The Open Metaverse is a nascent field, however, 2022 is perhaps the year when creators, users, developers, and tech-savvy individuals will tap into various Metaverse opportunities never seen before whether in gaming, music, art, work, commerce, etc. In addition, Metaverse projects are going to merge with another ingredient, Decentralized Finance (DeFi), resulting in what has been recently called “MetaFi”.
The Following are a few projects in the MetaFi to keep an eye on:
A Metaverse platform built on Polygon aimed to create, trade, collect and live virtual experiences. Terra Virtua has an art gallery, a marketplace, and NFT collections. The Terra Virtua Fancave allows using the NFT collectibles as real game items, either for watching TV, playing pinball, or trading them for other items consisting of giant creatures, robots, or ships for the futuristic virtual Terra Dome. The experience couples with Decentralised Finance because users can stake and farm the native token Kolect.
Next Earth is the latest Metaverse project on Polygon supported by the NFT marketplace Opensea, the decentralized exchange Uniswap, and Chainlink -the blockchain Oracle.
Next Earth is a virtual land ownership platform allowing to generate income from the undertaken activities. DeFi is also present in play-to-earn, farming, and staking of the native NXTT token. In addition to the former, this year, Next Earth plans to incorporate fiat payments and business module integrations.
Terra World is built on the Terra blockchain with Metaverse deployments including the NFT Real Estate market or Terra World Art Hall, a sophisticated NFT gallery for selected digital artists.
Nonetheless, Terra World is noted as the first NFT Metaverse work service platform Terra Office: a distinct virtual remote work environment for businesses and employees with a decentralized place for job seekers that can be hired via smart contracts.
Moreover, Terra Office introduces the Metaverse for Work (MFW) concept, a mining system that provides rewards in the native TWD token just by running an office or working in one. Mining rewards can be used to support business expenditures including transaction fees or salaries for employees. The TWD token will be exchangeable for other Terra coins giving fungibility in DeFi platforms. The project was launched in 2021 through the crowdfunding platform Pylon. As per the Route map, by the end of this year, Terra World will be able to run the official services.
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