If you have been involved in the crypto world for a while, then you have undoubtedly come across the term Metaverse. The metaverse can best be defined as the online digital world that is slowly starting to form. Various crypto projects are responding to this, but now there are also centralized competitors with Meta and Roblox that are throwing themselves into the Metaverse.
However, for this article we are not going to focus on that and will stick to the largest Metaverse projects in the crypto world.
Decentraland
The most famous name in the crypto world when it comes to the Metaverse is undoubtedly Decentraland. This project has a market cap of USD 550 million at the time of writing and writes a trading volume of USD 24.5 million over the past 24 hours.
Decentraland is a virtual world where users can buy land in the form of NFTs as an investment. It is also possible to buy houses and other objects. Designers can even make money in the world by designing clothes and accessories for players in the virtual world.
Towards the end of 2021, the virtual world of Decentraland really took off with several major brands buying a place in the world. Among these big names were Samsung, Adidas and Atari, among others.
Criticism of the Metaverse
It’s not all fun in the Metaverse, by the way. Although Decentraland has a huge market cap of 550 million dollars, there are currently very few people who play in the virtual world on a daily basis. At the time of writing, Decentraland has about 1,000 daily active users, which is extremely low for a company with a market cap of over half a billion dollars.
The competition at The Sandbox is also not doing well at the moment, they welcome about the same number of users as Decentraland every day. The big difference is that the majority of The Sandbox users are employees of the platform. Is the Metaverse a bubble? Only time can tell us.