We will walk you through the stages of metaverse evolution using several interesting projects as examples. Moreover, we will present our unbiased analysis of the victories and defeats that accompanied them. Among our participants are recognized leaders as well as “dark horses” who might take the lead among Web3 ecosystem developers.
Metaverse — a new reality
The term “metaverse” was first used by the science fiction writer Neal Stephenson in his 1992 novel Snow Crash. In the book, he described a single digital world that reflected three sides of perception: physical, augmented, and virtual. Simply put, he talked about a digital world where people could interact with each other using their avatars.
NFT technologies open up even more possibilities than Stephenson described. For example, now you can convert your game achievements into real money. Or you can create an avatar and endow it with any desired features. Ironic, but it’s true: as a rule, our avatars live much more fulfilling lives than we do… They attend interesting lectures, buy land, do not smoke or drink, make profits, and drive luxury cars. They look great and are amazingly confident. You want to envy them — and subscribe to them on Instagram.
Virtual worlds allow us to be the people we would like to be. We want to be something more than just victims of circumstances—masters of our own destiny, the main characters of our favorite comics, adventure novels, and sagas. That is why developing metaverses is a special kind of challenge. This business does not forgive mistakes because they can destroy the dreams of millions of people.
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Let’s move on to reviewing the selected projects.
Decentraland: a metaworld that does not lose relevance
In 2015, two enthusiasts from Argentina, Ari Meilich and Esteban Ordano, were the first to implement individual elements of the metaverse into real gameplay. They became the fathers of the Decentraland project. Initially, their creation looked like a primitive graphic grid that gave users pixels to own using the PoW algorithm.
When this 2D beta version was first launched in 2017, the developers gave away virtual land plots to community members for only $20 each. Four years later, at the peak of the NFT market in 2021, Decentraland’s luxury digital real estate was already selling for $100,000 and up per property. By that time, this game world had already been transformed into a 3D platform.
Advantages:
Integration of blockchain technologies, which opens up the possibility of owning digital real estate through NFT.
Players can turn their virtual possessions into real money.
Cross-platform.
Decentralized community: any change to the rules is impossible without the approval of the majority of participants.
Numerous platforms for communication and pleasant pastime.
Disadvantages:
Takes long to load.
Weak moderation.
Mediocre graphics.
These shortcomings, as well as the cooling of the cryptocurrency market, led to a reduction in the project’s audience starting in mid-2022. Today, Decentraland is going through hard times. However, do not forget that it was this project that largely contributed to the boom of GameFi.
Highstreet Metaverse: an unknown metaverse
Source: highstreet market
Highstreet Metaverse is a virtual platform that combines elements of a metaverse, a game, and a marketplace. Travis Wu developed the ecosystem in 2021, and it is built on the Ethereum blockchain.
The developers’ main idea was to create a comfortable virtual space for trading crypto assets. For example, users located on different continents connect to their VR devices and meet in a cyber office or cyber bar to make a payment or conclude an agreement in an informal setting, but in person.
Advantages:
Integration of blockchain technologies, enabling you to exchange NFTs and cryptocurrencies with other community members.
Combining business with pleasure: deals can be concluded by communicating with a partner directly in the virtual world.
The ability to earn digital currency and valuable items.
Social interaction, the presence of exciting quests and tasks.
Disadvantages:
Performance issues with a large number of users.
Difficult to learn: new users have difficulty understanding all the features and functions.
Mediocre graphics.
Highstreet Metaverse offers an innovative approach to combining virtual business and personal communication. However, like any new technology, this metaverse has several limitations. The project’s success will be determined by how effectively it solves problems with graphics, scalability, and security.
Neo Dao by Lado Okhotnikov: a metaverse with elements of monopoly
Source: meta-force.space
A play-to-earn Neo Dao metaverse is one of the key areas of the Meta Force project created by Lado Okhotnikov. Here it is difficult to separate the virtual world and the real economy, which are organically intertwined. Life is in full swing in this world: users study at Force Academy, trade on the ForceDEX crypto exchange, create their own companies and build houses, and actively exchange goods on the marketplace.
Plans for the future include the launch of game scenarios of the “game in a game” type: there will be separate game zones with unique game mechanics. In addition, the project plans to expand the audience’s interest through shows, comics, books, movies, and animation, which will also be included in the meta world.
Advantages:
Simple and intuitive gameplay.
Loyalty program with bonuses and drops.
The ability to earn cryptocurrency.
Open world.
Disadvantages:
The project is at the development stage.
No cross-platform.
The idea of Lado Okhotnikov’s team captivates with its originality in terms of creating tangible products that can be owned in the metaverse and in the real world.
Meta Platforms, Inc: Zuckerberg bets on AI
Source: www.about.meta.com
When covering the topic of metaverses, it is impossible to ignore such a giant as the former Facebook and now Meta — a social network, a housing booking platform, a private bulletin board, a promising metaverse, and much more. Just a year ago, only a few predicted a bright future for Mark Zuckerberg’s empire, but since then, the company’s shares have shown impressive growth — from 300 to more than 500 dollars.
Analysts explain this success by Meta’s serious investments in virtual and augmented reality: the company is actively working on implementing artificial intelligence into its services. Among the new products promoted by Zuckerberg, Meta AI is worth highlighting first. It is a virtual assistant that not only answers questions but is also capable of creating photorealistic images. According to the Meta press service, this tool is constantly being improved.
Advantages:
Built-in tools for users to create virtual spaces and objects.
The ability to create images and edit them using text query.
Potential for integration with other popular Meta products (Facebook, Instagram).
Disadvantages:
Loss of user trust due to reputational scandals.
Vulnerability to hacker attacks.
Pressure from the regulator.
Limited cross-platform.
Mediocre graphics.
There are sustainable doubts that Meta Platforms will be able to achieve the lofty goals that were solemnly announced—to become a leader among metaverse builders. Almost everyone made mocking comments about the awkward facial expressions of its avatars. In addition, the company still shows negative returns. It is likely that the growth of its shares is simply the result of large-scale layoffs in March 2023, that is, cost cutting.
Conclusion
We have reviewed four different projects. The reader waits for us to conclude and identify the winner. This will be extremely difficult, as there are many evaluation criteria, and each project has its fans.
But perhaps the people’s choice would go with two of the projects. First, the Meta Force team: These guys set high goals for themselves and are very creative. Just look at the RWA technology alone: exchanging digital goods for their real analogues (not money!).
Second, the Highstreet Metaverse team. This is a young project that has every chance to succeed if the developers improve the graphics and add variety to the process.
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