X

Who Is Leading the Metaverse Race?

Meta Logo metaverse
Advertisement

The metaverse is the hottest trend in today’s tech market. A decade ago, we never would have thought such technology could exist. Fast forward to now, and numerous companies have spent resources and focused on winning the metaverse race.

The metaverse features make user interaction in the virtual world a lot easier. With the help of decentralized finance, the metaverse can hold its currencies and allow users to lend, invest, borrow, earn, or spend without needing a central governing unit. New technologies have certainly changed the way we make financial transactions.

For example, digital lending platforms like GetCash.com have allowed borrowers to request a loan and get cash fast without physically visiting a bank or lending company. The process is simple: you fill up a request form, get matched with a lender, and wait for them to deposit the money into your account.

Advertisement

These innovations open up a world of limitless possibilities. That said, let’s talk about leading metaverse companies. We’ll also dive into which company we think will win the race.

Leading Metaverse Companies and Projects

Facebook (Meta)

In 2021, Facebook announced its rebranding to a new name (Meta), which signals Mark Zuckerberg’s intention to refocus his company on building metaverse technologies.

Since it’s already one of the most prominent social media platforms, it would be easy for Facebook to revamp social media and bring the metaverse to life. It only makes sense; Facebook spent $12 billion on VR/AR in 2020 and will increase to a whopping $78.2 billion in 2024. Also, Facebook purchased Oculus in 2014, so you might say it is among the pioneers in the metaverse race.

Advertisement

Decentraland

Decentraland is a browser-based platform in the works in 2015 and released to the public in 2020. It is a space where content creators and companies can create new artistic mediums or look for commercial opportunities.

You don’t need a VR headset to join this metaverse experience, but Decentraland has announced that they will be releasing one this year. The platform has its cryptocurrency, MANA, which users can use to buy NFTs (non-fungible tokens) using the Ethereum blockchain.

Two of the most significant advantages of this platform are its impressive creation tools and thriving community.

Advertisement

Axie Infinity

With a focus on gaming, Axie Infinity is one of the top games to earn NFTs. In this case, players need to purchase at least three Axies to form a team and earn tokens called SLP (smooth love potion), which you can use to breed or buy more powerful Axies.

Because it is mainly a play-to-earn game, skeptics are not sure that Axie Infinity is a part of the metaverse. However, the NFT and a play-to-earn model make it a perfect avenue for a significant metaverse movement.

Additionally, there’s more in the pipeline regarding the game, such as the release of Battle V2 and land gameplay. It also has its currency, AXS (Axie Infinity Shards), which you can earn if you’re among the top players and spend to breed more Axies.

Advertisement

The Sandbox

This digital environment is based on the Ethereum blockchain and also utilizes NFTs. This virtual world allows users to make games from which they can make money. The game employs tokens, including LAND, ASSETS, and SAND.

The primary token is SAND, which you use for staking, governance, and transactions. LAND tokens allow creators to purchase digital real estate properties, and creators use ASSETS to generate content, which they can upload to the marketplace.

Top Companies Participating in the Metaverse Race

Microsoft

The popular software company is developing applications for the metaverse, such as a new AR chipset with Qualcomm that’s used to access new features. The company also acquired AltspaceVR, a leading platform allowing creators to create virtual events easily.

Advertisement

Apple

Although it’s primarily a hardware company that only creates software for its products, Apple’s participation in the metaverse lies in augmented reality. It plans to release AR glasses, caps, and headphones soon.

Amazon

The e-commerce giant is another player in the metaverse space, particularly in the delivery of cloud-based services in gaming tech.

Snapchat

The multimedia platform has released a new avatar lens that shows how users will look in the metaverse. Its AR filters allow users to overlay digital attributes on the physical world. The company also released AR glasses this year.

Advertisement

Conclusion: Who Is Leading the Race?

With its acquisition of Oculus in 2014, its vast user base, and its enormous spending on the metaverse, it makes sense that Meta is at the forefront of the metaverse race. The primary metaverse experience that Meta provides, for now, is Horizon Worlds, but there are bound to be more technologies to be released soon.

However, despite this, Meta still has a long road ahead to entice users to participate in the metaverse. Although other metaverse platforms are already established, Meta’s commitment and access to billions of users will work to its advantage.