Can Meta Compete With The Decentralized Metaverse?

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Recently, interest in the metaverse has increased dramatically, especially after Facebook changed its name to “Meta”. Today, metaverse projects do similar work to Meta. However, at this point, it should be noted that Meta is central and other projects are separated from Meta with decentralization.

Also at the moment, cryptocurrencies, blockchain and NFTs are intertwined with the metaverse. therefore, it is thought that these projects, rather than Meta, will have a say in the metaverse universe in the future.

In addition to these, according to some data obtained, all blockchain categories were swept up in 2021, with GameFi and Play-to-earn taking the top spot with around 13% of all investments.

While the interest in the crypto ecosystem shifts from DeFi to NFT and from there to GameFi, the second half of the year is left behind with important steps. For example, on August 6, Axie Infinity made $17 million in revenue, surpassing even Honor of Kings, one of the top mobile games released by Tencent.

Meta and Decentralized Metaverse

In order not to lose its place in the digital field, as before, Facebook changed its name to Meta and shared its projects in the metaverse field. However, this step was not welcomed by the crypto community, which is particularly focused on decentralization. Because the metaverse aims to be decentralized, but Meta tries to do it centrally, as it has done before in the social media space.

Although Meta expresses its goal of being a metaverse, users do not have a say in this metaverse. Therefore, when the platform is fully formed, users may not be able to choose how they will look or what activities they want to see. Ultimately, the last word will be on Meta.

However, metaverses created using blockchain technology give users the management of the platform. In other words, users decide what will happen to the created metaverse, how they will look and which events will be organized. This gives users real freedom.

Let’s examine some of the decentralized metaverse projects together…

Decentraland (MANA)

Decentraland is among the longest running cryptocurrency and metaverse projects. Decentraland uses a VR social technology so that the platform can be managed in a completely transparent and fair manner.

In addition, Decentraland offers its users MANA, a cryptocurrency that can be used not only within the project but also with its own value. Users can use MANA from in-game purchases, as well as invest in MANA through cryptocurrency exchanges.

In addition, in Decentraland, users can be anyone they want, define their own appearance, play games, attend concerts and go to digital places created in the metaverse with one click. Additionally, users can purchase digital plots in Decentraland.

The Sandbox (SAND)

Sandbox appears as a project similar to the Decentraland project. Because in Sandbox, users can buy and sell products, land and real estate to generate income. Sandbox also offers users the opportunity to socially interact with others and enjoy the metaverse, as in Decentraland.

Sandbox also attracts the attention of important names in the music industry such as Snoop Dogg and Deadmau5. There are also well-known shows on Sandbox that advertise games like The Walking Dead.

We can say that these two metaverse projects are currently dominating the ecosystem. However, in the metaverse ecosystem; There are many projects such as Axie Infinity (AXS), Bloktopia (BLOK), MOBOX (MBOX), Enjin (ENJ) and MyNeighbourAlice (ALICE).