Metaverse for Beginners: Quick Guide

What is Metaverse?

A Metaverse is a user-created, persistent online environment where users can interact with each other and the environment around them. The term was first coined in Neal Stephenson’s science fiction novel Snow Crash, where it refers to a virtual world that people can enter and explore.

The Metaverse is a term used to describe a hypothetical virtual reality (VR) world that would be built on a blockchain. The idea is that this world would be a 3D version of the internet, where users can interact with each other and with digital assets in a completely immersive environment.

While the concept of a Metaverse is still in its early stages, there are already several projects working on creating such a world. In this article, we will discuss some of the leading Metaverse projects, as well as the coins and wallets that you will need to use in order to participate in this exciting new ecosystem.

What are the core attributes of a blockchain Metaverse?

A blockchain Metaverse would have several key attributes that would make it different from anything that exists today.

First, it would be completely decentralized, meaning that there would be no central authority controlling the Metaverse. Instead, it would be governed by a network of computers running the Metaverse software.

Second, the Metaverse would be built on a blockchain, which would provide a secure and transparent way to record transactions and ownership of assets.

Third, the Metaverse would be completely immersive, meaning that users would be able to interact with each other and with digital assets in a realistic 3D environment.

Finally, the Metaverse would be open source, meaning that anyone would be able to create their own metaverse or build applications on top of the Metaverse platform.

What are the leading Metaverse projects?

There are several projects working on creating a blockchain Metaverse, each with its own unique approach.

The two largest and most well-known projects are Ethereum and EOS.

Ethereum

Ethereum is a decentralized platform that runs smart contracts, which are programs that can automatically execute transactions when certain conditions are met. Ethereum is working on a project called MetaMask, which would allow users to access the Ethereum network from within a VR environment.

EOS

EOS is a decentralized platform that enables developers to build apps, which are decentralized applications. EOS is working on a project called EOS.IO, which would allow users to interact with each other and with digital assets in a 3D environment.

Metaverse for beginners: from what to start

If you’re new to the Metaverse, there are a few things you’ll need to get started.

Metaverse coin

First, you’ll need a Metaverse coin, which is a cryptocurrency that you can use to buy, sell, or trade assets in the Metaverse. The two most popular Metaverse coins are Ethereum and EOS.

Metaverse wallet

Second, you’ll need a Metaverse wallet, which is a software program that stores your Metaverse coins and allows you to send and receive payments. The most popular Metaverse wallets are MetaMask and EOS.IO.

Metaverse browser

Finally, you’ll need a Metaverse browser, which is a software program that allows you to access the Metaverse. The most popular Metaverse browsers are Chrome and Firefox.

With these three things, you’ll be able to start participating in the Metaverse.

NFT passive income: how to earn it

Do you want to know how to make passive money with your NFTs? Passive income is a great way to do just that! In this blog post, we will discuss what NFT passive income is and how you can start earning it today. We will also go over some of the best ways to make passive income with NFT. So if you’re ready to learn, keep reading!

NFTs Staking

Is a process where you can earn NFT passively by holding or owning an NFT. When you stake an NFT, you are essentially giving up your NFT to be used by someone else in exchange for a small fee. The staking process is used to help secure networks like Ethereum and provide liquidity to DeFi protocols. In return for your NFT, you will earn a small amount of the NFT’s underlying asset. For example, if you stake an ERC-20 token, you will earn a small amount of ETH. The amount of ETH you earn will depend on the length of time you stake your nft and the amount of nft you have staked.

NFTs Renting

Another way to earn NFT passive income is by renting out your NFTs. There are a few platforms that allow you to do this, such as nftmarketplace.io and nftlend.com. To rent out your NFTs, you will need to create a listing on one of these platforms and specify the amount of time you want to rent your NFT for. Once your NFT is rented, the renter will pay you a small amount of the NFT’s underlying asset. For example, if you rent out an ERC-20 token for one week, you may earn a small amount of ETH. The amount of ETH you earn will depend on the length of time you rent your NFT and the amount of NFT you have rented.

NFTs Farming

Farming is a process where you can earn NFT passively by providing liquidity to a pool of NFTs. When you farm NFTs, you are essentially giving up your NFTs to be used by someone else in exchange for a small fee. The farming process is used to help secure networks like Ethereum and provide liquidity to DeFi protocols. In return for your NFTs, you will earn a small amount of the NFT’s underlying asset. For example, if you farm an ERC-20 token, you will earn a small amount of ETH. The amount of ETH you earn will depend on the length of time you farm your NFTs and the amount of NFTs you have farmed.

Vine’s creator is now working on NFT

As the crypto world gets increasingly popular, it’s not just the new faces getting into the game. Dom Hofmann, one of the creators of the worldwide famous platform Vine, decided to join another project related to cryptos. The project is called Supdrive, and it’s going to be a game console. What is particular about this console is that it’s going to be chain based – the creator is now working on NFT. Before we dive into the console info, let’s say a few things about NFTs.

What’s an NFT?

An NFT or a non-fungible token essentially symbolizes digital property. NFTs make it possible for digital artwork to be “turned” into tokens and sold electronically on various platforms. What can be made into NFT and sold is (almost) any piece of digital art – a photo, picture, music, even parts of a game, graphics, etc. NFT is based on Ethereum blockchain technology, and it’s unique because it’s non-fungible.

This means every NFT is unique in a way. You can sell it, buy it, and trade it for something, but you can’t change one NFT for another NFT as they don’t have the same “value”. Digital trace that the creation of NFT leaves stays in the chain for good, and it’s different for every piece of art. To put it more simply, one dollar has the same value, whether a 1-dollar bill or a pair of 50c coins. This doesn’t apply to NFT.

You can sell the ownership on an NFT, but the blockchain keeps track of who owns what. Just like regular physical pieces of art, there are one-of-a-kind NFTs and ones that can be copied. In other words, you can be the only one that has a certain NFT, or you can have a copy of an NFT art piece.

Supdrive Console

Now when we’ve introduced you to some basic NFT terms, let’s get back to the story. The creator is now working on NFT and he described the Supdrive project as a game console that would run on virtual firmware. He wasn’t quite precise with the specifications of the game, but it seems like it would have little something for anyone.

This project was announced last year, and we still don’t know all the details about it. What we do know is that the console would be kinda unique. Remember the old times when we used to play games on consoles as kids? Well, this is going to be a similar experience, just completely virtual. As it seems so far, NFT games are getting so popular that they may throw off the PC games from the pedestal.

Supdrive Games

The creator of this project announced that he wanted the console to be individually adaptable. What that means is some of the games would be different for anyone. You will get personal game goals, achievements, and storylines to follow. It seems interesting and the hype around it is quite understandable. We still don’t know how many games will be on the console, and how many copies would be out there.

A huge competition between buyers seems expected regardless of the recent nft crash. People strongly believe that NFT will come even stronger after this fall. Only time will tell that for sure, but the crypto market is as rocky as any market, as all of us already know.

Hofmann said that the future plan is to basically draw creators to create on the console, so if you are interested in that, or the console in general, keep up with Supdrive news on their official Twitter account. As for games that would be on the console, the creator stated that the first ones would be simple and in an old arcade game type. The first game that he created is called Origin. The idea behind it is to slowly get more and more quality games with more complex characteristics. Who knows what type of games we will be able to play this way, the sky’s the limit.

What to expect

As the state of the market is somewhat still shaky, we don’t know how Supdrive will turn out, no one can tell at this point. It really seems like a good idea (and a nostalgic one, if we may notice). What’s so different about it is of course the NFTs. The overall beef between gamers and crypto miners is a strange point of view for this. It also might be a good thing – as it’s a game console and it works with NFT, these two sides may join together.

As cryptos slowly start to change our perspective on gaming, shopping, markets, etc, there would probably be more interest in coins and mining. Before you decide to enter the Wild West of crypto mining, we suggest you get all the facts straight.

To sum up

As we already mentioned, the idea of an NFT game console sounds exciting and in sync with modern times. Now you can buy and sell literal pieces of digital art and be a proud collector of those thanks to the creators of NFT. Playing on-chain games is another step forward. Looking at the world of cryptocurrencies, what we can tell for sure is that this world doesn’t stop attracting new people. It is also introducing new things, and new ways of buying, selling and owning stuff. These ways can be pretty abstract for new people in the business.

If you are asking yourself what would’ve happened if I invested 1000 in bitcoin in 2010, we can tell you with certainty that you aren’t the only one. The market is experiencing highs and lows, ups and downs, but the overall interest in it seems not to go anywhere. People are invested in this world financially, mentally, and if we can put it like this – emotionally as well.

The emotional part can often be noticed clearly when a crash happens, unfortunately. Some marketers decided to put their whole lives into the game, so we can all understand the struggle. What’s important for you to know if you want to deal with that, is to be as informed as possible, and try to find the safest options for you and your assets.

NFT Crash – Is There Still a Chance for a Bounce-Back?

We’ve witnessed an almost cataclysmic NFT market crash during the first half of 2022 after the explosive growth in 2021. NFT activity took a nosedive around mid-March to $964 million compared to February 2022 when trading volume was estimated at around $3.9 billion. 

In other words, volume is still there but trading activity has contracted, big time. Does this mean that the inflated NFT bubble is about to blow up? Why did people start tightening their belts when it comes to investing in web3? Has the NFT crash started or there is still a chance that these risky digital assets will go back to what they used to be after a rough start of the year? 

Reasons Behind the Activity Drop 

It has been a month since the NFT market began to level off. NFT transaction activity flopped by almost 50% compared to the same time last year. However, did NFTs crash just like that or are there some major reasons behind? 

Digital assets are risky, out of which NFTs are the riskiest while cryptocurrencies were considered relatively safe, all until the past month when $500 million was wiped out of the crypto market. 

During one of the craziest weeks in crypto, LUNA, one of the most popular stablecoins dropped to 0, USDT dipped to 95 cents, and Elon Musk said that the Twitter acquisition was put on hold. 

As a result of all this, the market experienced a massive sell-off. Bitcoin dipped below $27,000, Ethereum below $1,700, Solana below $45, and so on. 

Cryptocurrencies started bleeding and NFTs simply followed and took the huge burnt out of the crypto crash. It turned out NFTs were even more vulnerable to speculations compared to crypto than everyone thought. 

Newbies got scared that we were entering a crypto winter, meaning their digital assets would lose value significantly. A single question circled their minds – will NFTs crash? 

Flippers were selling at a loss (their idea was to limit the damage by selling low) whilst some of them were just listing but never selling their NFTs, which was a result of a massive downturn in trading volumes. 

To clarify, most people in NFTs are seeking overnight profits. No wonder such a large drop in value when it comes to cryptocurrencies made them fear they would lose most or all of the money invested. For the same reason, they got discouraged from injecting more money and buying new stuff. 

Note that most new people in the space aren’t making educated decisions. They are, mostly, buying the hype, and just going for the latest trend instead for utility projects is enormously risky. “Scared money makes no money” is something you’ll often read on Twitter about investing in NFTs. 

Another reason for a significant volume drop is that the number of frauds or rug pulls has never been higher and the entire NFT space feels less safe than it used to be. 

Connect your wallet to the wrong website and you will get drained –  all of your NFTs and funds, gone, within seconds. Click on the link sent to you on Discord, and the same thing happens. The more people in the space, the more scammers, and needing to stay super-cautious about all this simply kills the vibe NFTs had initially. 

The declining price of cryptocurrencies and NFTs has a lot to do with the pandemic, the war in Ukraine, the rise of interest rates, and, needless to say, inflation. If we enter a recession, the world will be way less interested in art. 

Still, it’s good to know that successful holders, traders, and flippers in the NFT space are not newcomers. A large portion of people in web3 are crypto-natives, deeply enthusiastic about decentralization, gaming, and art and they are considering this dip advantageous in so many ways. 

NFT whales do not have the need to cash out, or, at least, not entirely. They have survived bear markets and their mindset is set to “1 ETH is 1 ETH”. They are willing to participate in transactions almost without caring what is happening to fiat. Shortly said, crypto and NFTs are not for the faint-hearted. 

Are All NFTs Performing Badly? 

Of course not! High-profile aka blue-chip projects (Bored Ape Yacht Club, Mutant Ape Yacht Club, Crypto Punks) as well as the metaverse land, Otherdeed for Otherside, are doing relatively well. 

The number of active collections, buyers, and sellers is growing consistently as well. A weekly number of active collections on OpenSea solely skyrocketed from below 500 in Q1 2021 to 5,000 in Q1 2022. In Q1 2022, almost 1 million unique addresses performed a transaction – bought or sold an NFT, compared to Q4 2021 when the number of active wallets was around 627,000. 

On the other hand, Solana NFTs have gained huge traction since the Okay Bear mint followed by the Trippin’ Ape Tribe mint. Thanks to the latter, Solana NFTs surpassed trading volume on Ethereum NFTs first time in history – $24.3 vs $24 million in a day. 

A recently minted NFT on Solana, Trippin’ Ape Tribe, surpassed the most popular Etherem NFTs in 7-day volume on OpenSea.

Source: https://opensea.io/ 

Magic Eden took over OpenSea in terms of both transactions and weekly users. One of the reasons behind this is that minting, purchasing on the secondary, listing, and bidding costs practically 0 SOL, and transaction fees on Ethereum are still relatively high. 

Trying to stay on top of transactions, OpenSea now accommodates Solana collectibles (Polygon and Klaytn as well) and currently supports trading over 500 collections. On June 5th, NFT trading volume on Solana surpassed $2.35 billion, and it could be that Solana summer is really not just a buzzword.

Finally, some big brands such as Nike, Lous Vuitton, Pepsi, and Samsung have dipped their toes into NFTs. A couple of established brands that are just about to get into the NFT world are LACOSTE, Diesel, and Audi, which is an indicator that NFTs are far from dead.  

Summary

So, do we think this NFT crash means the end of NFTs? Not at all! We’re going through a period of consolidation. The market is maturing, and, eventually, it will bounce back. However, people willing to invest in NFTs should be more cautious and go for projects they believe have potential and will stay around long-term instead of looking for quick flips.