A Deep Dive into the Metaverse Tokens in KuCoin's Newly Launched Metaverse Trading Board
A new madness is in town, and this time, there’s no stopping it.
According to the film Ready Player One by Ernest Cline in 2018, the protagonist Wade Watts refers to the word Metaverse as “ a place where the limits of reality are your own imagination. You can do anything, go anywhere.“
The term Metaverse can be explained in different ways in a wide range of fields. The idea of Metaverse of the blockchain world is to build a collective virtual shared space for all to converge virtually enhanced reality and physically persistent virtual space through blockchain technology.
It builds up an enhanced virtual space where people in the physical reality can basically recreate anything they see or interact with, even their own characteristics in the virtual space through emulators, and most importantly, extract real value out of it back to the physical world.
Metaverse may yet be too early a concept to be understood and realized, but there’s a best way for crypto users to engage with it - GameFi.
With the advent of GameFI and closely monitoring the billions of dollars coupled with millions of users it attracted, we could soon see the Metaverse turn from a sought-after concept to a sought-after reality.
GameFi has taken the world by storm as it introduced a whole new perspective of “play-to-earn” games. It is a new category of games built around providing opportunities to its player base and educating the masses about blockchain technology’s limits and ever-expanding features.
In addition, GameFi provides an incentivized ecosystem to promote a healthy and rewarding ecosystem for the gaming industry by rewarding its player base for the time they invest and the collectibles they earn through quests and battles.
Interestingly, a couple of promising projects are already leading the conversation when it comes to making the Metaverse a reality. You can also explore the details of these projects on KuCoin, as it will soon launch a Metaverse Trading Board to quickly enable your access to the latest Metaverse games and their native tokens.
Axie Infinity (AXS)
Source: publish 0x
Axie Infinity (AXS) is an Ethereum-based NFT game derived from the highly successful Pokemon game series. Since the game is based on an open-ended world where users can do whatever they want, Axie Infinity is at the forefront of the Metaverse ecosystem. Players can collect an endless number of cute and quirky digital pets known as Axies. That’s not all; they can befriend, breed, battle, nurture, and trade Axies through the ever-expanding Axie ecosystem.
Make your way to the top as you collect Smooth Love Potions, level up your Axies, and dominate other users within the ecosystem. Since Axie Infinity is based on blockchain technology, players can use their SLPs in the real world and sell them off on crypto exchanges, or they could buy more SLPs and level up their Axie.
At the time of writing, Axie Infinity ranks as the top Ethereum-based gaming DApp by weekly on-chain volume. Additionally, it’s also one of the top ten most popular gaming DApps, with over 121,000 users every week. Axie Infinity has impacted the Ethereum blockchain that the network has been handling millions of transactions.
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Enjin is yet another promising project that has been tirelessly working to make the idea of Metaverse a reality. Their efforts started from making NFTs frictionless all the way to building a cross-chain Metaverse. Enjin started out as an online platform that served over 20 million gamers back in 2009.
By 2017 during the rise of blockchain technology, Enjin was one of the pioneers that introduced NFTs to the ecosystem. Ever since, thanks to the surging adoption of crypto, rising hype around NFTs, and the emergence of GameFi, Enjin is striving to lead the space towards a better future. With efforts put into introducing and pushing for the ERC-1155 standard in 2018, Enjin essentially catalyzed the rise of NFTs and set a foundation for its mass adoption.
Recently, Enjin is working towards creating Efinity, a blockchain specifically built for NFTs, which will help usher in a new era for NFTs and GameFi. By eliminating the hassles surrounding selling, creating, and interacting with NFTs, and connecting platforms together, Enjin is racing towards making the Metaverse a reality.
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Decentraland is the fastest-growing crypto-based virtual world. It empowers users with the ability to create avatars, interact with other users, participate in concerts, art shows, and even build houses on their digital lands.
People around the world can gather for events despite them not being physically close to each other. Decentraland is undoubtedly the main forerunner in promoting and establishing the Metaverse ecosystem.
With a market cap of over $1.5 billion, Decentralnad is the first and most promising multiplayer role-playing Metaverse built on the Ethereum blockchain. With real-world brands entering the Metaverse to interact with, advertise to, and connect with users on the Decentraland platform, we could likely see the Metaverse turn into a new reality for many people and brands moving on.
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Similar to Decentraland, Sandbox is also a virtual world that enables players to play, build, own, and monetize their virtual experiences. Sandbox was established to empower artists, creators, and players. The Sandbox Metaverse is one of the few successful examples of blockchain-based virtual worlds attempting to change the gaming industry and rewards its user base for the value they produce through user-generated content.
The Sandbox Metaverse and gaming ecosystem are based on the Ethereum blockchain. It was designed to transform the conventional gaming market and empower users with the freedom to create, share, or use other user-generated content.
The Sandbox is one of the several promising projects in the Metaverse ecosystem striving to change the dynamics between creators, gamers, and gaming platforms. The Sandbox is paving the way for GameFi.
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With that said, thanks to GameFi, we could see the Cryptocurrency market break new records and reach out to a whole new class of users. With GameFi introducing a new era for NFTs, Games, DeFi, and the blockchain space, we’re on course for yet another revolution.
What do you think? Will big gaming companies join the space once GameFi is big enough?
KuCoin now launches the Metaverse Trading Board to empower the early-stage Metaverse blockchain projects, and grant potential investors access easily to these projects. Check it out to start a journey across the Metaverse.
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