Metaverse Tokens: Yet Another Publicity Stunt

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2 years ago

Do “Metaverse tokens” even exist?

Sometimes, the cryptocurrency market resembles an endless hype-exploiting industry, based only on narratives and catch-phrases.

Immediately after the Facebook announcement of rebranding to Meta, every blockchain platform involved with gaming is now marketed as a Metaverse app, platform, or game.

We expect a future development of a Metaverse that will include almost everything the Internet offers. The Metaverse will combine various existing technologies (VR, AR, Internet, 5G), together with next-gen developments (AI, IoT, AR cloud, Neural Interface, and more). And the crypto space hopes NFT protocols will be a valuable component providing proof of digital ownership.

We don’t even know how a Metaverse could develop, and the approach of Zuckerberg is just a limited gaming platform with the user wearing an Oculus headset to play some VR games.

Yet, the latest hype in the crypto world is now called “Metaverse Tokens”. Suddenly, we read in the news that projects not even remotely close to the core ideas behind a Metaverse have the potential to compete in this field. However, the advertising of some crypto projects as “Metaverse tokens” is misleading.

Decentraland - Sandbox - Second Life

Art Exhibition in Second Life (2006)

Source: Flickr, by Dean Terry (CC 2.0)

Hence, we suddenly learn that Decentraland (an inferior version of “Second Life”) will be the Metaverse since this is what market(ing) decided.

The NFT technology is undoubtedly progressive. Yet with the billions so far invested in Decentraland, the outcome is poor.

Another blockchain “3D world” called "The Sandbox" received equal hype and is also described as a Metaverse project developing the future of the internet. Although, the Sandbox is on the Binance Smart Chain, one that is widely considered centralized with most validators running by Binance exchange (source).

The gaming and corporate world justifiably ignores so far these blockchain developments as technology in the gaming industry is decades ahead of its blockchain counterpart.

Redesigning the model of a 20-year-old platform (Second Life) and adding NFT functionality is not progress. Using similar to Minecraft graphics is not progress either. Minecraft is successful because of its gameplay, another feature absent in almost all blockchain games.

Perhaps investors are ignoring the developments in real 3D worlds offered by major gaming corporations, gameplay, and user-friendly interface that reward actions and acknowledge gaming skills.

Decentraland was also supposed to be a VR universe, yet, devs never implemented VR capability.

Second Life (date: 2014) - Fountain Plaza

Source: Wikipedia(CC 2.0)

We can only hope there will be a better attempt than Second Life which was released in 2003 and achieved decent popularity. Yet, not even Second Life reached mass adoption.

In 2013 the "Second Life" universe achieved 1 million active daily users. Decentraland at its peak probably had 1,000 users, and the ERC20 token, MANA, had an unrealistic market cap of 8 billion USD.

While Decentraland was the closest blockchain development to what will eventually be the Metaverse, it is still not even close to the technological progress in today's gaming world, thus will fail to attract the gaming world.

The state of blockchain games is not a lot better either. The two most popular games are the card game Splinterlands a static game like Axie Infinity. Their total popularity derives from the pay-to-play-to-earn model. Without the monetization factor and the advertisements promising wealth to players, these games would have long gone extinct.

Yet, there is an enormous difference between creating a game with some blockchain elements involved, and calling some crypto-projects Metaverse tokens, just to follow new trends.

In Conclusion

Source: Wikipedia (CC 2.0)

NFT integration in future 3D worlds and games is necessary and inevitable, but this doesn’t change the fact there are no Metaverse developments within the blockchain field today.

We watch just discussions and limited promises that will probably never proceed either.

Although, the blockchain universe contains no standards but limited demands, about the price of the token reaching “to the moon”. That’s all that matters to crypto exchanges, investors, and an overwhelming number of “crypto-enthusiasts”.

We have enough aggressive advertising, but inferior blockchain games and virtual worlds with stability issues and outdated graphics design.

And perhaps we will encounter competing projects on the dominant protocol trying to prevail. Console giants Nintendo, Sony, and Microsoft are some possible contenders that will compete with different versions of the Metaverse.

Although, we can lie to ourselves on the technical superiority of blockchain developments in the Metaverse, and perhaps convince crypto investors to keep pouring money into “decentralized” platforms nobody will use.

Or, we can constructively criticize unnecessary and misleading hype, with a strict approach to what we market as the future of finance and the future of the internet.


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Comments

The development should continue as age proceed and not counter wise. The level of the graphics in the Decentraland-sandbox-S.L can't attract gamers. There should be a more standard Minecraft graphics

$ 0.00
2 years ago

Heard this term first in June or so at an E-sports conference, some grifter was talking about Roblox and referred to it as "the metaverse" ;) Fast forward few months later and everyone is using this word. There's nothing organic about this term, even before Facebook, some investors and grifters were already privy that this will be the next buzzword, and better start using it. So it's just one, massive grift ;) If you want more youtube views, you put "METAVERSE" in your video title, if you want to sell more NFTs you put METAVERSE in your whitepaper and so on ;)

$ 0.05
2 years ago

Yes, this is just about marketing and exploiting the publicity of a single word.

$ 0.00
2 years ago

It is a hot topic, and the metaverse as a concept exists for decades, but the current developments are not very close.

$ 0.00
2 years ago

next era will be metaverse after NFT.

$ 0.00
2 years ago

The real Metaverse will be 10-20 years in the future. Technology is not ready yet.

$ 0.00
2 years ago

They are late with everything ... METAVERSE Index $MVI was already created by Index Coop

$ 0.11
2 years ago

Didn't know about this index either.

$ 0.00
2 years ago

Just published an article about it on P0x earlier today. It's an interesting one as it has the top gaming and sports tokens

$ 0.00
2 years ago

And it named almost everything as Metaverse! NFTs, games, doesn't matter to crypto marketing!

$ 0.00
2 years ago