What is the Metaverse: A Next Generation Virtual World

Metaverse:DappRadar´s Ultimate Guide
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Metaverse

Learn everything you need to know about the metaverse with this ultimate guide by DappRadar

The Metaverse is one of the most exciting landscapes in the new world of Web3. Most people know about play-to-earn gaming and NFTs. Nearly everyone has heard about cryptocurrencies and DeFi. The Metaverse contains all of these sectors and more. And the exciting thing for everyone involved is that it’s just getting started.

Blockchain technology has enabled people to create the next iteration of the internet. Some people call it Web3, and others are calling it the Metaverse. What’s different about this new form is how much regular people will contribute to its development.

Contents

What is the Metaverse?

The Metaverse is a collection of every virtual world built using blockchain technology. They can be gaming planets or NFT galleries, curated lands, or digital streets. 

The main thing to always remember when you think about the Metaverse is that it is not one place. It is the aggregate of the new digital spaces that people are calling the next iteration of the internet.

Media companies, music publishers, sportswear brands and cryptocurrency analytics platforms all have a presence in the Metaverse. So too do rock stars, rappers, Care Bears and Smurfs. So it’s a broad church and there’s room for everyone.

What makes the Metaverse different from online social platforms like Second Life and Minecraft lies in the space between centralization and decentralization.

Those earlier iterations of digital spaces were tightly controlled by a single company from their own servers. Each time you left their world and went to a different one, you needed to sign up with a new identity.

The Metaverse allows you to use a single identity to travel across and through the growing network of virtual landscapes. This makes it more like a mirror of the real world. When you travel to new towns, cities and countries, you don’t need a new passport every time you arrive at a new destination.

Who owns the Metaverse?

Asking who owns the Metaverse is a bit like asking who owns the internet. No single person or organization has total control over the Metaverse. Rather, there are multiple stakeholders and developers who, all together, create the Metaverse.

Saying this, some platforms inevitably have to be the gateways to the Metaverse. Through blockchain technology, these platforms grant users the ability to manifest as an avatar inside the Metaverse. 

But while places like The Sandbox and Decentraland exist as virtual ecosystems, creators can build and curate their own sections of it. If a person or a company creates an entertaining place that people want to come to, they can monetize this and keep the revenue. 

So although some companies act as gatekeepers to certain virtual worlds, everyone is an owner inside that world. Whether you own land, in-game assets, avatars or digital fashion items, blockchain technology gives you ultimate ownership over them.

Also, Metaverse platforms have governance tokens that give holders decision-making power. Depending on how many tokens someone holds, they will have a greater and lesser say in how a platform develops.

How can you access the Metaverse?

Firstly, you need to know which Metaverse platform you want to enter. There are hundreds of these virtual worlds, and more are being developed every day.

As we’ve already seen, there are often costs associated with entering the Metaverse. You may need to mint a new avatar, find one on the secondary markets, or perhaps buy an in-game item as an NFT to join in the fun.

Another way to get into the Metaverse is by buying into tools that allow you entry via their own protocols. Metakey, for example, is a platform that owns land in multiple virtual worlds. They have an NFT which gives the holder access to Metakey’s Metaverse land. 

Metakey also has its very own virtual world called New Ganymede, which acts as a ‘home for the brand and community, the proof of vision, and a bridge to the brightest worlds in the Metaverse’.

What are the best Metaverse virtual lands?

As you know, there are many different virtual worlds that fit into the Metaverse. Because they are all different, you can use DappRadar to research these virtual worlds to discover the one that suits you.

Here are some of the most popular and biggest virtual worlds currently building the next iteration of the internet:

The Sandbox

The Sandbox is one of the leading gamified virtual worlds, both in strong partnerships and the number of active users. It’s powered by the Polygon blockchain and allows players to create, experiment, and have fun with 3D voxel assets and lands.

Decentraland

Of all open world and economy Metaverses, Decentraland has always been at the forefront. While Dolce & Gabbana and Coca-Cola have already jumped in, so have thousands of people who purchased their NFT virtual lands.

Playing with Decentraland avatars
Source: Decentraland

Players who own the ecosystem’s MANA token can also take part in the governance of the project. That’s just an introduction to this leading Metaverse, but if you want to know more, we recommend reading What is Decentraland, an Open World Economy in the Metaverse.

The Otherside

Still in development but already one of the most anticipated Metaverse worlds ever, The Otherside is another Yuga Labs creation – such as the Bored Ape Yacht Club. While the Otherside isn’t launched, its dynamic land NFTs called Otherdeed sold out minutes despite skyrocketing gas fees.

“We can build a city where thousands of people interact — this is like the level of Grand Theft Auto but in real time with real players.”

Bored Apes co-founder Gordon Goner to TechCrunch

While most of what the Otherside will bring is still a mystery, it’s known that NFT and land owners will have the biggest say in this Metaverse.

Other virtual worlds to know about

Although the three above may be the most famous virtual worlds in 2022, the Metaverse is vast and holds many secrets. Other Metaverse worlds worth getting to know about include:

How much does it cost to enter?

This depends on which platform you’re on and what you want to do when you’re there. Some virtual worlds are free to walk around in. But if you want to participate in events, own a piece of digital land, or go on in-game missions, you’ll probably need to part with some cash.

To walk around and engage with other people in virtual worlds, you will usually need an avatar. These will cost you money to mint – the minimum you will pay is gas fees. A Decentraland avatar costs 100 MANA plus gas. And for NFT Worlds, you’ll need to spend 0.4 ETH to mint your avatar.

Buying a plot in Decetraland can cost over $1 million. One user paid $862,998.42 for a 24×24 estate in The Sandbox. And even though cryptocurrency values have recently plummeted, Metaverse land is still expensive.

The good thing about buying a plot of land in a virtual world is that it will always remain yours. It comes in the form of an NFT, so it can’t be copied or stolen (unless you’re the victim of an exploit).

And once you own some land in the Metaverse, you can create your own little world for people to visit. As a creator, you can even earn money if people buy what you’re selling.

What can you do in the Metaverse?

All Metaverse platforms are slightly different. Some are built for gaming, and others focus on education. Some parts of the Metaverse are digital storefronts where companies advertise and sell their products.

You can attend conferences, fashion shows, work meetings, sporting events, and chess tournaments inside the Metaverse. In 2022, a couple living in the UAE decided to have their wedding celebration on Decentraland and have their guests attend it from different parts of the world.

First Decentraland Metaverse wedding from the UAE

Aside from the obvious restrictions that come with users not being physically present, it seems the only limitations on what people can do in the Metaverse is our collective imagination.

The possibilities are nearly limitless, and the next five to ten years will be an exciting time as people experiment with the form. 

One thing all virtual worlds have in common is that they’re trying to draw in an audience. The best way to do this is by providing entertainment. So, in theory, the Metaverse should be a fun and vibrant place where everyone can find their own niche.

Famous brands jumping into the Metaverse

The Metaverse conversation isn’t restricted to Web3 projects, though. In fact, Metaverse virtual worlds are the most popular blockchain projects outside this bubble.

Many famous traditional or Web2 brands have been open about supporting the technology or even building their own Metaverse.

One of the most anticipated is the Disney company itself, which has been working on a team to develop a Metaverse-related project.

Ubisoft, Universal Music Group, Adidas, Sotheby’s, Samsung, and many others have also followed the Metaverse trend with successful partnerships with virtual worlds.

Does the Metaverse have its own cryptocurrency?

Yes, the Metaverse has cryptocurrencies. But each virtual world has its own one, and they are all worth different amounts.

DappRadar has a list of the 5 Best Metaverse Coins, which is a good place to start when you want to know which ones represent a potential investment opportunity. 

As with all cryptocurrencies, the value of native tokens in virtual worlds is liable to go up and down. During the peak of the bull market in November 2021, token prices in Decentraland and The Sandbox were $5.85 and $8.40, respectively.

  • Check out MANA and SAND prices now, and you’ll see how much they’ve dropped by.

Why is the Metaverse built on the blockchain?

For a truly decentralized Metaverse to exist, we need to have an open network that collectively confirms what each individual owns, sells, buys, and swaps.

This is where the blockchain comes into play. It’s a distributed ledger of records that no single entity controls and no one can unilaterally rewrite. Everyone, together, is a network of validators.

This system doesn’t rely on trust but on mathematical certainty. It’s the foundation on which thousands of developers are creating all kinds of applications that together make up the Metaverse.

The great thing about that Metaverse is that you only need one Web3 wallet, which is your digital identity, to play across thousands of different virtual worlds. Learn how to get a Web3 wallet and use it as your own passport to the Metaverse.

What content does DappRadar have specifically about the Metaverse?

DappRadar is the World’s Dapp Store, so we track data and record information about thousands of decentralized platforms. As a big part of the Web3 space, the Metaverse is a key area of focus for us.

What is the Metaverse?

You can see how well Metaverse platforms are performing by visiting our dapps rankings pages.

The Metaverse section of our blog has hundreds of articles with insights, news and education about the industry. We also provide a Metaverse Report where we highlight trends and track developments in the space.

Track Metaverse land NFTs with DappRadar

In case you’re curious about virtual real estate in the Metaverse, you’ll be glad to know that the DappRadar’s NFT Collection Explorer provides you with excellent insights.

For instance, you can use a variety of filters to uncover the best deal to buy yourself an Otherdeed on the Otherside metaverse.

DappRadar Explorer Otherside Metaverse Otherdeed Land NFTs
DappRadar’s NFT Collection Explorer

The same goes if you want to explore land NFTs on Decentraland and The Sandbox as well. Furthermore, you can also use our NFT Explorer to do some research on the latest sales activities of the best Metaverse platforms.

Carry your Web3 journey with you

With the DappRadar mobile app, never miss out on Web3 again. See the performance of the most popular dapps, and keep an eye on the NFTs in your portfolio. Your account on DappRadar syncs with our mobile app, giving you soon the option to receive alerts live as they happen.

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