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Web 3.0 and the Metaverse
Web 3.0 and metaverse are currently two of the most popular and trending buzzwords in the tech sector. While both imply decentralization of data and information, the blockchain concept that overlaps between the two is still at a nascent stage. The excitement around both seem unabated, nonetheless.
Web 3.0 is a blockchain-based digital platform that allows users to create, share and codify information in a decentralized environment. It helps users to create, control and monetise their own content and, so it is called the next generation of the internet, where users have control over their own creations. They can engage with the data using artificial intelligence and machine learning technologies.
Metaverse, on the other hand, is a virtual place where users can access a wide choice of entertainment and projects that use the full potential of augmented reality and other technologies and is the home to many important technologies that help run the entire ecosystem. The metaverse is a new dimension that brings together movies, gaming, education, entertainment, simulation-based training and social media, to name a few. It is intended to combine the real and virtual worlds.
The global metaverse market is expected to reach US$800 billion by 2024 and the total market size of the metaverse may reach 2.7 times of that of the gaming, software services and advertising revenues. The metaverse is set to grow bigger in the coming years, as more people from various industries begin to realise its full and underlying potential.
Few of the trends seen in 2022 indicate that this calendar year promises to be a transformative year for metaverse projects. Intel is developing chips designed to help power the metaverse and plans to release a new series of graphics processors in 2022. H&M will be the first retail clothing store in the metaverse and will provide its customers opportunities to shop on the metaverse in 2022.
Disney wants to move into the metaverse and is exploring headset-less augmented reality, while cosmetic and fashion brands such as L’Oreal, Louis Vuitton, Beiersdorf, Dior Beauty, to name a few, will sell make-up material for 3D avatars and will develop NFT on online platforms and games in 2022.
These and other initiatives make the metaverse a very competitive landscape, with more than 160 companies vying for attention and operating across metaverse verticals. Business in the metaverse is already booming and is opening up an abundance of opportunities for brands, advertisers, retailers and employers.
Every industry is expected to have a form of business in the metaverse. Publishers are driving new experiences through virtual concerts, virtual fashion shows, IP activations and media or product partnerships.
Some of the key themes of the metaverse among the global industries are games-as-a-platform, user-generated content, merger of virtual and physical worlds, persistent avatar and identity, cloud and scalability, AI and procedurally generated content, decentralised peer-to-peer (P2P) economy and NFT, interoperability and standards, among others.
The events and conference industry’s plunge into the metaverse are just beginning and the new generation of virtual event-goers would like to get their own avatars and actively participate in the immersive experience of the events. As an added benefit to these events, networking is an aspect that might experience the biggest transformation because of the metaverse.
The economy of the metaverse will not only include firms selling digital items to users but also peers selling to peers. It is a free-market, user-driven economy for the most part, but NFT are changing that. NFT give artists more control over their work as well as the opportunity to track their revenues more precisely.
Artists are selling their music and other digital products, as they are encouraged to use the metaverse as a marketplace to better control and commercialise their creations. Artists are leading the way into this new frontier for the industry and creating new revenue streams directly from their fans.
Meanwhile, market leaders from various industries are either building their own versions of metaverse or actively participating in them. Those metaverses are segmented, which can be a potential bottleneck for creating a full-fledged virtual reality.
LunaOne Project
LunaOne is the first platform that combines various types of meta activities in a single virtual world with a connection to real-world activities. The LunaOne project is a new generation platform that will be a foundation for the virtual society with all aspects of social life. It will offer full benefits from games, education, work, and all other activities that will be available in the metaverse within one platform.
The main mission of the LunaOne project is to create not just a gaming universe but to lay the foundation for a global meta infrastructure with the ability to earn, study, play and attend events without the need to leave home.
LunaOne will give an opportunity to connect the virtual activity with tasks from the real world, while receiving virtual benefits that will also have value in the real world. The founders of the LunaOne project believe that LunaOne is an emerging technological area that can influence all aspects of human life within a decade.
Some of the core elements of LunaOne are decentralised decision making, integrating education, business and gaming in one place and cross-world interaction – meta to real world services, finance and knowledge.
The avatar is the core of LunaOne and the primary tool for creating a symbiosis between the virtual and the real. Upon the launch of the project, LunaOne will have three main development paths, each of which is characteristic of its respective group in the meta society.
LunaOne Vs other metaverse
As mentioned above, the metaverse, in general, has already become a very competitive landscape with scores of companies operating across metaverse verticals. In order to stand out from the rest, LunaOne has certain features within its own metaverse that will helps it to be different or unique.
The features include decentralised decision making, tailor-made blockchain network to solve specific tasks, prevention of the community to influence the project, third party infrastructure with fees in external coins and real benefits from avatar progress, to name a few.
Besides, it will have unlimited NFT value but limited application, native community-driven NFT launchpad, unlimited seamless world, native distributed file cloud and single launcher for all products. The LunaOne launcher will enable each user to become a storage node and provide hard disk space for a reward.
The decentralised file storage of LunaOne will allow all users to connect and store data by distributing and segmenting it among all members of the LunaOne metaverse. LunaOne will also launch its internal streaming service that to raise the engagement level of the community. It has also developed an innovative incentive system to encourage users to stream their gameplay and also watch others.
Meanwhile, with privacy being a key concern for users on the internet, LunaOne will launch a decentralised messaging service within the metaverse. All the communication between users will be stored in the decentralised file storage, which will guarantee the security of personal data. All users will have the option to create groups and channels, which can have entrance or subscription fees.
Tokenomics
The financial foundation of the metaverse will be a decentralised blockchain with its utility token LunaOne (XLN). It is also a high interest-bearing asset, allowing its holders to generate revenues automatically within their wallets.
Every time XLN is sent, there is a 2% transaction fee, which is distributed to all holders in the circulating supply, thereby creating an invaluable source of passive income. Besides, the XLN holders will also have voting rights, based on the amount of XLN they are holding, thereby giving them the power to make decisions regarding how the coin will be used and how LunaOne will develop. Moreover, holding certain benchmark amounts of XLN will give its holders access to VIP areas, features and benefits.
All transactions within the LunaOne metaverse will require XLN. The XLN, launched on the Binance smart chain, will be the main currency of the ecosystem, Avatars can purchase everything, including NFT objects, which will be granted for the rarest items. The commission for transactions in the system will be fixed at US $0.025 and will be split among all the main elements of the LunaOne verse.
There will be a fee of US $0.005 towards Foundation cut, which will be a support and development fund for the metaverse. Similarly, there will be a games developers’ cut or a fund for game studios for support and development of the project, a nodes’ cut which will be the reward for users’ nodes that ensure the decentralisation of the platform. The prize pool is the prize fund for events in the metaverse.
In terms of the tokenomics, of the LunaOne project, the distribution price will is US$0.25. The unsold coins in the coin distribution event will be burned and eliminated from the total supply of 10 billion.
Around 3 billion out of the total supply will be allocated for distribution and a similar amount will also be allocated for marketing and business development. The pre-distribution quota of coins is 2 billion while 1 billion will be set aside for governance. The quota for liquidity pool and staking is 0.4 billion and 0.5 billion coins have been earmarked for the team.
The coin distribution event will last until main-net blockchain launch and then the remaining coins will be burned. A bridge will be opened to allow holders to move to the main-net LunaOne blockchain.
Conclusion
A metaverse is a network of 3D virtual worlds with the underlying theme of social connection. While development of metaverse applications are still in the works, the opportunities for real-world business in the metaverse are huge.
The pandemic-induced lockdown measures and remote working policies influenced more people to explore the online world for business as well as entertainment. Tech giants have recently increased their investments in the development of metaverse.
Although the current interaction about metaverse revolves mostly around gaming, entertainment and social connections, it can eventually have a much wider impact in the world of business, trade, industries and society.
LunaOne’s focus on each element of the metaverse development signifies its longer-term sustainable approach for the metaverse. The strategy of the LunaOne team is based on the segmentation of areas of responsibility to form an effective approach to project implementation. The latter says a lot about their ultimate vision for the project as well as the metaverse.
Hopefully, you have enjoyed today’s article. Thanks for reading! Have a fantastic day! Live from the Platinum Crypto Trading Floor.
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