🗿The Metaverse In 2024

Metaverse has become a nebulous term, and similar to the Internet, the way we imagine it today will likely not be the form it ultimately takes. This is largely due to the fact that the Metaverse is not a single technology, entity, or organization, but instead a synergy of technologies, peoples, activations and more. Common characteristics of Metaverse environments today are that they are immersive, decentralized, experiential, and activities based.

As technology and society continue to advance alongside an evolving perception of what digital landscapes should be, the future of the Metaverse will slowly take shape. One of the fundamental technologies that will contribute to this ultimate vision of the Metaverse is the blockchain, with the initial steps already being taken.

KEY METAVERSE CONTRIBUTORS

With the Metaverse being viewed as the next evolution of the internet, no shortage of companies, old and new, have jumped into the foray. Notable contributions to the space will be discussed below:

META

Meta’s CEO Mark Zuckerberg triggered a momentous pivot for the social media company, allocating extensive resources on building a “maximalist, interconnected set of experiences straight out of sci-fi,” also known as the Metaverse. Meta has focused much of its efforts on VR, which has been slow to adapt given the cost of headsets and the limited geo functionality.

EPIC GAMES

Creators of the widely used Unreal Engine and massively popular battle royale game Fortnite, Epic Games has made significant contributions to the Metaverse even prior to the popularization of the term by constructing virtual worlds where millions of people can play, socialize, and participate in the digital economy, as well as activities outside of gameplay.

DECENTRALAND

Decentraland blazed the trail for blockchain-based virtual environments, establishing the Metaverse as their core product, and constructing a virtual reality platform on the Ethereum blockchain. Users are able to create, interact with, and monetize content and apps. Blockchain technology introduces a number of unique capabilities, such as democratized governance, true asset ownership, and composability. Decentraland consists of an estimated 90,601 distinct parcels of land, with one piece of real estate notably selling for $2.4 million.

ROBLOX

Roblox is a platform that allows users to play a wide variety of games, create games, and chat with other players online. Roblox combines gaming, social media, and social commerce and describes itself as the ultimate virtual universe. Roblox users can socialize, build their own spaces and earn and spend virtual money, known as Robux.

KEY METAVERSE CONTRIBUTORS CONTINUED

SANDBOX

Sandbox is a blockchain-based virtual world in which users can create, buy, sell, trade and own digital assets in the form of NFTs. Sandbox engages a play-to-earn model, where users can assume the roles of creator and gamer simultaneously. Notably, HSBC purchased a plot of land in the Sandbox to better engage with sports, e-sports, and gaming fans. Sandbox has an estimated total of 166,464 LANDs available, with 123,840 (74%) available for purchase by the public.