Why World is Going for Metaverse

By Daily Sharks

The metaverse is a virtual world and the next generation of entertainment, where people interact with other users in digital space by using various technologies such as VR headsets, Augmented Reality (AR), Virtual reality (VR) devices, and Artificial Intelligence (AI).

The term “metaverse” refers to an integrated environment where all information about individuals, businesses, and organizations is stored, shared, and accessed over the internet for the first time. These technologies transform our daily life. Their emergence has created new opportunities for companies to improve customer experiences, increase their revenue and engage with customers more efficiently.

As this technology evolves, it provides several benefits to businesses that can only be realized if they invest in the right way. This article discusses some of the best ways to make money from buying or selling avatars on the blockchain world of games like Fortnite and Roblox.

What Is A Blockchain And Why Does It Matter?

A blockchain is an incorruptible distributed database that records transactions made by numerous parties simultaneously without any central authority. Once a user makes a transaction in an encrypted network, the details remain in the ledger permanently. Blockchains offer many advantages to businesses of different sizes. While others may see them as threats because of security concerns, these systems are far superior to conventional financial markets. For instance, when you trade stocks on major stock exchanges, you cannot verify who has bought or sold which stock as long as the trading platform does not have its infrastructure of verification. Additionally, no single institution owns a blockchain. All the participants of the system are equal. Furthermore, there are very few middlemen involved in the process of verifying transactions: nodes verify transactions and send notifications to the other members of a network of computers connected to the network. The node is always acting for the common good of the whole network. Another significant advantage of a blockchain is that it provides transparency. With all data recorded in a public record, each transaction becomes available to those willing to view it. There is little chance of error or tampering. However, since everyone is part of a collective effort and everybody knows what is happening, fraudulent activity will be limited. Further, since there is no trusted third person responsible for maintaining track of funds or transactions, fraud cannot occur easily. Moreover, a blockchain facilitates payments among parties without involving brokers or intermediaries. Hence, there is reduced risk. One must consider the potential of cryptocurrencies to understand how blockchain could change your business. Cryptocurrency platforms allow anyone to buy, sell, or stake virtual tokens such as NFTs and real-world assets on demand.

How Decentralization Creates Value

Blockchain technology enables faster transactions and lowers costs in traditional finance. By removing intermediaries, blockchains reduce costs as well as complexity in the global financial system. Centralized servers are responsible for keeping databases updated and managing financial accounts. On top of that, centralized servers make transactions slower. As compared to banks, decentralized systems do not require banks or other institutions to hold deposits for transactions. Therefore, we can say that blockchain networks bring value to consumers and business owners. Blockchains provide greater speed and availability, enabling investors to participate in the global economy and exchange value with ease and peace of mind.

Some examples include bitcoin in 2016 in comparison with fiat currencies; crypto coins vs bank loans; and Ethereum for Defi applications. Similarly, Bitcoin was initially used by developers because of low transaction fees. Users had to wait until the transactions were verified by mining through hash power. When Bitcoin was developed, it was a revolutionary idea that changed the currency industry. Not only was it cheaper to use, but it was also secure and safe when transferred from wallet to wallet. Bitcoin remains the most popular cryptocurrency today. Its value continues to grow each day, with current market prices being $50,000.

Metaverse Games And Platforms Using They Offer Investors Significant Opportunities

While investing in the metaverse is challenging at times, it offers opportunities for entrepreneurs looking to get into this exciting field. Here is a list of metaverse blockchain games you should check out so far to gain valuable insights from the players.

1. Ponzi Scheme Game – Zynga and Club Penguin

Ponzi schemes are scams that involve attracting new players with promises of high returns, only to collapse and then defraud them out of their hard-earned investment. An example of a typical Ponzi scheme is called Club Penguin and Zynga. Both are popular online gaming platforms where gamers can purchase virtual objects (also known as Crypto Kitties) and earn rewards for completing daily activities such as playing games or watching entertaining videos. The scam is designed to look legitimate. The reason why it works under the name of a successful company can be that game developer tends to create engaging narratives around themselves. Each player gets rewarded by downloading updates and playing games they love. Unfortunately, the players begin to lose interest and quit games once the initial payout threshold is reached. Subsequently, gamers fail to report their losses and end up losing their investments. Such scams offer a great opportunity to get rich quickly but don’t pay off. Keep reading for tips on how to spot Ponzi schemes.

2. OpenSea

OpenSea is a massive marketplace offering access to a wide variety of products with no limits. Players can search for items across thousands of categories, discover and compare items at competitive or even premium pricing levels, and shop items on multiple sites with payment options ranging from cash to credit and debit cards. If you wish to stay ahead of the competition, opened offers a unique blend of personalization, customization, and cross-selling products. Although the number of purchases is restricted, the quality control and storage of the images and documents provided are advanced enough to ensure everything is flawless. More importantly, players enjoy exclusive discounts and incentives for signing up. You can find a full guide including helpful tips and tricks for spotting fake deals.

3. Uniswap

Uniswap lets users swap assets between Ethereum and ERC20 tokens, allowing traders to create and transfer ownership of digital assets such as Ether. The integration allows users to create derivative tokens such as XRP, Avalanche, Binance Smart Chain, Solana, Luna… The total amount staked on the network is capped at 1 trillion US dollars, while average gas rates for transfers depend entirely on the chosen token pair. As per uniswap.io, if you want to make 100 billion USD worth of trades in 24 hours, you will need 150 ETH, which means you'll need 150,000 ETH or 18,500BN USD of capital. After 12 hours, you will reach 200 million US dollars in transactions.

4. Harmony

Harmony is a social VR metaverse browser that serves as a home base for all users within a large city-like map experience. The game involves building a community around itself and fostering relationships through interaction. Users can create, and build communities to facilitate collaboration or share content freely by connecting through 3D graphics. Similar to Discord, the social platform uses chat as the primary tool to communicate across multiple groups. The primary feature of Harmony is to enable users to customize their avatar, choose the location of development and communication centers, and connect with fellow hobbyists and creators while creating a personalized immersive video game environment. Even though there are currently over 80,000 active members, Harmony is expected to reach 50 million monthly active users (MAU) by 2025. Users can expect excellent connectivity, highly customized avatars, innovative features, and seamless gameplay. Unity is another big contender on the market that might disrupt the blockchain gaming field. The company boasts nearly 20% of the worldwide web traffic combined. At present, many startups are working on developing applications for WebXR, leading to promising innovations shortly.

Final Thoughts

Just like anything else, getting started with blockchain games is challenging. Some people believe that the game's popularity can never be sustained, but with proper planning and effective marketing efforts, gamers will reap the benefits. Most importantly, investors must know their role and scope of play to determine whether this project is suited for them. Before investing in anything, it is important to keep in mind whether they can execute effectively. Thus, before making any decision, ask yourself whether they can deliver their promise to the community. Remember that every individual plays differently, and having diversity is important not just to achieve success but also to learn from failure.