We’ve recently launched Next Alpha - Verified Crypto Research. Try now.
Jul 13, 2023

What is the metaverse and where is it headed?

Discover the world of the metaverse and its opportunities, challenges and potential.

Follow us or ask us a question:

Exploring The Metaverse Today                      


The metaverse was first conceived by science fiction writers. Since then, fiction has become a reality. Nowadays, the metaverse can be described as a 3D space in which you can interact with others in a simulated world.

Interest in the metaverse increased with books and movies such as Ready Player One, and advances in virtual reality such as the Oculus Rift headset. In 2021, Facebook changed its name to Meta. Another indication of a heightened focus on the metaverse.

Microsoft, Sony, Samsung and others have also created devices and platforms for people to realize the full potential of the metaverse. Virtual platforms such as Sandbox, Axie Infinity and Roblox attract more users every day.

The future will reveal even more immersive ways to interact, play, shop and learn. In this piece, we will summarize the current platforms and tools to access the metaverse, opportunities and challenges, and potential future developments.

Also read, How to Enter the Metaverse

Current Platforms and Tools for the Metaverse 

How to access the metaverse? There are several ways for you to do this.

Metaverse Platforms

Metaverse platforms are virtual spaces. To represent yourself in this space, you need to create an avatar. This avatar is your digital identity, through which you can interact with others.

Here are some platforms of note in 2023.


Decentraland is a 3D platform that enables you to buy and sell land plots. You can access it via a desktop browser. It is built on the Ethereum blockchain.

Users can create and monetize assets on Decentraland, including galleries, cafes, skyscrapers and more. They can be acquired as NFTs, using a cryptocurrency called MANA. 

Axie Infinity

Axie Infinity is a blockchain-based metaverse gaming platform. In the game, you join a team of monsters who battle other teams. It is a play-to-earn game. You need to purchase NFTs to join, then you can play, trade and win.


Efinity is a next-gen platform for managing and monetizing NFTs. It is built on Polkadot, a protocol that connects blockchains.

Efinity aims to create a free digital economy. It enables NFTs to be utilized in any industry. You can access it through a dedicated web portal. After that, you can create tokens and collectibles.

Metaverse Tool 

Now, let us explain how to enter the metaverse. To begin with, you can use smartphones and computers connected to the internet. However, these devices limit the metaverse experience.

With a virtual reality headset, you can fully immerse yourself in a virtual world. Virtual reality headsets make games more mesmerizing. They also enhance other 3D experiences such as virtual travel, interactions, and learning.

If you want to buy and trade in the metaverse, you need digital currency. Bitcoin and Ethereum are some of the leading cryptocurrencies. The currency is stored in a digital wallet for transactions.

As the metaverse develops, more tools gain popularity. For example, haptic devices create a tactile sensation via clothing, gloves, and goggles.

Opportunities and Challenges

For early adopters, the metaverse offers several opportunities.

  • Creators can sell virtual goods, services, and experiences.
  • Brands can find powerful new means of reaching out to potential customers.
  • Businesses can discover ways to build tightly-knit and loyal communities.
  • Virtual programming and 3D modeling can provide opportunities to design and test products in the real world.
  • However, there are also challenges.
  • You may need to invest in the right tools as well as training for a total metaverse experience.
  • The metaverse is a new field of activity. There may be a lack of norms and regulations in a decentralized environment. Users need to be careful about fraudulent activity.
  • There are many metaverse platforms. Not all of them are interoperable. This could be complex and time-consuming.
  • At present, cryptocurrency is a volatile market. You should be able to assess and manage risk.

Where is the Metaverse Headed?

The metaverse is expanding rapidly. New devices, platforms and opportunities emerge all the time.

Blaze is an analytics platform that helps Web3 and Metaverse brands understand platforms and users to optimize growth and product strategies. To find out more, register with Blaze at https://dashboard.withblaze.app/signup


No items found.

Try Blaze for free

Take me to Blaze

Download this playbook