Blockchain MMOs and The Metaverse Had Setbacks but Are Far from Being Abandoned (For Now) | MMONFT
The concept of the metaverse, a collective virtual shared space created by the convergence of virtually enhanced physical reality and physically persistent virtual reality, has been a topic of much discussion and speculation in recent years. However, despite the hype, the metaverse has not been particularly well received, nor has it matured in a positive way that would influence the industry as investors initially expected. Many projects have retreated into the shadows, and progress has been slow. Yet, despite these challenges, there are still a lot of games that utilize blockchain and strictly attempt to build a metaverse-like platform.
Before we get into the “good news” about the Metaverse, let’s give a quick rundown of how blockchain and the Metaverse is doing. Of course, people probably know of the most popular live games that are attempting to make strides in the areas of blockchain gaming, many of which are striving to be the premiere Metaverse experience. These are games like Axie Infinity, The Sandbox, Horizon Worlds and Decentraland. These “games” have managed to carve out a niche for themselves in the metaverse landscape, attracting, at times, a significant number of players and maintaining a modicum of popularity over time.
It’s clear that we can point to such stark failures across each of these games as well. Notably, the Axie Infinity hack that subsequently cratered Axie Infinity NFT prices, of which, the premiere NFT game by Sky Mavis has never come close to recovering. The massive value loss includes both of their blockchain token prices, AXS and SLP.
Decentraland on the other hand, sold millions of dollars’ worth of virtual land plots, most of which are completely devoid of anything resembling a game, or a
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