The crypto gaming industry continues to explode in popularity. The play-to-earn (P2E) crypto
gaming industry, which combines cryptocurrencies and video games,
has become a multibillion dollar industry and in this video I’ll take a look at two of the
most prominent exponents of the burgeoning space Decentraland and The Sandbox. Just before I do
keep in mind that crypto remains a volatile asset class so its important you do your own research!
Decentraland and The Sandbox are Ethereum-based
virtual reality platforms that aim to grow the gaming community by combining
decentralised autonomous organisations (DAOs) and non-fungible tokens (NFTs).
In Decentraland, users can buy and sell virtual real estate in the form of NFTs,
enabling them to benefit from value increases. And this can be done while
playing games in the metaverse. From shopping malls to digital skyscrapers
and movie theatres – players can buy and sell anything on Decentraland.
Content creators, businesses and individuals looking for an artistic medium or a business
opportunity can hop on to Decentraland. The Decentraland game world or the metaverse
consists of more than 90,000 land parcels, each of which is represented by an ERC-721 NFT.
Landholders can develop their plots to create new business opportunities in the metaverse.
Over time, this platform has evolved to include interactive apps,
in-world payments, and peer-to-peer communication for users.
MANA, an ERC-20 token, is the native cryptocurrency of Decentraland.
It is used as a governance and utility token in the metaverse.
To do any transaction on this marketplace, a user needs to have MANA tokens.
According to CoinMarketCap, MANA is the 37th biggest digital token in the world,
with a market capitalisation of US$3.61 billion. Currently, 1.84 billion MANA
tokens are in circulation compared to its total supply of nearly 2.2 billion tokens.
Moving on to The Sandbox and with this platform, users can control avatars in the Sandbox virtual
world and create in-game items using Sandbox's native world builder VoxEdit. Using VoxEdit,
players can create 3D objects that can be animated and sold as NFTs later. By selling their creations
in The Sandbox's in-game marketplace, players can earn SAND, the metaverse's native token.
SAND, which is also an ERC-20 token, can then be used to play games and purchase other
in-game items. Players can also buy pieces of virtual land in the Sandbox metaverse
using the SAND token. These lands can be developed as properties and can be rented to other users.
According to CoinMarketCap, SAND is the 40th biggest digital token in the world,
with a market value of US$3.11 billion. At present, 1.16 billion SAND tokens
are in circulation compared to its total supply of 3 billion tokens.
While both SAND and MANA seem to have a promising future, Sandbox aims to
make itself available on mobile devices. But Decentraland has not specified any such roadmap,
although it continues its collaborations with creators, brands, and celebrities. Both are
considered pioneers in the metaverse space and their collaborations with big name brands such as
Nike and Addidas are testament to their influence – you’d be wise to add both to your watchlist!
Hope you enjoyed the video, if you did, share it with your friends, leave us a comment or a like
and don’t forget you can subscribe and press the bell icon to stay notified.
For any further information just head across to Kalkinemedia.com – im james reporting for kalkine!