse. Hence blockchain comes into the picture. Blockchain helps in proving ownership of a digital collectible in Metaverse using private keys. One can sign in using his/her private keys to prove ownership.

• Secure transfer of digital collectibles: Similarly, Metaverse will also facilitate transfer of these digital collectibles. For instance you might have heard of NFTs or virtual lands that you can buy and then sell to earn profits. The transfer of these digital assets should be secure. Again the Blockchain technology comes handy. Blockchain allows secure peer-to-peer transfer of digital assets which is properly recorded in the system.

• Interoperability: There are and will be multiple Metaverse projects. There should be some sort of integration among these so that digital collectibles you own in one of the Metaverses can be used in another. Projects such as Avalanche and Polkadot allow users to create custom blockchains, which could interact with each other

• Governance: Integrating Blockchain technology in Metaverse also ensures decentralized Governance of the platforms replacing the Centralized governance of investors, CEOs and other founders. One can stake native platform tokens to participate in decision making for the platform.

Best Metaverse Projects in 2023

Let us now explore the best Metaverse Crypto Projects.

Decentraland

Launched in 2016 as a 2D game. Decentraland has evolved into a 3D vibrant virtual gaming experience which is one of the first Metaverses created. You can play games while also earn profits by buying, selling, trading, creating digital collectible and even virtual real estate.

Underlying Blockchain Platform

Decentraland is built upon the Ethereum blockchain. Its native token MANA used for transactions in the platform is an ERC-20 standard token.

Scope:

• Play to earn
• Decentraland is mostly popular because one can buy and sell virtual land on it. You can even develop the land parcel in the you fancy and monetize it to gain profits. Land in the Decentraland exist as parcels of 16 square feet each. There are a total of 90601 parcels available. Hence there is a generated scarcity and hence higher value for these lands.
• Buy, sell, trade, stake and even create digital assets like game collectibles, digital clothing for Avatars and virtual real estate.
• You can create your own content like wearables and virtual real estate. Virtual real estate can be used to host virtual events. You can either use a tool (The Builder) or write your own code to develop virtual reals estate in Decentraland.
• Buy, sell, trade popular NFTs.

Native crypto-MANA-check its current price here

• MANA which is an ERC-20 standard utility token
• Supply of MANA is limited to a maximum of 2.2 Billions.
• Till now around 1.8 billion MANA are already in circulation.
• You will need to pay in MANA to buy a parcel land or other digital collectibles in Decentraland.

Is Decentraland and MANA are good investments?

MANA is one of the most popular Metaverse cryptos in terms of market capitalization. On January 1st, 2021 Mana was valued at around $0.08, and within a year it was trading over $5. However, as of January 2022, the token has consolidated just over $3.

Hence MANA like other altcoins and Metaverse cryptos are highly volatile. You can witness astronomical growth of your funds or also see your funds been diminished to petty values.

Recent developments

JP Morgan builds a virtual lounge in Decentraland which should increase adoption and hence the price of MANA. The company labelled the construction as a 1 trillion USD possibility.

Axie Infinity

Axie Infinity is one of the most popular virtual 3D games which like Decentraland has an in-built token digital economy to trade and earn money.

Underlying Blockchain Platform

Ethereum is the underlying blockchain platform on which the game has been developed.

Scope:

• Play to earn
• You can collect native token AXS by playing the 3D game. People have in fact quit jobs in the pursuit of play-to-earn lifestyle.
• Buy, sell and trade digital collectibles like Axies, game collectibles and even virtual land using the AXS token in the Axie Infinity Marketplace.
• Stake AXS for a time period to gain new AXS. Staking as mentioned above works like a Fixed Deposit where you lock your funds in a bank to which you are paid interest money. Similarly, when you stake AXS you gain interest on it.

Native Crypto-AXS-check out its current price here

Recent developments

Recently Axie Infinity Season 20 has been released which brings added features to the game. The Axie Team has also announced the new version of the game called Axie Infinity Origins which is set to release in Q1,2022.

The Sandbox

The Sandbox is yet another virtual gaming world where players can buy, build, own and monetize assets.

It had its mobile hits The Sandbox (2011) and The Sandbox Evolution (2016) which saw more than 40 million downloads in Android and iOS.

In 2018 publisher Pixowl decided to integrate the game with blockchain technology which gave developers to play, contribute in development of the platform, own assets and monetize them.

Underlying Blockchain Platform

Ethereum is the underlying blockchain platform on which the game has been developed.

Scope:

• Play to earn
• Virtual Land: Buy LAND (a virtual land in The Sandbox) and develop your own mini-ecosystem within The Sandbox. You can further monetize it by using NFTs or sell them for a profit. Total of 166,464 LAND are available in The Sandbox.
• NFTs: Buy, sell and trade digital collectibles like game collectibles and even virtual land using the SAND token in the SAND Marketplace
• Staking: Stake SAND for a time period to gain new AXS. Staking as mentioned above works like a Fixed Deposit where you lock your funds in a bank to which you are paid interest money. Similarly, when you stake AXS you gain interest on it.
• Governance: The Sandbox has implemented DAO which allows SAND users to participate in the Governance issues of the platform, like voting for a decision.

Native Crypto-SAND-check it current price here

An ERC-20 token which regulates the digital economy in The Sandbox.

Recent developments

In February 2022, Gucci bought a virtual land (LAND) in The Sandbox to create an interactive virtual store for its customers.

It will provide customers the option to virtually select the Gucci shoes in a 3D environment. One can buy the NFT of a show to own a physical counterpart of the same.

Dungeon Siege one of the franchises of the role playing gaming giant Square Enix, joined The Sandbox.

SHIBUYA 109 (a large and popular store in Japan) entered into a business engagement with The Sandbox to create a touristic land in The Sandbox.

It is expected to bring all SHIBUYA 109 fans to the virtual touristic land in The Sandbox creating monetization opportunities for buying and selling NFTs, advertisements and more.

Enjin

Enjin is built on the blockchain technology which provides users a platform to trade NFTs, build NFTs and join Metaverse.

Underlying Blockchain Platform

Ethereum is the underlying blockchain platform on which the game has been developed.

Scope:

• Get the resources, funding and support you need to create your dream NFT project.
• You can buy, sell and trade NFTs using the Enjin tokens in multiple virtual gaming environments.
• This means Enjin can be integrated with virtual games and used to buy, sell and trade game collectibles in multiple games and marketplaces.

Native Crypto-Enjin–check its price here

A token launched in 2017. Enjin is an ERC-20 compatible token built on the Ethereum blockchain.

A pioneer of the NFT space on Ethereum, with its ERC-1155 contract that allows NFT’s to upgrade.

It is one of the bluechip token which should be kept an eye on.

Since it is an ERC-20 token, you can use any Ethereum wallet to store Enjin tokens.

Recent developments

In February 2022, Gucci bought a virtual land (LAND) in The Sandbox to create an interactive virtual store for its customers.

It will provide customers the option to virtually select the Gucci shoes in a 3D environment. One can buy the NFT of a show to own a physical counterpart of the same.

Dungeon Siege one of the franchises of the role playing gaming giant Square Enix, joined The Sandbox.

SHIBUYA 109 (a large and popular store in Japan) entered into a business engagement with The Sandbox to create a touristic land in The Sandbox.

It is expected to bring all SHIBUYA 109 fans to the virtual touristic land in The Sandbox creating monetization opportunities for buying and selling NFTs, advertisements and more.

Other Best Metaverse Projects in 2023

Other than the best metaverse crypto projects discussed above, we should also keep an eye on the list below.

All of these are interactive 3D gaming platforms which are built on top of the blockchain technology (mostly Ethereum).

They offer the option to earn while you play by trading NFTs, creating NFTs, virtual lands and more. These are:

Conclusion

Metaverse is one of the new booming spaces with tons of opportunities for players, developers, investors and start-ups. Blockchain is facilitating decentralized governance and creating a token economy where people participate to earn profits. All the projects mentioned in this guide are seeing increased adoption.

It is worth participating in some capacity like investing in the native tokens, playing to earn, buying-selling NFTs, virtual lands and more in these projects.

These projects are still at their nascent stages and hence offer immense opportunities for massive profits over a period of time. But just like the dot com bubble not every project will be the Google or Facebook. We need to be careful and diversify our attention when dealing with these best metaverse crypto projects.