The market for metaverse technologies, which include gaming and virtual reality (VR) headsets, is predicted to expand by more than 40% annually between 2020 and 2027, reaching US$48 billion, according to research firm Emergen Research.
A robust ecosystem of young players is emerging as a result of the metaverse craze, trying to capitalize on the opportunity and supply the components for immersive virtual worlds.
Here is a list of 10 Asian metaverse platforms that have gained significant traction and made significant advancements in the previous year and are worth keeping an eye on.
What is the metaverse?
Users from all around the world can interact with digital things and have digital representations of themselves in this immersive digital version of the internet. These digital avatars can travel between virtual worlds more or less freely in the metaverse.
As virtual reality spreads, it has the potential to draw large numbers of people to these artificial worlds where they can interact, work, and play in any setting they can imagine.
Here Are the Metaverse Platforms For Asians
The biggest Metaverse platform in all of Asia is called ZEPETO. It was developed by Naver Z Corp., the metaverse division of Naver, the leading search engine in South Korea. Over 300 million people use the metaverse platform each month, with 20 million of them individuals being active.
Though it cannot compete with Roblox, which has more than 150 million users, ZEPETO experienced tremendous growth in 2021, primarily from China.
They raised more than $200 million from SoftBank Group, Mirae Asset Capital, HYBE Co., and JYP Entertainment Inc. in 2021, and will use it to expand into new areas in 2022.
Instead of a virtual reality environment, ZEPETO is an app that enables you to take a selfie and instantly turn it into a 3D version of yourself. Users consequently receive a unique avatar!
They are not required to make an avatar of themselves, though; they are free to take on a completely different identity. Additionally, the software allows users to communicate with other avatars in virtual worlds, play games, and snap images.
- The Sandbox
Leading decentralized gaming virtual environment The Sandbox is a division of Animoca Brands. Players can “play, develop, own, and manage a virtual world” on the Ethereum-based platform. Non-fungible tokens (NFTs) allow players to possess in-game assets such as buildable land plots.
After seeing remarkable growth in 2021 and producing a total of US$144 million in gross merchandise volume, The Sandbox concluded a US$93 million Series B fundraising round headed by SoftBank in November 2021. (GMV).
Snoop Dogg, The Walking Dead, The Smurfs, and CryptoKitties are just a few of the over 165 brands that have partnered with The Sandbox.
Zed Run, Republic Realm, Binance, the South China Morning Post, Zepeto, the Winklevoss twins, and Bill Lee of Craft Ventures are some prominent landowners in the virtual world.
- Axie Infinity
The blockchain-based gaming metaverse Axie Infinity was created by Singapore-based business Sky Mavis. Collectible digital pets that may be bred, challenged, and exchanged are the main focus of the game.
These virtual animals exist as NFTs. Play-to-earn options are available in the metaverse, giving some users a steady income. Each day, the digital ecosystem draws about 2 million people.
To expand its Axis Infinity game, Sky Mavis secured US$152 million in October 2021 at a valuation of around US$3 billion. The business had just closed a US$7.5 million Series A round when the fundraising began.
According to data from marketcap, the Axie Infinity token is the second largest crypto token in the metaverse category with a market valuation of US$4.1 billion.
Enjin is a blockchain business with a focus on NFT solutions that was founded in 2009. The startup has created a complete ecosystem of blockchain software tools and solutions that let programmers, companies, and people all work together to create, manage, trade, distribute, and integrate NFTs that are built on Ethereum.
Enjin is creating Efinity, a Polkadot-based blockchain ecosystem that will serve as the foundation for a decentralized, cross-chain metaverse. Currently, Efinity is in its internal alpha phase.
Enjin declared that the Efinity Metaverse Fund has been established. To help Efinity expand and support development on NFTs, decentralized apps (DApps), and gaming, the fund aims to raise US$100 million.
The Enjin Coin is the fifth-largest crypto token in the metaverse category, with a market valuation of US$1.8 billion.
More than 100,000 people have registered on the platform, and 25,000 of those users are active every day. It completed a US$6 million seed round last year that was jointly sponsored by DeFiance Capital and Hashed.
Support for the investment also came from organizations like Pantera Capital, Coinbase Ventures, and Dapper Labs.
- Gongti Metaverse
The Gongti Metaverse, or GTVerse, platform is mainly intended to cater to the pedestrian traffic in the vicinity of Gongti, or Beijing Workers’ Stadium, and to the supporters of Beijing Guo’an Football Club.
Even if they are not physically present at the Beijing Workers’ Stadium, fans will be able to enjoy an immersive, 360-degree viewing experience of the soccer matches, concerts, and e-sports contests.
Sinobo, the owner of Beijing Guo’an Football Club, and its ecological partners, including industrial institutions and partners, built and run the platform by utilizing technologies including 5G private network, cloud, big data, virtual reality, and augmented reality.
On the blockchain, there is a virtual social environment called Decentraland. The blockchain, which is essentially a digital ledger that permanently records bitcoin transactions across a network of computers, is the foundation upon which the universe of Decentraland is built.
A digital environment called Decentraland enables its users to participate in events, play games, exchange goods and services in its marketplaces, and interact with individuals from all over the world.
The Decentraland platform can be used to conduct conferences, play games, and transact in marketplaces for virtual goods. As in real life, interacting with other members is simple.
- Star Atlas (ATLAS)
The next-generation game metaverse is called Star Atlas. It is the result of the fusion of decentralized financial technology, real-time visuals, multiplayer video games, and blockchain.
Star Atlas is built on top of the Solana blockchain technology. With POLIS, another in-game currency system developed on the Solana blockchain platform, you may purchase digital assets such as ships, personnel, land, and equipment within the game.
- Bloktopia (BLOK)
Bloktopia is a 21-story virtual skyscraper and metaverse. On the other side, the Bloktopia team wants to honor Bitcoin, which has a 21 million total cap.
In this virtual reality tower, Bloktopia members can build their own avatars, engage in social interactions, discover cryptocurrencies, and purchase metaverse “real estate.” Using a builder tool, they might utilize this to make artwork, games, obstacles, sequences, and more.
For both children and adults, Roblox is a well-liked online gaming platform. The games can be played by anyone and were created by other users.
According to the Roblox website, more than 20 million games have been released since the service’s debut in 2004. One of this platform’s most distinctive features is the option to accessorize your avatar with items from real-world companies like Burberry.