Ethereum’s blockchain is home to open world metaverses, with the 2 largest being Decentraland MANA/USD and The Sandbox SAND/USD. Brands like Adidas ADDYY and Atari PONGF have bought virtual land in these blockchain-based metaverses, and some companies believe that much of retail will eventually happen within the metaverse.
The term metaverse is used to describe the evolution of human’s interaction with the internet. As we spend more and more of our time on the internet, the gap between the real world and our online identities declines. Eventually, the metaverse is intended to be an immersive virtual world where people enjoy digital ownership and can interact with their peers.
Why it Matters: After Facebook FB announced its rebrand to Meta, investors began to pay attention to platforms that are building metaverses. Smart contract blockchains can secure ownership of digital assets, so these networks play a crucial role in building out the metaverse.