“Metaverse” is a word that has gradually entered our vocabulary, since October 29, 2021, when Facebook rebranded itself “Meta” and published a video in which CEO Mark Zuckerberg states: “I believe that the metaverse is the next chapter of the Internet“. In its current meaning, the Metaverse generally refers to the concept of a highly immersive virtual world in which people come together to socialize, play and work.
Present and certainly future for all companies that want to remain competitive, the Metaverse also offers the possibility of hosting online events, such as Enry’s Island Investor Day, the first event dedicated to investors held in a virtual world. This event is just one example of the potential of the Metaverse in incubating and accelerating business. In fact, Enry’s Island has been planning the implementation of its Metaverse since 2018, with its evolution “from Platform to Metaverse“. This process is supported on the one hand by the construction of its own virtual space through investments in the startup HUI, and on the other hand, Enry’s Island is acquiring space in the main metaverses present on the market (to find out more, and support innovation, click here and access Enry’s Island crowdfunding campaign).
In a short time, they developed many different Metaverses on the market, but the most popular ones are The Sandbox and Decentraland. On this occasion, we will do a comparison of the best project on the market. Let’s start!
Essentially, they both work in a similar fashion, with users being able to explore the virtual world and interact with other players. Sandbox and Decentraland Metaverses allow users to purchase virtual land and use it to create their own world. Additionally, there is a marketplace to sell assets for the platform’s native currency.
Another similarity between The Sandbox and Decentraland is that they are both developed on the Ethereum blockchain. As a result, the land is represented and stored as an NFT on the Ethereum blockchain.
Decentraland has a larger volume of 228669 eth and the cost of land is slightly more expensive 3.08 eth. The Sandbox, on the other hand, has a volume of 102363 eth, with a cost per land of 2.95. There are three types of tokens in Decentraland: MANA (the native currency), WEAR (wearables and items), and LAND (the virtual terrain). While in Sandbox, there are four types of tokens: SAND (the native currency), ASSET (user-created content), GAMES (user-created games), and LAND (the virtual terrain).
Sandbox is the Metaverse with the most collaborations, over 165 brands, including big names like Adidas or the rapper Snoop Dogg, Meanwhile, Decentraland is backed by over 20 investors, but has a partnership with Samsung and even the South Korean government.
The bronze medal for Decentraland Wearables, a blockchain-based virtual world of Ethereum, developed and owned by its users, who can create, experiment, and monetize content and applications. Wearables are worn in-game by avatars, and collecting and trading these unique NFTs is a great way for users to integrate into the growing community. The digital assets are released in limited edition collections and will be available for purchase right here at this store. Its traded volume is up to 77.9K eth and the cost of land is equal to 0.01 eth.
Somnium Space is an open and social virtual reality world built on the Ethereum blockchain. Buy land, build or import objects, and instantly enjoy or monetize assets. Somnium space is a universe shaped entirely by its community of users. Last October, Somnium Space announced a strategic investment in TESLASUIT to continue pushing the limits of possibilities within its immersive and decentralized Metaverse and for the general market. To this Metaverse corresponds a volume equal to 26K eth.
Founded on April 1st, 2018, the Cryptovoxels project was built to initiate a Metaverse on the web, it allows users to make financial decisions that will be in their favor without hurting the community sentiments in the metaverse. The volume traded slightly exceeds 21K eth, against a high cost of land (2,3 eth).
Going down the ranking, we find 3 projects with an average volume, namely: