The concept of a Metaverse has captured the imagination of tech founders and investors alike. Several startups are leveraging blockchain technology to build decentralized virtual worlds and economies that are open, inclusive, and interoperable. Their vision is a Metaverse where users truly own their digital assets and data, without centralized control. Blockchain enables this through decentralized identifiers, non-fungible tokens (NFTs), and smart contracts that govern interactions. This promises to empower users, creators, and businesses in the Metaverse.
While still in their early stages, new projects demonstrate the potential of integrating blockchain into virtual realities to create more trustless, transparent, and equitable digital worlds. As Metaverse technologies advance rapidly, nimble startups are poised to shape the future of this emerging space through decentralized, community-owned designs built on the foundations of blockchain.
Metaverse Startups Leveraging Blockchain Innovation
1. Vegavid
Vegavid Technology is a leading metaverse startup. The company focuses on creating innovative virtual reality and augmented reality solutions. Vegavid aims to bring online and virtual experiences closer to real-world sensations. Vegavid’sproducts and services allow users to enjoy extraordinary experiences across virtual worlds. They develop applications for gaming, medicine, education, and business collaboration in the metaverse.
Vegavid utilizes blockchain, augmented reality, and non-fungible tokens (NFTs) to realize this vision. They are creating 3D virtual environments and assets represented by NFTs that users can own, collect, and trade. Using NFTs gives users true ownership over their virtual possessions and identity within the metaverse. The metaverse developed by Vegaviditself will be community-owned and decentralized, built on blockchain technology for transparency and trust.
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2. PlayersOnly
PlayersOnly is a blockchain-based media and entertainment company building a virtual world for athletes. Athletes can leverage PlayersOnly to engage with fans through unique virtual experiences. Player’s build “player versus” – personalized virtual spaces featuring non-fungible tokens (NFTs) and other exclusive digital content. Fans enter these player verses to interact directly through avatars, play mini-games, and buy authenticated digital goods.
PlayersOnly mints and manages NFT collections for athletes that fans can purchase using $PO tokens – the company’s cryptocurrency. PlayersOnly aims to reshape how fans consume information and digital goods from their favorite athletes through immersive experiences and tokenized commerce in a metaverse environment. The startup employs blockchain technology to authenticate and transfer tokenized assets as well as enable self-sovereign identity for their decentralized metaverse.
3. Enjin
Enjin is a blockchain gaming company that aims to bring easy tokenization and monetary systems to virtual worlds. Enjin created its own ERC-20 cryptocurrency called Enjin Coin which is used as in-game currency. Game developers integrate Enjin’s software development kit (SDK) to enable features like stored value tokens, item rarity, tradable digital assets, and crypto payments in their games. Players can convert Enjin Coin to branded tokens inside compatible games which can represent virtual game items.
The tokens can be traded, sold, or taken back to Enjin Coin. Enjin’s goal is to make blockchain game economies as easy to implement, use and regulate as traditional ones. By deploying these economies of tradable digital assets, game developers hope to increase player engagement and monetization. The company promotes tools like its non-fungible token (NFT) SDK and blockchain multicurrency wallet to power the economies of metaverses and virtual worlds.
4.Axie Infinity
Axie Infinity is a Pokémon-inspired universe where players raise, breed, battle, and collect story-driven NFT creatures called Axies. Axies are ERC-721 tokens minted on the Ethereum blockchain, giving each one a unique identity and ensuring ownership. Players use an in-game currency called Smooth Love Potion (SLP) to breed new Axies. SLP can be earned through playing the game, completing quests, or trading and is a fungible token on the Ronin blockchain specialized for Axie Infinity.
The game combines fun turn-based battles with cryptocurrency rewards to create a profitable, gamified economy. Axie Infinity aims to offer more revenue-generating opportunities for players than traditional gaming by employing NFTs and tokens on a purpose-built blockchain. The game’s economy is owned by its community and not a single company, thanks to the decentralized nature of blockchain technology.
5. GuildFi
GuildFi aims to help virtual guilds flourish within metaverses by bringing decentralized finance to guild management. Guilds are groups of players that form communities within virtual worlds. GuildFi wants to provide guild leaders with intuitive DeFi tools to manage treasuries and reward systems, motivate and compensate members, and fund operations. The platform allows guild leaders to issue cryptographic tokens that represent membership and governance within the guild.
Members can contribute to the guild treasury in exchange for these tokens, which entitle them to a portion of proceeds from guild activities. Using smart contracts, guild leaders can set up rewards programs, fund raids, and competitions, and distribute profits automatically based on tokens held. Guilds using GuildFi have access to DeFi services like lending, borrowing, staking, and yield farming all within the platform. The startup believes blockchain-based tokenized economies will empower virtual guilds to grow, motivate members, and align incentives within metaverse games.
6. Supersocial Inc.
Supersocial aims to build the foundation for an open and creator-first metaverse economy. They are developing a decentralized social networking protocol where users control their data and digital identity. Their technology allows for the seamless integration of NFTs and token-gated content across decentralized applications. Their vision is for an open metaverse where creators can monetize their content directly without centralized intermediaries, using tools like NFT drops, tradable digital items, cryptocurrencies, and DAOs (Decentralized Autonomous Organizations).
Creators can launch their own virtual spaces within Supersocial, offering branded tokens and NFT collections to reward fans and fund their visions. Supersocial wants to move past today’s “walled garden” social platforms by leveraging blockchain technology to enable peer-to-peer transactions, self-sovereign identity, token-gated communities, and interoperability between metaverse virtual spaces. The startup ultimately aims to empower creators and users to own their data, digital items, and identities within a fairer metaverse economy.
Supersocial is building a decentralized social networking protocol and foundation for an open metaverse. Using blockchain and cryptocurrency, the startup aims to enable creators to directly monetize their content and audiences within the metaverse through tools like NFTs, tokens, DAOs, and tradable digital items.
7. Ikonz
Ikonz aims to build the world’s first hyper-realistic 3D metaverse. Their focus is on creating highly lifelike avatars, graphics, and virtual spaces. They see the metaverse as the next evolution of the internet – a 3D virtual world where people can engage in a variety of activities through their virtual selves. Ikonz’s metaverse leverages blockchain technology to enable token-gated content and communities as well as create unique tradable digital assets for users like avatar skins and virtual accessories.
Users can purchase land parcels – represented as NFTs – to build their own virtual spaces within the metaverse. Ikonian Credits, the platform’s native cryptocurrency, is used to reward creators, facilitate transactions and provide interoperability. Ikonz aims to differentiate their metaverse by focusing on photorealism, interpersonal connections, and creating a virtual world that behaves and feels like our physical world. The startup believes blockchain coupled with its advanced graphics technology will empower users to truly own their digital identities and items within their hyper-realistic metaverse.
8. Next Earth
Next Earth is building an exact digital replica of Earth on the blockchain. Their vision is a fully decentralized metaverse where users own their virtual land and assets. Next Earth’s Earth NXTToken powers transactions within the metaverse, while NXTToken holders govern the platform through a DAO. In Next Earth, users can purchase land parcels represented as NFTs. They can develop their plots by building structures, planting trees, or adding other virtual elements. Users can also create avatars to explore the metaverse, interact with others and generate value from their virtual land holdings.
Next Earth aims to replicate important aspects of reality like day/night cycles, seasons, and weather to create an immersive virtual world experience. The startup believes its decentralized approach and reliance on NFTs and DAOs can empower participants to truly own and govern a recreation of Earth within the metaverse. By leveraging blockchain technology, Next Earth hopes to offer greater utility and value to metaverse real estate compared to today’s centralized virtual worlds.
9. MixMob
MixMob is a Metaverse and AR startup focused on tokenizing offline activities and turning real-world experiences into tradable non-fungible tokens (NFTs). The company helps businesses like event organizers, attraction parks, gyms and studios mint NFT tickets and membership passes that can be resold, traded, or used as loyalty points. For example, a concert NFT could grant access to a show while also giving the holder a share of the revenue from future ticket sales on the secondary market.
MixMob’s platform issues the initial NFTs and then manages the entire lifecycle using blockchain – from validation and use to resale and revenue distribution. The startup sees this as a way to build more engaged, loyal customer bases for businesses while giving consumers ownership over their experiences. By connecting the physical world with blockchain technologies, MixMob believes it can transform how customers interact with the establishments they frequent. The company’s vision is a user-owned Metaverse where real-world activities and memories are tokenized as digital assets that people truly own.
10. Landindex
Landindex is a database and discovery platform for virtual worlds that leverage blockchain technology. Landindex aims to create an open Metaverse by connecting different decentralized virtual environments. It helps users discover, evaluate and invest in virtual land and other digital assets across multiple Metaverses. Landindex currently tracks over 30 virtual worlds with blockchain-backed lands like Decentraland, Somnium Space, Cryptovoxels, The Sandbox, Axie Infinity, and Upland. For each world, Landindex provides information on land and asset stats, recent transactions, sales volumes, and price indexes.
Using Landindex, investors can research different virtual property markets, compare valuations and opportunities, and stay up to date on the latest news. Landindex also seeks to foster interoperability across Metaverses by creating universal identifiers for virtual land that can be recognized across platforms. Ultimately, Landindex aims to build an open, interconnected Metaverse economy where users can easily move assets between different virtual environments. By mapping the blockchain metaverse, Landindex hopes to accelerate innovation, liquidity, and the adoption of decentralized virtual worlds.
11. Upland
Upland is a blockchain-based Metaverse where users can buy, sell and develop virtual properties. It combines aspects of gaming with real estate investing and transacting. Players create avatars that can acquire properties like land parcels, cars, and billboards throughout 10 different cities in Upland. All property deeds are minted as non-fungible tokens (NFTs) on the EOS blockchain, giving players true ownership. They can develop their properties to increase their value, and then trade them with other players using UPX – the Upland currency. Property data like location, size, and rent prices determine value.
The game aims to simulate the real world, offering both risks and rewards to players. The economy and all transactions are decentralized and managed by the blockchain. Upland sees itself as a “decentralized Metaverse” that empowers players through property ownership secured by NFT technology. The project demonstrates how blockchain principles of decentralization, transparency, and trust can be applied to virtual economies within the Metaverse.
Conclusion
The startups discussed to show how blockchain technology can help build more equitable, open, and liquid Metaverses. While significant challenges around scalability, interoperability, and regulation remain, the principles of decentralization, transparency, and digital ownership enabled by blockchain align well with the vision of a fair and inclusive Metaverse that empowers users.
With continued innovation by these startups and wider adoption of their platforms, we may start to see the Metaverse become a reality that enables users to truly own their digital assets, identities, and data within thriving tokenized economies. Improved considerably from today’s predominantly centralized virtual worlds. As blockchain technology advances further, it has strong potential to reshape how we experience the Metaverse of the future.
