Top 10 Metaverse in 2022! 

Maciej Zieliński

03 Aug 2022
Top 10 Metaverse in 2022! 

The current era of technological transformation is extremely attractive. This is due to implementations of networks 3.0, cryptocurrencies, or the metaverse. In this article, we will address the concept of metaverse and the best projects related to it. This is one of the most interesting concepts, where avatar users can interact with each other, perform daily activities and experience the same kind of feelings as in the real world. It's a combination of digital and real life. Which projects are the most interesting? What do they represent? We write about it below!

Development of the metaverse 

The metaverse is an online environment where the social interactions we have become more multidimensional, leading us to engage and connect with others in unconventional ways. According to a recent study, the global metaverse market is expected to grow by up to 40% in the next eight years. Its value will exceed more than $600 billion. For this reason, it is worth knowing the best metaverse that will grow throughout the current year.  

Metaverse

Gala (GALA)

Gala is a blockchain gaming platform that uses NFT in entertainment. This project is engaged in organizing a series of blockchain-based games, called social games, which focus on interpersonal relationships and making new friends. Currently available games developed in the ecosystem are: 

  • Mirandus, 
  • Spider Tank, 
  • Town Star, 
  • Fortified 
  • Echoes of Empire. 

GALA relies on authorities and wide ownership. Settlements are based on GALA's coin, which allows for :

  • managing the network, 
  • awarding rewards and incentives to node operators. 
  • Of course, GALA is also used when buying NFT digital assets in game stores and player markets.

Sensorium Galaxy (SENSO) metaverse

Sensorium Galaxy is a digital virtual world developed in collaboration with the world's top artists, producers and media companies. This metaverse consists of several worlds, each of which serves as a hub for a specific set of experiences. For example, PRISM - is the most relevant world of Sensorium Galaxy. Here, Metaverse users have access to exclusive VR performances by top artists on the charts. Who are we talking about? The top musicians themselves: 

  • David Guetta, 
  • Steve Aoki, 
  • Armin van Buuren and many more! 

Metaverse combines AI and virtual reality with the best entertainment content in the virtual reality galaxy. The project allows you to provide a multi-sensory experience that extends to other worlds! One of the most important features of the platform is the currency - SENSO - which uses blockchain technology to run an honest, transparent and decentralized economy. The token can be used for a variety of transactions, from creating new avatars to buying tickets to events and creating original content.

Decentraland metaverse

Decentraland is an already well-established metaverse project that is known among many participants. It offers to purchase virtual land for millions of dollars!  In this metaverse you can: 

  • buy your favorite brands, 
  • participate in events, 
  • play games
  • meet new people, 
  • build new business projects, and have a nice time. 

All operations are very realistic and have an interesting atmosphere. For these reasons, Decentraland remains one of the best projects of its kind. The project is built on the Ethereum blockchain and is owned by users. Entities that enter it have many options. They can create many of their own configurations, avatars, markets, digital infrastructure and applications. The cryptocurrency that supports the entire vibrant virtual world is called MANA and can be easily purchased through the most popular cryptocurrency exchanges. Interestingly - Decentraland is also a good place for marketing, as it helps to advertise and promote many products. It is almost certain that the platform will continue to grow in 2022, as it has been very successful so far. 

Axie Infinity 

It's a metaverse, yet a game that has been enjoyed by millions of people around the world! The concept is based on cute animals. By playing Axie, you can earn funds. Ethereum - the technology that creates the game allows the use of cryptocurrencies in the form of Axie AXS and SLP. Each crypto has different functionality. It is noteworthy that AXS was among the top cryptocurrencies in the Metaverse, and in 2021 alone its value increased by about 200% compared to the previous year. SLP tokens are also called Tenderness Potion. They can be obtained as rewards in battle or adventure mode. As interest in the game increases, it is the value of its crypto and tokens that continues to rise. The ease of earning income and transferring it to cryptocurrency exchanges only improves the project's financial situation. 

The Sandbox 

This is a metaverse built on the Ethereum blockchain. Like Decentraland, this metaverse focuses on creating original content and games. The Sandbox is inspired by Minecraft and Roblox. Every participant in the metaverse can use their imagination and create worlds that meet their expectations. Players monetize their in-game experience and earn a SAND token through it. The above token is used throughout the platform and transactions and interactions can be made with it. What is the scale of interest in this metaverse? To date, more than 70 million unique worlds have been created on the platform, which has greatly expanded NFT. In addition, Sandbox allows its community to create games, resources and applications on its storylines. 

Metahero 

This world uses 3D technology and combines physical and virtual experiences. According to the platform, the metaverse involves creating surreal digital clones that users can customize and use in many Metaverse events. The project has partnered with Wolf Digital World (WDW). As a result, each 3D avatar has realistic body shapes and realistic faces, resulting in an extraordinary visual experience. An interesting feature is the provision of a scanner of their own bodies and the removal of these scans by NFT! In addition, avatars can be equipped with various skills and powers from different classes, such as: 

  • Melee Expert, 
  • Wizard, 
  • Psychologist, 
  • Summoner, 
  • Elementalist, 
  • Ranged Expert, or Assassin. 

Players can promote new members and trade NFT with them. Settlements are created based on the Metahero token, which is becoming increasingly popular! 

Somnium

This is a project that realizes the competition in the metaverse market. It is a 3D blockchain platform that enables unprecedented experiences. Unfortunately, Somnium itself has poor graphics. Nevertheless, the success is that it allows users to fully customize their avatar and the surrounding space. In fact, Somnium describes itself as an "open, social and sustainable virtual reality platform" that combines not only places where users can "live," but also: 

  • entertainment 
  • communication, 
  • e-commerce and other aspects of the metaverse. 

The difference between this project and the others is that it is based on Solana technology! 

This gives us new possibilities for the metaverse. The advantages of this solution are:

  • building NFT galleries, 
  • using VR avatars to visit concerts,
  • the ability to dance during the event (with the technical kit you have) and much more.
     

Undoubtedly, Somnium's success is also behind its cryptocurrency, which has become one of the most stable tokens currently available for Metaverse options. 

Star Atlas  

This is a unique project that was the first in the world to introduce the concept of AAA encrypted games. With the Star Atlas metaverse, you can explore the community, leave the world and return to it. The storyline, is another factor in the success of this game. Settlement and gameplay is based on two tokens:

  • ATLAS - the game's monetary system, which users can use when entering battlefields, exploring a new world, etc. 
  • POLIS - allows players to participate in political intrigue on the platform. 

Both cryptocurrencies are based on Solana technology. Players have to make decisions about the metaverse, vote on its course and construction, and develop individual features. Star Atlas This is one of the emerging and more interesting metaverse for 2022! 

Bloktopia 

The Metaverse Bloktopia project aims to create a unique platform where users in a 21-story virtual building can: 

  • learn, 
  • meet new people, 
  • conduct business and try out various activities. 

Initially, the metaverse will not be complete, so this world is heavily dependent on the participation and creativity of each user. Although not much has been revealed about the upcoming project in the coming months, there have been some interesting announcements about them. For example - it will be possible to buy World Wrestling Entertainment (WWE) space. It is also interesting to note that Bloktopia is trying to implement new content creation and revenue mechanisms for all who choose to live in this metaverse. 

Cryptovoxels (CVPA)

This is a metaverse similar to Minecraft. It consists of a global digital infrastructure and blocks on which land users can continuously build various products. Assets can be traded on OpenSeaw in exchange for ETH, but Cryptovoxels also has its own currency - Cryptovoxels Parcel (CVPA).  On this platform, each user retains ownership of the land, which is also NFT. What can you do here? Build your virtual properties, adding posters, signs or a soundtrack, or simply sell them. As one of the oldest projects in the Metaverse, Cryptovoxels has managed to create a great community that has grown over the years, resulting in increasingly creative and exciting NFTs.

As you can see, Metaverse is growing at a rapid pace. Buying properties, interacting with people, going to concerts, entertainment, meeting celebrities from show business - these are just a few of the solutions that make virtuality penetrate reality.

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Nextrope on Economic Forum 2024: Insights from the Event

Kajetan Olas

14 Sep 2024
Nextrope on Economic Forum 2024: Insights from the Event

The 33rd Economic Forum 2024, held in Karpacz, Poland, gathered leaders from across the globe to discuss the pressing economic and technological challenges. This year, the forum had a special focus on Artificial Intelligence (AI and Cybersecurity, bringing together leading experts and policymakers.

Nextrope was proud to participate in the Forum where we showcased our expertise and networked with leading minds in the AI and blockchain fields.

Economic Forum 2024: A Hub for Innovation and Collaboration

The Economic Forum in Karpacz is an annual event often referred to as the "Polish Davos," attracting over 6,000 participants, including heads of state, business leaders, academics, and experts. This year’s edition was held from September 3rd to 5th, 2024.

Key Highlights of the AI Forum and Cybersecurity Forum

The AI Forum and the VI Cybersecurity Forum were integral parts of the event, organized in collaboration with the Ministry of Digital Affairs and leading Polish universities, including:

  • Cracow University of Technology
  • University of Warsaw
  • Wrocław University of Technology
  • AGH University of Science and Technology
  • Poznań University of Technology

Objectives of the AI Forum

  • Promoting Education and Innovation: The forum aimed to foster education and spread knowledge about AI and solutions to enhance digital transformation in Poland and CEE..
  • Strengthening Digital Administration: The event supported the Ministry of Digital Affairs' mission to build and strengthen the digital administration of the Polish State, encouraging interdisciplinary dialogue on decentralized architecture.
  • High-Level Meetings: The forum featured closed meetings of digital ministers from across Europe, including a confirmed appearance by Volker Wissing, the German Minister for Digital Affairs.

Nextrope's Active Participation in the AI Forum

Nextrope's presence at the AI Forum was marked by our active engagement in various activities in the Cracow University of Technology and University of Warsaw zone. One of the discussion panels we enjoyed the most was "AI in education - threats and opportunities".

Our Key Activities

Networking with Leading AI and Cryptography Researchers.

Nextrope presented its contributions in the field of behavioral profilling in DeFi and established relationships with Cryptography Researchers from Cracow University of Technology and the brightest minds on Polish AI scene, coming from institutions such as Wroclaw University of Technology, but also from startups.

Panel Discussions and Workshops

Our team participated in several panel discussions, covering a variety of topics. Here are some of them

  • Polish Startup Scene.
  • State in the Blockchain Network
  • Artificial Intelligence - Threat or Opportunity for Healthcare?
  • Silicon Valley in Poland – Is it Possible?
  • Quantum Computing - How Is It Changing Our Lives?

Broadening Horizons

Besides tuning in to topics that strictly overlap with our professional expertise we decided to broaden our horizons and participated in panels about national security and cross-border cooperation.

Meeting with clients:

We had a pleasure to deepen relationships with our institutional clients and discuss plans for the future.

Networking with Experts in AI and Blockchain

A major highlight of the Economic Forum in Karpacz was the opportunity to network with experts from academia, industry, and government.

Collaborations with Academia:

We engaged with scholars from leading universities such as the Cracow University of Technology and the University of Warsaw. These interactions laid the groundwork for potential research collaborations and joint projects.

Building Strategic Partnerships:

Our team connected with industry leaders, exploring opportunities for partnerships in regard to building the future of education. We met many extremely smart, yet humble people interested in joining advisory board of one of our projects - HackZ.

Exchanging Knowledge with VCs and Policymakers:

We had fruitful discussions with policymakers and very knowledgable representatives of Venture Capital. The discussions revolved around blockchain and AI regulation, futuristic education methods and dillemas regarding digital transformation in companies. These exchanges provided us with very interesting insights as well as new friendships.

Looking Ahead: Nextrope's Future in AI and Blockchain

Nextrope's participation in the Economic Forum Karpacz 2024 has solidified our position as one of the leading, deep-tech software houses in CEE. By fostering connections with academia, industry experts, and policymakers, we are well-positioned to consult our clients on trends and regulatory needs as well as implementing cutting edge DeFi software.

What's Next for Nextrope?

Continuing Innovation:

We remain committed to developing cutting-edge software solutions and designing token economies that leverage the power of incentives and advanced cryptography.

Deepening Academic Collaborations:

The partnerships formed at the forum will help us stay at the forefront of technological advancements, particularly in AI and blockchain.

Expanding Our Global Reach:

The international connections made at the forum enable us to expand our influence both in CEE and outside of Europe. This reinforces Nextrope's status as a global leader in technology innovation.

If you're looking to create a robust blockchain system and go through institutional-grade testing please reach out to contact@nextrope.com. Our team is ready to help you with the token engineering process and ensure your project’s resilience in the long term.

Monte Carlo Simulations in Tokenomics

Kajetan Olas

01 May 2024
Monte Carlo Simulations in Tokenomics

As the web3 field grows in complexity, traditional analytical tools often fall short in capturing the dynamics of digital markets. This is where Monte Carlo simulations come into play, offering a mathematical technique to model systems fraught with uncertainty.

Monte Carlo simulations employ random sampling to understand probable outcomes in processes that are too complex for straightforward analytic solutions. By simulating thousands, or even millions, of scenarios, Monte Carlo methods can provide insights into the likelihood of different outcomes, helping stakeholders make informed decisions under conditions of uncertainty.

In this article, we will explore the role of Monte Carlo simulations within the context of tokenomics.  illustrating how they are employed to forecast market dynamics, assess risk, and optimize strategies in the volatile realm of cryptocurrencies. By integrating this powerful tool, businesses and investors can enhance their analytical capabilities, paving the way for more resilient and adaptable economic models in the digital age.

Understanding Monte Carlo Simulations

The Monte Carlo method is an approach to solving problems that involve random sampling to understand probable outcomes. This technique was first developed in the 1940s by scientists working on the atomic bomb during the Manhattan Project. The method was designed to simplify the complex simulations of neutron diffusion, but it has since evolved to address a broad spectrum of problems across various fields including finance, engineering, and research.

Random Sampling and Statistical Experimentation

At the heart of Monte Carlo simulations is the concept of random sampling from a probability distribution to compute results. This method does not seek a singular precise answer but rather a probability distribution of possible outcomes. By performing a large number of trials with random variables, these simulations mimic the real-life fluctuations and uncertainties inherent in complex systems.

Role of Randomness and Probability Distributions in Simulations

Monte Carlo simulations leverage the power of probability distributions to model potential scenarios in processes where exact outcomes cannot be determined due to uncertainty. Each simulation iteration uses randomly generated values that follow a specific statistical distribution to model different outcomes. This method allows analysts to quantify and visualize the probability of different scenarios occurring.

The strength of Monte Carlo simulations lies in the insight they offer into potential risks. They allow modelers to see into the probabilistic "what-if" scenarios that more closely mimic real-world conditions.

Monte Carlo Simulations in Tokenomics

Monte Carlo simulations are instrumental tool for token engineers. They're so useful due to their ability to model emergent behaviors. Here are some key areas where these simulations are applied:

Pricing and Valuation of Tokens

Determining the value of a new token can be challenging due to the volatile nature of cryptocurrency markets. Monte Carlo simulations help by modeling various market scenarios and price fluctuations over time, allowing analysts to estimate a token's potential future value under different conditions.

Assessing Market Dynamics and Investor Behavior

Cryptocurrency markets are influenced by a myriad of factors including regulatory changes, technological advancements, and shifts in investor sentiment. Monte Carlo methods allow researchers to simulate these variables in an integrated environment to see how they might impact token economics, from overall market cap fluctuations to liquidity concerns.

Assesing Possible Risks

By running a large number of simulations it’s possible to stress-test the project in multiple scenarios and identify emergent risks. This is perhaps the most important function of Monte Carlo Process, since these risks can’t be assessed any other way.

Source: How to use Monte Carlo simulation for reliability analysis?

Benefits of Using Monte Carlo Simulations

By generating a range of possible outcomes and their probabilities, Monte Carlo simulations help decision-makers in the cryptocurrency space anticipate potential futures and make informed strategic choices. This capability is invaluable for planning token launches, managing supply mechanisms, and designing marketing strategies to optimize market penetration.

Using Monte Carlo simulations, stakeholders in the tokenomics field can not only understand and mitigate risks but also explore the potential impact of different strategic decisions. This predictive power supports more robust economic models and can lead to more stable and successful token launches. 

Implementing Monte Carlo Simulations

Several tools and software packages can facilitate the implementation of Monte Carlo simulations in tokenomics. One of the most notable is cadCAD, a Python library that provides a flexible and powerful environment for simulating complex systems. 

Overview of cadCAD configuration Components

To better understand how Monte Carlo simulations work in practice, let’s take a look at the cadCAD code snippet:

sim_config = {

    'T': range(200),  # number of timesteps

    'N': 3,           # number of Monte Carlo runs

    'M': params       # model parameters

}

Explanation of Simulation Configuration Components

T: Number of Time Steps

  • Definition: The 'T' parameter in CadCAD configurations specifies the number of time steps the simulation should execute. Each time step represents one iteration of the model, during which the system is updated. That update is based on various rules defined by token engineers in other parts of the code. For example: we might assume that one iteration = one day, and define data-based functions that predict token demand on that day.

N: Number of Monte Carlo Runs

  • Definition: The 'N' parameter sets the number of Monte Carlo runs. Each run represents a complete execution of the simulation from start to finish, using potentially different random seeds for each run. This is essential for capturing variability and understanding the distribution of possible outcomes. For example, we can acknowledge that token’s price will be correlated with the broad cryptocurrency market, which acts somewhat unpredictably.

M: Model Parameters

  • Definition: The 'M' key contains the model parameters, which are variables that influence system's behavior but do not change dynamically with each time step. These parameters can be constants or distributions that are used within the policy and update functions to model the external and internal factors affecting the system.

Importance of These Components

Together, these components define the skeleton of your Monte Carlo simulation in CadCAD. The combination of multiple time steps and Monte Carlo runs allows for a comprehensive exploration of the stochastic nature of the modeled system. By varying the number of timesteps (T) and runs (N), you can adjust the depth and breadth of the exploration, respectively. The parameters (M) provide the necessary context and ensure that each simulation is realistic.

Messy graph representing Monte Carlo simulation, source: Bitcoin Monte Carlo Simulation

Conclusion

Monte Carlo simulations represent a powerful analytical tool in the arsenal of token engineers. By leveraging the principles of statistics, these simulations provide deep insights into the complex dynamics of token-based systems. This method allows for a nuanced understanding of potential future scenarios and helps with making informed decisions.

We encourage all stakeholders in the blockchain and cryptocurrency space to consider implementing Monte Carlo simulations. The insights gained from such analytical techniques can lead to more effective and resilient economic models, paving the way for the sustainable growth and success of digital currencies.

If you're looking to create a robust tokenomics model and go through institutional-grade testing please reach out to contact@nextrope.com. Our team is ready to help you with the token engineering process and ensure your project’s resilience in the long term.

FAQ

What is a Monte Carlo simulation in tokenomics context?

  • It's a mathematical method that uses random sampling to predict uncertain outcomes.

What are the benefits of using Monte Carlo simulations in tokenomics?

  • These simulations help foresee potential market scenarios, aiding in strategic planning and risk management for token launches.

Why are Monte Carlo simulations unique in cryptocurrency analysis?

  • They provide probabilistic outcomes rather than fixed predictions, effectively simulating real-world market variability and risk.