Venturing into Virtual: How to Get Into the Metaverse Successfully

David Azaraf | June 26, 2023
5 min read
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As we stand at the foot of rapid technological progress, the metaverse looms large as the next frontier to explore. Many have started to wonder what the metaverse represents and how to get into the metaverse, whether as players or as creators looking to learn how to profit from the metaverse. With heavyweights like Apple and Meta, and pioneering platforms like Decentraland and The Sandbox, all making a play in the metaverse, there’s no better time to delve into the fresh opportunities the metaverse presents.

What is the Metaverse and How Does Blockchain Relate?

First coined by Neal Stephenson in his 1992 science fiction novel “Snow Crash”, the term ‘Metaverse’ represents a collective virtual shared space, imagined as a successor to the internet. The concept might remind you of the OASIS from “Ready Player One” – a grand, immersive virtual universe. Bloomberg projects the global market value of the metaverse could reach close to $800 billion by 2024

While the metaverse is not exclusively built on blockchain technology, many of its core economic mechanisms utilize blockchain and cryptocurrencies. These digital currencies enable users within various metaverse platforms to buy, sell, and trade virtual goods, properties, and services. Non-Fungible Tokens (NFTs), an innovation of blockchain technology, play a crucial role in this ecosystem. NFTs provide a way to own and trade digital assets, fostering digital art sales, real estate transactions, and more within the metaverse.

How to Get Into the Metaverse

The metaverse isn’t a single, unified digital realm. Instead, it’s a collection of interconnected virtual spaces, each with its unique entry points and rules of engagement. Here’s a listicle of some notable platforms that can be considered ‘metaverses’:

  1. Decentraland: This Ethereum blockchain-based virtual world allows users to purchase plots of virtual land that they can explore, build upon, and monetize. Access is simple and free – you can enter Decentraland through any web browser, though a Metamask wallet is needed for transactions.
  1. The Sandbox: Similar to Decentraland, The Sandbox offers a blockchain-based virtual world, but with a focus on gaming. It can be accessed via its desktop application after creating a free account. To engage in transactions, a cryptocurrency wallet such as Metamask is necessary.
  1. Spatial: Spatial focuses on collaboration and remote work. Accessible via a browser, smartphone app, or a VR headset, it allows users to create their own avatars and virtual rooms, ideal for meetings or virtual hangouts.
  1. Minecraft: While not typically thought of as part of the Metaverse, this beloved game lets users create and explore virtual worlds. Access is through purchase on your preferred device’s app store or directly from the Minecraft website.
  1. Roblox: A platform that allows users to design and play a vast array of mini-games created by other users. Access is free and available on a variety of platforms, including PC, mobile, and console.

Remember, while some of these platforms offer browser-based access, immersive experiences are best enjoyed with VR or AR devices, like the Oculus Quest or the upcoming Apple headset.

Spotlight on Xmanna: A Rising Star in the Metaverse Gaming Landscape

Xmanna stands as a unique player in the Metaverse, positioning itself at the intersection of gaming and blockchain technology. Xmanna is a gaming company developing immersive, blockchain-powered games set in expansive Metaverse landscapes1.

One exciting feature of Xmanna is its Security Token Offering (STO) on INX, which gives gamers and investors alike the opportunity to become part of its growth story. STOs are a type of public offering in which tokenized digital securities, backed by real assets, are sold in cryptocurrency exchanges. These tokens can then be traded, sold, or held as investments.

Through this STO, Xmanna is not only democratizing game development but also offering a potential return on investment, merging the world of traditional finance with the Metaverse.

How to Potentially Profit From The Metaverse as a Creator

The metaverse offers a fertile ground for creators to not just express their creativity, but also to monetize it. Whether you’re an artist, musician, game developer, or entrepreneur, the opportunities are boundless.

  1. Artists: Creators can mint their artworks as NFTs and sell them in virtual galleries, thereby retaining more control over their work and profits.
  1. Musicians: From live performances in digital arenas to selling music as NFTs, the Metaverse opens up innovative ways for musicians to connect with their fans and monetize their work.
  1. Developers: Developers can create virtual experiences, games, or even entirely new worlds. Through tokenomics, they can earn rewards for their contributions.
  1. Entrepreneurs: Buying virtual land, building attractions, and charging visitors for experiences or services is another way to profit. For instance, in Decentraland, you can buy land using MANA, a cryptocurrency, build an attraction, and then charge visitors in MANA.

One platform that’s especially creator-friendly is Roblox. Roblox’s economy is built around its native currency, Robux. Developers on Roblox create their own games within the platform. They can earn Robux, which can be converted into real-world currency, by selling in-game items or receiving donations from other players. This democratized platform enables creators of all ages to earn income from their creations.

David Azaraf June 26, 2023

Crypto enthusiast, help businesses plug into the token economy

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