While the COVID-19 pandemic struck the real world, another reality took the world by storm. Yes, it’s the Metaverse we are talking about.
Read more to know about how Decentraland and Sandbox Metaverse are taking virtual reality to the next level!
Virtual reality is the technology used to create a simulated environment on a computer. The Metaverse is the next generation of the Internet, emphasizing social networking. It’s a simulated digital environment that integrates Augmented Reality (AR), Virtual Reality (VR), blockchain, and social media ideas to create spaces for user interaction that mirror the actual world.
In the Metaverse, users can attend concerts, visit art galleries, and travel to exotic locations using a virtual self, a user-designed avatar that can look however they choose.
Knowledge about the Metaverse is incomplete without understanding what NFTs and Crypto Tokens are. Read further to understand better.
NFTs: Stands for Non-fungible tokens. NFTs are digital assets that may be bought and traded through blockchain. They are not fungible and are thus categorized as a different form of asset, one based on demand and value.
Crypto Tokens: Crypto-tokens do not have their own blockchain. They employ the Ethereum blockchains in their work.
Getting back to the Metaverse, there are many of them. Several companies are working on creating such a metaverse, each with its own set of protocols. All such Metaverses are working toward the same goal as the end result: To allow more overlap across our physical and virtual lives.
Two such Metaverse companies have found themselves under the spotlight in recent times. Decentraland Vs The Sandbox.
Decentraland is the longest-running metaverse project on the block. It is the first metaverse to be built as a 2D enterprise and launched in 2017. Currently, it has evolved into a fully immersive and entertaining 3D metaverse. It focuses on users, allowing them to buy land plots whilst allowing them to explore the vast virtual world. Decentraland offers a wide range of activities, including games, casinos, galleries, concerts, and much more.
Sandbox was initially created as a 2D game on mobile phones in 2012. The project evolved as a 3D multiplayer platform utilizing blockchain technology in 2018, offering users a digital world through virtual reality. Here, players can build, own, and monetize their gaming experiences.
The time in the future is not far away when you might find your digital self on the Metaverse—raising an important question. Which is the better one?
Decentraland and Sandbox are two Metaverse platforms among many other such platforms that offer users, both players, and investors many opportunities.
Both Metaverses have similar features, making it easier to measure based on the ease of access of wallets, Backing, Governance, and Land Purchasing.
1) Wallet: To conduct any transaction, Sandbox and Decentraland require digital wallets through which crypto-coins of the respective Metaverse can be utilized.
Sandbox: SAND is based on the ERC-20 and is supported by digital wallets such as Metamask and Trustwallet.
Decentraland: MANA is based on ERC-20; the Decentraland marketplace has been designed to support and allow users to transact with it.
2) Backing: Both Metaverse have successfully created partnerships and attracted investors. Read more to find out which company has invested in which metaverse!
Sandbox: Companies like BigFan, Ubisoft, SkyBound Entertainment, and Celebrities like Snoop Dogg have already joined Sandbox. The latest addition is the investment company SoftBank, which has invested around $93 Million in the Sandbox ecosystem.
Decentraland: Decentraland has found more than 20 partners who have invested in the growth of the Metaverse. Investors list includes Digital Currency Group, CoinFund, Animoca Brands, and partnerships such as Samsung and the South Korean government. Greyscale has set up a trust fund in Decentraland with an investment of over 20 million MANA tokens.
3) Governance: As technology increases, the need for smart and advanced governance also increases. Since the Metaverse is decentralized, a pathway for governance is necessary. Both Sandbox and Decentraland have their own policies to tackle the situation.
Sandbox: SAND is required for users to participate and interact in certain governance decisions of Sandbox.
Few examples include distributing funding to content providers and determining which elements game creators emphasize in their projects on the network’s roadmap. Users will also be able to assign votes to other users they trust.
Decentraland: Decentraland has two types of tokens for governance:
The more MANA users spend on transactions or execute smart contracts, proportionally new MANA tokens are produced. Besides, the quantity of MANA tokens decreases.
Meaning that every time a user transacts on Decentraland, their NFT gains in value as the scarcity of the asset increases.
4) Land Purchase: In both Metaverse, the common ground happens to be the fact that any LAND that is purchased is minted as an NFT, which is kept through smart contracts on the Ethereum blockchain. Such NFTs are transferable to other users. Landowners have complete control over the information that is published on their digital property.
Sandbox: To purchase land on the Metaverse Sandbox, the user has to connect their digital wallet and purchase land either on Sandbox Marketplace or on OpenSea. After paying, users can secure their purchase on the P2P NFT trader and can easily, safely, and swiftly exchange their NFTs between traders.
Decentraland: To purchase land, users need to connect their digital wallet to the platform and purchase from the Decentraland marketplace. Users can browse through the various properties available on the marketplace.
In both these instances, the discretion about the NFT purchase lies with the user. Do you want to make the best of your investment? Use resources from bitsCrunch! The best in class AI-based tools to protect investors and artists from washtrading, digital art forgery, and manipulative digital art values.
Sandbox vs. Decentraland has become the recent buzzword on social media and the digital world. Especially now, with people choosing the digital world over the real world, frankly, everyone loves to live their online persona more lavishly.
Metaverses are taking full advantage of this situation and are seeming to make great strides ahead.
While Decentraland and Sandbox are both excellent platforms for a variety of reasons, Sandbox is anticipated in becoming the world leader in immersive gaming.
To begin with, the Sandbox Metaverse is much more user-friendly in terms of depth, overall usability, and accessibility in comparison to Decentraland.
As far as NFTs go, Sandbox developers have complete control of their inventions. In addition, Sandbox’s ASSET tokens are a hybrid of a cryptocurrency and an NFT, and are more suited to the Metaverse.
These approaches have their own merits and demerits, which one will pan out is a question that will be answered in time. Meanwhile, stay tuned to bitsCrunch to make the best out of NFTs and the Metaverse.