Stakely Blog
April 6, 2022

What is the metaverse? The rise of Virtual Reality

April 6, 2022

Following the rise of the metaverse at the end of 2021, we have seen that the technological advances of recent decades have transformed reality to unimaginable levels.

Is the metaverse possible? The answer is yes. Today, we are in the presence of a digitized and globalized world where everything is possible in just a click. Now, people can work remotely, pay for goods or services, take classes or attend a medical appointment remotely thanks to Internet. On the other hand, technologies such as those we have seen in blockchain have continued to develop, based on the advantages offered by decentralization and bringing with them multiple opportunities, both for developers and for end users, who can have at their disposal a technology that is easily accessible, decentralised, open source and transparent.

The conjunction between the Internet and Blockchain will be decisive. The Internet makes it possible to reach any place in the world from any connected device, and the blockchain gives users the possibility of operating in a space where they can manage their transactions and administer their assets without the intervention of a central authority that restricts their scope of action or intervenes in the funds.

The Rise of Metaverse during the lockdown

With the advent of COVID-19 and the lockdown, millions of people began to work and buy goods and services from home via internet-enabled devices. Thus, the traditional world experienced a rapid and forced adoption of the digital world, including the crypto world in all its forms.

In the face of the pandemic's global shutdown, many found relief in P2E video games and blockchain-built metaverses, which allowed users to earn rewards in exchange for completing a series of tasks and activities. Examples include Axie Infinity, Sandbox or Decentraland.

What is Metaverse, exactly?

When we hear of metaverse, we think of it as a "virtual entertainment space". We could present The Sims as a rough example of the concept; despite the fact that this one is not an online game, users are allowed to create virtual avatars, purchase lands, build their houses, interact with other avatars and purchase different items... The difference is that, unlike the metaverse, the in-game economy has no direct link to the real economy.

In recent years, the concept of the metaverse has been transformed, it is no longer a place to hang out, it is much more than that. Metaverses offer dApp developers and users endless possibilities and ways to generate profits. The ultimate goal of metaverses is to merge the real world and the virtual world, to merge both economies without relying on a central authority, where users custody and manage their funds.

Imagine creating an avatar in the metaverse by simply connecting your decentralized wallet, and with that avatar you can attend classes or work from the comfort of your home, saving money on transport and time.

The metaverse is establishing itself as a space in the virtual world dedicated to carrying out everyday activities in real life. Every day more and more companies want to have their work offices in metaverses, organise events, or shops want to display their products in their spaces, as they know that the traffic in metaverses is high and would mean more leads.

Projects based on Metaverse

The Sandbox is one of the first metaverses created on the Ethereum blockchain. Users can create or acquire avatars, lands, and other elements in NFT format to interact in its virtual platform. Users can interact, attend events, walk the streets of the city, and can carry out an infinite number of activities. Its native token is $SAND.

Decentraland is also a metaverse built on the Ethereum blockchain and is very similar to The Sandbox. It consists of a virtual city where users can acquire land in NFT format, and build their buildings (galleries to display their NFTs, houses… it’s up to you), thus starting the gamified real estate business on a large scale within its platform. Users can purchase and trade lands and other NFT items on its own marketplace or even others such as OpenSea. Its native token is $MANA.

Portals is the first metaverse built on the Solana blockchain. It won second place in the GameFi category of the Ignition hackathon sponsored by the Solana Foundation. It is based on a series of spaces called Ivory (small size), Onyx (medium size) and Vision (large size), which are differentiated, in addition to their size, by the number of users admitted in their spaces. Land’s owners have access cards in NFT format that are the gateway to each of them.

To access the Portals metaverse, all you have to do is connect a Solana wallet to its interface. From there you can manage your avatar and the necessary resources to modify the lands or interact with the ecosystem, such as decorating your spaces with all the NFTs you have in your wallets.

This metaverse project promises to be one of the most successful ever built, as it is web3 and its interface can be accessed from any browser, which will facilitate access to thousands of people. In fact, companies such as Alameda Research, FTX, Binance U.S. and Raydium, among others, already have set their offices within the Portals metaverse.

Everyone want to be part of this innovative and rising economy, where the boundaries tied to the real world are just the past. As promising as the metaverse is, it will only be a matter of time before it is perfected and can completely change how social life is lived.

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What is Metaverse, exactly?
Projects based on Metaverse

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