Introduction
Games have been part of human civilization since ancient times. People used to use puzzles, riddles, boards, and stones to invent new games to entertain themselves. In recent times, studies have shown that games can play an important role in sharpening the human brain, and people who play games can benefit from increased cognitive, problem solving, and creative capacity. The latest evolution of gaming has gone out of Web 2 dimensions and resulted in the creation of metaverse, which is based on Web 3.0.
What is the Metaverse?
Metaverse is a portmanteau of two terms, namely Meta and Universe. The term Meta means something beyond the ordinary perception, while the universe signifies the container for a given reality. A metaverse is an immersive place existing on the internet where players have the liberty to design their immediate surroundings using programming languages and user interface tools.
Additionally, using blockchain products like NFTs, the players can also design their avatar skins or trade them in exchange for cryptocurrencies.
Origin of the Metaverse
The concept of the metaverse was penned down by an American author named Neal Stephenson in 1922 in a sci-fi novel called SnowCrash. The novel depicted a virtual reality world where its characters were faced with an ancient language virus that wiped the memory from the minds of developers. In 2021, Facebook CEO Mark Zuckerberg adopted the term in an attempt to rebrand his company under Meta.
Before the adoption of Metaverse by Zuckerberg, a few other gaming franchises introduced 3D virtual reality platforms where the users were capable of existing in a simulated reality using artificially created avatars. The first-ever example of such a game can be seen in the form of a 2000 game called SIMs. Another pioneer metaverse gaming platform is known as Horizon Worlds, which was introduced by Facebook in 2003.
Applications of Metaverse
Like most people, the readers of this article must also have a question that is metaverse something that is worth spending time on? The flag bearer organization for the metaverse today is a company formerly known as Facebook. Facebook is a social media platform that generates income by allowing people to create an online account and make friends on the internet.
Over the years, Facebook acquired other social media platforms such as Instagram, WhatsApp, and Messenger, among others. The main business model of Meta is based on generating massive online traffic using entertainment services.
Due to their massive online traffic, the smallest to biggest consumer corporations pay big bucks to Meta in an attempt to increase or maintain their market reach. During the last decade, social media applications have managed to become an important part of pop culture. The same goes for metaverse as well. A new, more hyped-up platform filled with newer entertainment models is bound to attract a massive amount of traffic from all parts of the world that would compel commercial enterprises to join the platform.
It is worth mentioning that other tech companies like Microsoft have also jumped onto the metaverse bandwagon. Microsoft developers have already launched a pilot phase for a virtual workplace that is useful for meetings, documentation, workplace, and project collaborations, among other benefits.
Some experts postulate that in the future, academia can become a virtual space with students lining up to enroll in virtual classrooms and engineers from all around the world attending virtual reality conference halls.
Differences Between a Regular Game and a Metaverse Platform
Many people ask the question that everything that other virtual and augmented reality games offer is available using the current technology. Then why did the world need to have a Metaverse? The similarities between the metaverse and regular virtual reality games are many. However, there is also a considerable point of distinction:
Metaverse is based on Web 3.0, which intends to be a decentralized platform allowing it to operate without the intervention of a centralized authority.
Players in the Metaverse don’t just buy or purchase different features, but they can create new features such as skins, real estate, weapons, keys, and decorative items in the form of NFTs or Non-fungible tokens.
Players can claim legal ownership of their virtual real estate inside the metaverse. They have the right to sell their space to other players on a multitude of Web 3.0 platforms.
Metaverse can operate as a play-to-earn gaming platform where the players can earn cryptocurrencies using workouts, gameplay sessions, strategy design, and many other ways.
Metaverse can create new job opportunities for architects, civil engineers, artists, fashion designers, content creators, graphic designers, musicians, and several other technicians to get contracts for virtual world development.
The programmers and coders will have a whole new level of engagement within the metaverse. They can work as independent consultants and work as troubleshooters or develop new applications within the metaverse.
Metaverse ensures physical activity for its players, unlike many regular gaming platforms where the players are glued to their screens for hours on end. Therefore, the space has a great potential to increase the rise of virtual trainers who can offer a virtual gym membership that anyone in the world can join.
Metaverse can bring the use of cryptocurrency payment for everyday usage to a mainstream level. When players can trade every product and service using cryptocurrencies in their virtual lives, they would find it more convenient to adopt the same monetary model in the real world.
Metaverse applications can be used beyond gaming for creating virtual operating rooms, virtual reality symposiums, tech conferences, and other technical workshops using VR resources for presentation, collaboration, and updating.
Metaverse can discourage unwanted use of paper resources for documentation and also decrease travel for work-related reasons. It can save time, improve the environment, cut down company costs, and increase the quality of life for the salaried employees.
What is a Metaverse Wallet?
The concept of the metaverse sounds exciting and filled with countless opportunities. However, at present, it is not a very accessible technology for the better part of the world. Metaverse is currently present in the form of expensive hardware and software input devices like Oculus etc.
Furthermore, anyone who wishes to join the metaverse is going to need a dedicated digital wallet to manage their virtual reality world assets. The whole point of Metaverse is the ability to purchase, sell, trade, and create new NFTs. A Metaverse wallet is a digital address where the players can carry out their digital asset management securely.
Applications of Metaverse Wallets
The cryptocurrency market was able to surpass the $3 trillion aggregate evaluation last week. As a result, a considerable amount of digital wallet service providers have surfaced. The players of the metaverse can join a digital currency wallet provided by the gaming platform. On the other hand, these players can also join other Web 3.0 compatible digital asset wallets. Here are some of the biggest advantages of owning a metaverse Wallet in 2022:
Without a Metaverse wallet, players can’t exist or do anything inside their metaverse accounts.
Metaverse wallets are a digital counterpart of storage units in real life. Many people used to purchase antiques and vintage articles as an investment. The metaverse players can store first-of-its-kind NFTs in their wallets in the same manner.
The grayscale report postulates that metaverse can reach an evaluation of $1 trillion worth of estimated annual revenue. The metaverse players with a wallet full of collectibles can share some part of the aforementioned profits.
As time passes, the value of metaverse real estate can increase significantly in prices based on the number of new players and an increase in online traffic. The players who own the smallest chunks of metaverse estate can sell it for a good return.
Companies in the future can treat a metaverse account as a profiling tool for hiring new employees. Artists and other technical creators can use their metaverse accounts to create an outstanding portfolio to attract the attention of the top recruiters in the world.
Metaverse can allow people to interact personally with well-known personalities in real-time without any security risks.
Companies can become borderless enterprises using metaverse. Exists as a virtual reality workplace where employees can log in from remote parts of the world and get paid using work-to-earn models using metaverse wallets.
Top 7 Metaverse Wallets in 2022
There is a considerable amount of software development organizations that are offering metaverse wallets or Web 3.0 compatible digital currency addresses. In a swamp of new metaverse wallets, it can be hefty for a new player to find the best options. Here are the top seven metaverse wallets in 2022 in regards to their features and rankings among players:
MetaMask
MetaMask wallet was created by ConsenSys, a software development company specializing in web-based programs based on the Ethereum network. The most popular feature of MetaMask wallets is the presence of browser extensions. The technical users also appreciate the option of creating more than one digital address for storing various types of NFTs.
On the other hand, the users can also opt to create a single digital currency address on their metaverse wallet for storing their digital assets in one place.
AlphaWallet
AlphaWallet was created by a diversified group of developers who have extensive experience in working on blockchain projects. AlphaWallets are favored by investors who are interested in collecting tokens based on the Ethereum network.
AlphaWallet is integrated with top NFT marketplaces like ChainZ Arena and OpenSea. AlphaWallet also allows its users to mint new NFTs, and it can host tokens based on smart contracts. Users can secure their digital reserves on AlphaWallet using a long passkey based on 12 randomized strings.
Enjin Wallet
Enjin Wallet was created by two developers named Witek Radomski and Maxim Blagov. The digital wallet designers of Enjin have put a massive emphasis on creating a metaverse wallet with the best User Interface and tools.
Many Web 3.0 corporations have shown an interest in adopting the Enjin Wallet model on account of its easy-to-use and understand features. Enjin Wallet users can also hold and trade a native token called ENJ and purchase upgrades.
Coinbase Wallet
Coinbase wallet was created by Coinbase CEO and founder Brian Armstrong in 2012. It is worth noting that Coinbase is the largest cryptocurrency exchange platform operating in the United States. Therefore, the wider adoption of Coinbase metaverse wallets has not been an issue for the organization. Coinbase wallets also offer unique features like allowing players to transfer virtual assets like NFTs without a public address.
MathWallet
MathWallet was created by Eric Yu in 2017. MathWallet can host around 65 blockchain tokens. MathWallet also allows its users to create multiple or singular digital currency addresses. The outstanding feature of MathWallet is that players can stake the listed tokens on the wallet to earn yearly or monthly yield incomes. Many features of the Metamask wallet are present in the MathWallet as well.
Trust Wallet
Trust Wallet was developed by the largest cryptocurrency exchange company in the world called Binance. The Trust wallet is estimated to have around 5 million users around the globe. The users can store or manage their cryptocurrency assets and metaverse tokens in their Trust Wallet accounts. However, Trust Wallet does not allow the players to conduct trades or transactions to maintain its high-level security protocols.
Coinomi
Coinomi is a relatively underrated metaverse wallet among the top contenders in 2022. The Wallet not only can allow its users to place virtual assets like cryptocurrencies, metaverse tokens, and NFTs. But it also can store and manage around 168 fiat currencies and offers user interface support in more than 25 languages.
The application is available for users on Android and iOS operating systems. Coinomi was introduced and created by George Kimionis in 2014. At present, Coinomi does not charge any transaction fees.
Top 5 Metaverse Tokens in 2022
While discussing the top metaverse wallets in 2022, the readers have read the term metaverse tokens time and again. Metaverse tokens are the cryptocurrencies that are used by the players on different metaverse gaming platforms. Learning about the top 5 metaverse tokens in 2022 can allow the readers to utilize their metaverse wallets with greater efficiency. Henceforth, here are some of the top contenders:
Sandbox Token (SAND)
Sandbox Tokens or SAND is native to a Web 3.0 gaming platform based on the Ethereum network called the Sandbox. The sandbox gaming world is primarily focused on allowing the players to create new NFTs and trade them. Sandbox has garnered interest from gaming giants such as Atari.
Recently, Lionsgate Production Company approached Sandbox to create a new gaming space within the Sandbox world based on the fictional character and movie Hellboy. SAND token recorded ATH is $8.40 in November 2021. There is a total of 3 billion SAND tokens with 1.24 billion tokens in circulation.
Floki Inu (FLOKI)
Floki Inu token or FLOKI is yet another meme currency that is in the run for becoming a popular metaverse token. The currency has been named after a Shiba Inu breed dog of Tesla CEO Elon Musk. He is well-known for promoting other meme currencies like Dogecoin in the crypto community.
FLOKI coin issuers have expressed plans to create an NFT marketplace, content creation platform, a metaverse game, and educational platforms, among other projects.
Terra Virtual Kolect (TVK)
Terra Virtual Kolect or TVK project was introduced in 2017 when NFTs were not invented. However, today the TVK platform is all about NFTs purchasing, minting, selling, and trading. The users can purchase NFTs using TVK or earn the metaverse coin by selling them.
TVK is compatible with Virtual Reality, Personal computers, Web browsers, and AR/VR gaming spaces. TVR has integrated support from blockchains like Polygon, which is a layer-2 solution on the Ethereum network and Cardano blockchain.
ApeCoin (APE)
ApeCoin is associated with a gaming platform created by Yuga Labs. The same game also gave rise to the popular Bored Apes Yacht Club, which broke the gas fee record on the Ethereum network. APE is a governance and utility token that is also compatible with the ERC-20 token standard.
A report by Fortune suggests that Bored Ape Yacht Club sales generated revenue of $320 million. On the other hand, the issues in minting NFTs on Otherdeeds led to a massive price drop for APE coins to around $3.49.
Decentraland (MANA)
Decentraland is one of the most popular NFT marketplaces in the world. The platform has affiliated with luxury goods brokers like Sotheby’s for facilitating an auction for the sale and purchase of virtual land on the Decentraland that were created as a replication of London-based offices. At present, the market cap of MANA token is valued at $1.548 billion, with a host of big tech companies making a beeline for its new projects.
Conclusion
Metaverse wallets are a window into the world of Web 3.0 platforms and gaming innovations. The developers around the world are hoping to take something as mainstream as gaming and convert it into a multi-trillion dollar industry. Granted that there is no shortage of criticism around the metaverse, the project has been able to keep soaring despite pushbacks and financial losses.
Tokenhell produces content exposure for over 5,000 crypto companies and you can be one of them too! Contact at info@tokenhell.com if you have any questions. Cryptocurrencies are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by Tokenhell authors (namely Crypto Cable , Sponsored Articles and Press Release content) and the views expressed in these types of posts do not reflect the views of this website. Tokenhell is not responsible for the content, accuracy, quality, advertising, products or any other content or banners (ad space) posted on the site. Read full terms and conditions / disclaimer.
