Metaverse Tokens: Yet Another Publicity Stunt

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

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.

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.

Images:

• Lead Image Unsplash (modified)

Follow me on: ● ReadCash ● NoiseCash  ● Medium ● Hive ● Steemit   ●Vocal ● Minds ● Twitter ● LinkedIn ●Reddit ● email ● tipb.ch

DISCLAIMER: All material published in this content, is used for entertainment and educational purposes and falls within the guidelines of fair use. No copyright infringement intended. If you are, or represent, the copyright owner of materials used in this article, and have an issue with the use of said material, please send an email.

SLP and SmartBCH Wallets:

• SLP: simpleledger:qp77an8yy98kgarhgmhurvmcrxslth0v9qgft6ypqk

• SmartBCH: 0x2c09bc07354bad5b5c04b3661148d50a5fc087bc

Don't forget to Subscribe and Like if you enjoyed this article!