When most people first hear about the concepts of “web3” and the “metaverse,” it’s in the context of virtual worlds. However, these ideas go far beyond just being a playground in cyberspace. We don’t need blockchains and cryptocurrencies to build games and 3D worlds.
So what does blockchain bring to the table, and how does it fit into web3 and the metaverse?
The basic idea is this: Up until the advent of blockchain, the internet was good for one thing and one thing only — sharing information peer-to-peer. What blockchain enables is the ability to transfer value and assets peer-to-peer.
Now you might be thinking, I can send and receive money on traditional internet platforms. However, we’re not actually sending money. We’re just sending information to and from banks. And the banks take a cut. If you’re not banked, if you don’t have a credit card, you’re not allowed to play.
Blockchains, on the other hand, cut out these intermediaries and allow anyone to transfer digital assets directly. To illustrate how this works, let’s look at three particular virtual currencies — MANA, AXS, and GNOX.
Decentraland (MANA) – a virtual world with a virtual economy
Decentraland is a virtual world that runs on the Ethereum blockchain. By virtual world, we mean a 3D world with land and buildings and people and possessions of all kinds.
Decentraland’s native cryptocurrency, MANA, is used to buy and sell everything from real estate to clothing and accessories and even services of all kinds.
The difference between Decentraland and a Web2 virtual world such as Second Life is that Decentraland residents can port their digital possessions and asset anywhere in the Ethereum universe. For example, they can sell an NFT bought in Decentraland on an NFT marketplace such as OpenSea. If you earn money in Second Life, and Second Life goes out of business, your money is no good anywhere else.
Axie Infinity (AXE) – a game that pays to play
Axie Infinity and other metaverse games like it have turned the pay-to-play world on its head. Axie Infinity lets users develop virtual beasts called Axies that can then be pitted against opponents in battle. Winners earn AXE tokens — real digital money that can instantly be turned into cold, hard cash on any compatible crypto exchange.
Axies themselves can also be bought and sold for AXE tokens or anything else for that matter. Because Axies are NFTs, users are able to transfer them to a new owner. They can be gifted, bought and sold for cash, and traded for just about anything.
Gnox (GNOX) – making crypto investing simple and frictionless
Gnox is a DeFi platform that has developed an idea they call “yield farming as a service.” It makes crypto investing stupid simple and greatly reduces risks.
Traditionally, investing in crypto and benefiting from decentralized finance applications such as staking platforms and liquidity pools requires climbing a steep learning curve. The research involved in identifying promising assets and platforms can be super time-consuming.
Gnox saves investors time and makes crypto investing simple by putting the duties of research on a team of professional DeFi analysts. The team uses funds in the Gnox treasury to invest in low-risk staking pools, liquidity pools, and asset-backed NFTs. Any increases in the value of the treasury are attributed to all holders of the token.
The future looks bright for crypto as it enables the development of platforms that were once, at best, dependent on banks, and at worst, heretofore impossible.
Investors would do well to keep an eye on web3 developments as they are sure to disrupt everything from recreation and gaming to serious investing.
While both MANA and AXE are available on several crypto exchanges, as well as within the applications, GNOX is currently in ICO mode with the platform expected to launch in Q3. Visit their website to get in on the pre-sale.
Learn more about Gnox:
Join Presale: https://presale.gnox.io/register
Website: https://gnox.io
Telegram: https://t.me/gnoxfinancial
Discord: https://discord.com/invite/mnWbweQRJB
Twitter: https://twitter.com/gnox_io
Instagram: https://www.instagram.com/gnox.io/
Disclaimer: This is a paid release. The statements, views and opinions expressed in this column are solely those of the content provider and do not necessarily represent those of NewsBTC. NewsBTC does not guarantee the accuracy or timeliness of information available in such content. Do your research and invest at your own risk.
