In 2024, the Metaverse might not be making headlines as it once did, but it's far from stagnant. This ever-evolving digital realm continues to reshape the way we connect, work, and play, offering endless possibilities for creativity, collaboration, and commerce. While we’re still far from fully merging metaverses into our daily lives, staying informed on its progress is key to unlocking the potential it holds for all of us.

The Term

The term “Metaverse” was first coined in Neal Stephenson's 1992 cyberpunk novel Snow Crash, combining "meta" and "universe." Essentially, it describes a shared, online virtual space where users can interact with each other and their environment in real time. This concept transcends physical reality, enabling users to explore virtual worlds, engage in various activities, and create and trade digital assets.

A recent report by DAPPCRAFT highlights that "the term Metaverse is not yet well-defined, which potentially introduces cognitive biases when using this term."

According to the report, a “Metaverse” is a digital virtual environment that:

1. Offers its participants tools for creating new virtual environments and assets that are not required to be connected to each other stylistically or by a common story;

2. Allows transition between worlds created by other participants (via teleports or open-world model).

The report also attributes the following features to metaverses: support for blockchain technology, public access, and a distinction from traditional games.

It’s important to recognize that the term "Metaverse" can refer to two different concepts. On one hand, it can describe a broad virtual universe, comprising various interconnected metaverse projects and platforms, each contributing to a larger digital ecosystem. On the other hand, "Metaverse" might also denote a specific virtual world created and managed by a dedicated team, with its own unique features, rules, and experiences.

Prominent Metaverse Projects

Now that we've clarified the definition, let’s explore some of the standout projects in the Metaverse space: The Sandbox, Decentraland, and Oncyber.

The Sandbox is a vibrant universe on the Ethereum blockchain, where NFTs represent unique digital assets. LAND, its fundamental unit, is an ERC-721 NFT measuring 96 meters by 96 meters. Owners can terraform and customize their LAND, with over 115,850 of the 166,464 total LANDs already minted by a decentralized community of more than 23,500 members. The Sandbox offers a dynamic platform for creating, sharing, and monetizing virtual experiences. To dive into The Sandbox, create an account on their website via Web3 wallet, email, or Google, then select "Play" to explore active events and download the game client.

Decentraland is a decentralized virtual world on the Ethereum blockchain where the community drives the experience. Its virtual city, Genesis City, consists of LAND parcels that can be bought, sold, and rented through the Decentraland Marketplace. The platform operates under community governance, with open-source code allowing continuous improvements and hosting by users. Creators design Wearables and Emotes, earning from sales and supporting community grants. Explore daily events or contribute your own by creating an account on their website via Web3 wallet, email, or a social media account.

Oncyber makes creating 3D browser games and experiences easy and accessible. With its intuitive interface, you can build and share 3D environments directly in your browser with just a few clicks. Oncyber supports custom scripting for unique interactions and includes automatic performance enhancements such as LOD and asset optimization. A marketplace for assets is coming soon, and you can collaborate with others by sharing a link to your space. Explore the possibilities of Oncyber and get started by checking out the Getting Started Guide.

More Metaverses

If you're interested in diving deeper into the metaverse, there are many more exciting projects to check out beyond the ones we’ve just covered. The DAPPCRAFT report provides a broader comparison, including platforms like Substrata, Spatial, Hyperfy, Voxels, SomniumSpace, and Monaverse. Here's a snapshot of how they stack up:

• Community Activity: The leaders in community engagement are The Sandbox, Decentraland, Voxels, and Oncyber. Spatial has a strong Discord presence with 18,432 members.
• Player Activity: Substrata and Oncyber take the lead in terms of concurrent users, showing high engagement levels.
• Customization: Decentraland and Substrata stand out with their fully open-source platforms, offering extensive customization.
• Web3 Compatibility: Decentraland, Sandbox, and SomniumSpace integrate deeply with the Web3 ecosystem, each having their own tokens.
• Decentralization: All these projects support permissionless scene deployment, with Decentraland and Sandbox also being governed by DAOs.

These platforms each offer unique features and experiences, giving you plenty of options to explore and find the metaverse experience that best fits your interests.

Benefits of Metaverse Adoption

As we delve into the potential of the metaverse, it becomes clear that its adoption offers transformative benefits across various sectors. In social interactions, the metaverse creates immersive environments where individuals can connect and engage more deeply, transcending geographical boundaries. Whether attending virtual concerts or exploring digital worlds together, these shared experiences foster a sense of community, even when physical gatherings are restricted, as seen during the COVID-19 pandemic.

In the workplace, the metaverse has the potential to revolutionize how we collaborate. Virtual reality (VR) and augmented reality (AR) technologies enable remote working environments that are more interactive and engaging, enhancing productivity and creativity. Virtual meeting spaces can simulate in-person collaboration, making remote work more dynamic. Similarly, in education, the metaverse can offer more personalized and immersive learning experiences, catering to different learning styles and increasing accessibility to quality education.

Conclusion

The metaverse is still in its early stages, but its potential to reshape social interactions, work environments, and education is undeniable. The projects and innovations discussed here are just the beginning, and the future of the metaverse holds even more opportunities for creativity, collaboration, and growth. As this digital landscape continues to evolve, it will likely play a central role in how we connect, work, and learn in increasingly immersive and dynamic ways.