Solana is a fast-growing blockchain project whose developers were inspired by Ethereum’s success. Its goal is to be a better platform than existing proof-of-work (PoW) networks. Apps in its ecosystem are faster than those in Ethereum, and transaction fees are significantly lower. So far, the developers have raised over $325 million from investors.
What are metaverse projects?
Metaverse is a fast-growing industry that seeks to revolutionize how people interact and do things in the digital world. For example, instead of holding a boring Zoom meeting, your team can hold an immersive session in a digital format.
Similarly, instead of traveling to a concert or watching it on TV, you can participate virtually, using virtual and augmented reality. Today, people are buying virtual land for millions of dollars and even holding virtual weddings.
The most advanced format for the metaverse is in the gaming industry. Instead of playing games owned by giants like EA Sports and Take-Two Interactive, you can play free play-to-earn games and make
money. So, here are some of the top metaverse projects built using Solana and their native tokens.
Naga Kingdom is a relatively new metaverse project built in Solana’s ecosystem. Primarily, it is a virtual game that is inspired by an ancient kingdom in India, which was ruled by a snake known as Naga.
The game has 9-worlds, which users work through around. They also interact with the 9 snakes of the kingdom. Each of these snakes comes in different sizes, colors, and features.
One way in which people play the game is to invest and own snakes in the kingdom. These snakes act as the non-fungible tokens (NFT) of the ecosystem. The NAGA token is used to buy items in the kingdom.
The total supply cap of the token is 1 billion. According to the white paper, 35% of the coins will go towards burning while 15% of them will go towards product development. Other tokens will go towards game rewards, marketing, and partnerships.
The chart below shows the performance of the NAGA/USDT token. At the time of writing, CoinMarketCap has not provided the total market cap of the cryptocurrency.
Hoglympics is a project built on Solana that is at the intersection of decentralized finance (DeFi), non-fungible tokens (NFT), and the metaverse. The project’s goal is to revolutionize the sporting industry by creating a virtual version of the real Olympics.
The initial sport on the Hoglympics platform will be soccer, the most popular game in the world. Users will be able to build their soccer team and go up the rankings ladder. Winners will then be rewarded using the HOGS token, which is the native cryptocurrency for the ecosystem.
Unlike Decentraland and Sandbox, Hoglympics has not been launched yet, and its white paper signal that it will be launched in the third quarter of 2022. Still, there are several reasons why it seems like it will be a success.
For now, it is the first metaverse platform targeting sports in the Solana ecosystem. Second, the fact that it will incorporate more sports events than soccer means that it will have a wider audience. Finally, it is one of the few platforms that combine DeFi, NFTs, and the metaverse.
Solice is a well-funded startup that is building a virtual platform using the Solana blockchain. It has raised capital from the likes of Three Arrows Capital, Animoca Brands, Jump Capital, and Maven Capital, among others.
The platform is made by combining several technologies. For example, one of the most important parts of the ecosystem will be the role of virtual reality (VR). As such, users will be able to get a more immersive feeling when they start using the platform.
There are other features of Solice. For example, like other platforms, there will be a land sale, which will enable people to buy virtual land and see their value grow. You can also equip your piece of land with some of the features you love. Ultimately, you will be able to decide whether to sell the land or hold it in perpetuity.
Another important part of the Solice ecosystem is the concept of non-fungible tokens (NFT). Users will be able to mint and sell their tokens just like they do on other metaverse platforms. The native token for the Solice ecosystem is SLC. According to CoinMarketCap, it has a market cap of about $70 million.
Synergy Land is another metaverse platform that is being built in Solana’s ecosystem. It is a multi-player game based on four key areas: earth, water, ice, and fire. Each game session will have four players who will attempt to solve key mysteries in these ecosystems.
Synergy Land was developed using the inspiration of popular games like Diablo and Path of Exile. The creators’ goal was to create a game where players of these games can enjoy playing as they do currently while making money.
Players will make money using Synergy Land by winning matches and by minting and selling NFTs. These funds will be in the form of SNG coins, which they can then convert into fiat currencies.
The final Solana metaverse project that we will look at is Chainers.io. It is a blockchain project that enables users to create their own characters and compete to earn rewards. Users can easily mint their NFTs and become a member of Chainers DAO. As a member of the DAO, they can influence decisions about the ecosystem and its overall direction.
At the time of writing, Chainers.io was still in development, with an expected launch date of the third quarter of 2022.
The metaverse is a fast-growing industry, although there are questions about whether it is a bubble or not. Also, there are concerns about the growing number of projects in the industry that look the same. In this article, we have looked at some of the top Solana metaverse projects. Most of them are still in development because of how new the industry is.