Published on: 22/03/2022
Web3 announces The Web3 Project, alongside metaverses
Web3 has announced a brand new project set to be integrated with blockchain technology called “The Web3 Project” as the team is making its way in manifesting reality into the virtual environment through some of its metaverses created by various creators.
The Web3 Project desires a world where users can own their data and rewards users with goodies every three seconds, the maximum speed a project can get. Alongside the new project is Web3’s metaverse which features established economy, social networking, and governance by the people within the said virtual environment. Some of Web3’s virtual world or metaverses are Decentraland, Cryptovoxels and Somnium Space.
Alongside these virtual worlds, Web3 also has provided its own unique token called “$Web3” and other benefits users can find through $Web3’s components, namely Trust Fund, Healthy Auto-Liquidity Engine, Auto-Staking Protocol and The Black Hole.
Video games and cryptocurrencies appear to have been conflicting matters for some. Although, it is undeniable that crypto has been growing tremendously back in 2021 primarily for the currency’s contract-related platforms and tokens building. Two platforms, in particular, are a public blockchain with smart contract functionality, Solana and Ethereum.
Solana’s native cryptocurrency is SOL and the platform is developed by both Solana Labs & Solana Foundation. Moreover, the developer claims their platform has faster transaction times with lower costs than Ethereum, Solana’s main rival.
Ethereum on the other is one of the big names of blockchain technology. The platform is popular among crypto investors and developers since its inception back in 2013 by Russian-born Canadian programmer Vitalik Buterin. Ethereum’s native token is Ether and is second only to Bitcoin in market capitalization.
Solana is central and one of the big names in Web3 projects, NFTs, and gaming. The platform has been acknowledged for its value, trading below only $2 back on January 1 this year. With up to nearly 1000% YTD on its native token and ~200 at trading during writing. The platform provides not only security and decentralization but also a great breeding ground for both scalabilities as well innovation for Web3 projects.
Web3’s metaverses or three, in particular, are mostly built on Ethereum, however, some of the Web3 verticals found their ways in Solana.
Decentraland is a virtual world built on top of the Ethereum blockchain and it offers its unique cryptocurrency, the ERC20 MANA token. Moreover, Decentraland allows users to buy and live on parts of the land. Each land is an NFT in which owning one or more lands can be monetized as well as sold both in-game and even in real life.
Adding to Decentraland is Cryptovoxels, a virtual reality world or platform built on Ethereum. Similar to Decentraland, users can create virtual reality worlds which can also be monetized. Cryptovoxels offers an endless opportunity for user-generated content.
Lastly, Somnium Space is yet another virtual reality world built on Ethereum where users can buy and sell land (NFTs) on OpenSea. Additionally, Somnium utilizes crypto toke CUBE as the virtual currency. Somnium is an easy drag and drop builder, which also offers a customizable player avatar.