The Terra metaverse
Terra is the 5th largest ecosystems for NFTs
A quick overview of NFTs and it’s potential
Around the same time last year, a lot of people were bullish on Decentralized Finance (DeFi) protocols esp. the blue-chip projects on Ethereum to outperform 2021 including me but we were astounded by how NFTs, Play-to-Earn (P2E) games, and Metaverse projects came to dominate most of 2021 (of course including Layer 1s).
What we didn’t realize was the necessary infrastructure for NFTs to build another use case for blockchain technology was already being laid out during 2020.
As Ryan Selkis wrote in Messari’s Crypto Theses for 2022:
“The 2020 DeFi boom supplied the “throughput infrastructure” of self-custodied, permission-less trading (like routing and bandwidth in Web1), which allowed NFTs to take off. The explosion of demand for NFTs (plus DeFi) pulled forward demand for more scalable Layer 1 and Layer 2 blockchains earlier this year (2021). All of that will spur growth in DAO infrastructure in the new year: NFTs provide on-chain identity and reputation for DAO contributors; DeFi gives DAO members massive liquid pools of capital to govern; and scaling solutions will make on-chain governance economically feasible.”
In Web 3.0, cryptocurrencies and NFTs become the digital goods for the New Economy, DeFi becomes the native financial system, Layer 1 networks become the rails that power everything, and DAOs are how all of these gets governed.
NFTs will become as important to us as virtually any of the tangible things we can touch and feel.
NFTs are cool because they represent verifiably scarce, portable, and programmable pieces of digital property. An NFT could be a share of stock, a virtual pet in a game, a profile picture on social media, a new digital art piece, a plot of land in the metaverse, or your data record on Facebook. The potential for NFTs is essentially unlimited as blockchains become global transaction ledgers for both natively virtual property and even physical property (more on that in future posts).
To add, I also agree with @redphonecrypto’s thesis #8 in his recently released 69 theses where he states that:
“My definition of the metaverse is broad AF. For me, it’s Twitter, Telegram, gaming, crypto... pretty much anything we do online (esp things that don’t involve our IRL names).
But it’s just the beginning, of course.
Most everyone I respect in crypto has already accepted the vision of the future that’s hinted at in Ready Player One (haptic suits, much better lives online than IRL, a battle between corporations and individuals for control of the metaverse).
If we’re truly headed toward that world, how does it change the investments and contributions that you make?”
Makes you think about the vast potential of NFTs doesn’t it?
My very first research into virtual worlds aka metaverse was after watching The Last Lecture by Randy Pausch - one of the earliest builders and educators for creating virtual worlds. I was so intrigued by the life lessons he shared in the video that I tried to read as much as I can about what he was doing and I found out he was teaching students how to build virtual worlds as early as the late 1990s.
I hope by now you’re familiar with Ready Player One. I truly believe the Metaverse will be the next logical evolution of the Internet - where we get to experience alternate realities which deepen our human need to understand why we are here.
If a big part of our future lives are spent living in global, virtual, interconnected worlds (multiple metaverses), then NFTs are some of the primary building blocks for everything in that world.
You don’t want to live in a virtual world where your entire identity is at the mercy of the Big Tech institutions or even governments though.
This is apparent if you’ve ever switched social media platforms and had to build back an audience and reputation from zero. Or if you’ve ever purchased virtual goods in a game, but then realized that the game creator controls all of the trading rules, and you can’t sell the goods you’ve earned or take them elsewhere.
NFTs can, should, and will transcend their underlying blockchains and metaverses.
And this is why NFTs in general excite me. They can become the necessary building blocks in creating a decentralized multi-Metaverse - one that is owned by different organizations, users, DAOs, guilds, etc. and not just one giant corporation or worst a government entity.
NFTs become passports to enter certain states (metaverses) and become a powerful identity for the user/avatar. Owning an NFT shows you have social currency, skin in the game into that culture, game, metaverse, platform, protocol - could be anything really. And the more you contribute to that community, the more value you create and earn, for yourself and the community you belong into.
You can learn more about NFTs by watching this video from one of my favorite Youtube channels called Finematics:
Disclaimer: This is in no way financial or investment advice. Some of these projects are not yet audited so please DYOR and experiment using a burner wallet. I will continue to update this as more projects launch.
The blossoming Terraverse
Let me now dive into the NFT community blossoming within the Terra ecosystem or you could say the Terra metaverse.
As you can see from the illustration above, Terra doesn’t only have the second highest TVL in DeFi after Ethereum - it is slowly gaining ground on the NFT space as well. NFTs on Terra are just 6 months old and we’ve already seen almost $20M in total volume according to the latest data from DeFiLlama and there’s now more than 100 NFT projects on-chain as well.
NFTs can be more than just pieces of art or profile pictures - they can be digital passports allowing owners/holders to enter certain protocols with ease and with additional benefits. More than just a system for establishing your digital identity, it also allows you to be involved in community governance and decision-making and this is why I’m esp. bullish on Levana Protocol integrating its Dragon NFTs and games into their DeFi project.
Let me start off this list with the infrastructure side who are building the necessary elements for NFTs, games, and the metaverse to be created:
Platforms/Applications for Gaming, Metaverse, NFT & Related Activities
(I covered the DeFi protocols on this post.)
Andromeda Protocol: Building the WordPress of blockchain applications.
BetTerra is a GameFi betting platform designed to do good.
BreachGG is GameFi ecosystem transforming gamers' online identity into a Metaverse Avatar that levels up from dueling, socializing, matching
Duel Dojo is a decentralized gaming hub built by gamers, for gamers. By leveraging stable yield generation and NFT technology, our platform creates an in-game economy that spans across more than just an individual game.
Fanfury is a decentralized fantasy sports platform that brings trust-less play-to-earn gaming to everyone.
Forge Protocol reimagines NFTs on Terra.
Ink Protocol is first decentralized prize savings game on Terra.
Knowhere Art is the first NFT marketplace on Terra.
Loterra is a decentralized lottery platform built on the Terra blockchain.
Luart is the first gamified NFT marketplace on Terra.
Lunaverse is a virtual world built on the Terra blockchain. NFT properties linked to yield bearing deposits on DeFi protocols. It is where the digital world meets the real world.
Mavolo Money is lossless principal yield-based payments platform. Imagine a wishing well where your wishes can come true. Enter Mavolo; Create a wishlist, drop your coins in the well and with a little patience, your wish is granted. Best part is, leave your coins in the well to generate the wishes faster. Or you can pull them whenever you want.
Minerva is a DAO platform which will bring appreciating wine investments to users directly on the Terra blockchain. The DAO will select and verify providers of wine, who will be authorized to publish ADOs as proof of sale. Users will be able to use their ADOs as collateral, earning yield on wine as a primary market. When users wish to collect their wine bottles in physical form, the ADO will be burned after proof of delivery, with both artwork and part of the yield retained by users.
NFTerra is a community oriented hackathon for improving NFTs on Terra.
Nusic is building music-backed currencies.
OnePlanet is a new land to build NFTs on Terra.
Orne is building a platform where NFTs are used for sustainable forestry.
Pilgrim Protocol will allow for atomic price curves for NFTs with zero liquidity requirements.
Pixy Fund is a crowdfunding platform that empowers artists and users. Purchase principal protected NFTs & fund innovative digital media projects on the blockchain.
Playible: Gamified NFTs coming to Terra. Collect once, play forever in lossless fantasy sports contests. Formerly Fantasy Investar.
Playnity is a gaming guild on Terra.
Pluto’s Pot is building a gamified charitable raffles dApp on Terra.
Preserver Protocol harnesses Anchor Earn yield to create perpetual prize pools for your favorite games and perpetual donations to your favorite gamers/creators.
Random Earth is a NFT marketplace on Terra.
Rerun is an app that motivates you to build habits by paying you crypto rewards.
Talis is the first DAO NFT marketplace and POD shop.
Terra Casino is a DAO one stop shop for gamified everything Gambling/ Betting on Terra. You can expect to find games like slots, poker etc.
Terra Vegas is a decentralized casino on Terra.
Terra World is the First NFT Metaverse for Work platform. Terra World is a metaverse for working service powered by Terra, providing a distinct remote work environment for business.
Tsunami Protocol: Content NFT market & storage solution making waves multi-chain.
Marketplace | Metaverse/Gaming
Marketplace
Forge Protocol reimagines NFTs on Terra.
Knowhere Art is the first NFT marketplace on Terra.
Luart is the first gamified NFT marketplace on Terra.
Loop NFT Marketplace is billed as the World's First DeFi NFT Marketplace. Explore DeFi NFTs such as LP bonds, yield bearing NFTs, and NFTs linked directly to DeFi protocols such as Anchor Protocol.
LunArt - Community-Driven NFT Platform & Artist Launchpad on Terra.
Lunaverse is a virtual world built on the Terra blockchain. NFT properties linked to yield bearing deposits on DeFi protocols. It is where the digital world meets the real world.
OnePlanet is a new land to build NFTs on Terra.
Playible: Gamified NFTs coming to Terra. Collect once, play forever in lossless fantasy sports contests. Formerly Fantasy Investar.
Pluto’s Pot is building a gamified charitable raffles dApp on Terra.
Random Earth is a NFT marketplace on Terra.
Talis is the first DAO NFT marketplace and POD shop.
Terra World is the First NFT Metaverse for Work platform. Terra World is a metaverse for working service powered by Terra, providing a distinct remote work environment for business.
TIX is the most advanced decentralized ticketing platform. Built for artists, venues, events, and more. Built by fans. Built on Terra.
Metaverse/Gaming
Astro Heroes | Art Toy is a NFT-based game where you save the planet from possible annihilation.
Dancero | IRL Utility on Terra is a Web 3.0 Learn-to-Earn platform using dance as a trojan horse to further crypto adoption in Latin America.
Derby Stars allows you to acquire and ride your very own NFT racehorses. You can breed and nurture the very best horse.
Deviants’ Factions is the next generation card game built on Terra.
Dragons SB is the first metaverse MMORPG built on Terra and Binance Smart Chain.
Duel Dojo is a decentralized gaming hub built by gamers, for gamers. By leveraging stable yield generation and NFT technology, our platform creates an in-game economy that spans across more than just an individual game.
Exo-Terra is an NFT based game - it’s going to be a Simultaneous Turn-Based Arena Battler. Players will be able to create their own class using multiple Armor Pieces and Abilities and also create their own unique Avatar in-game. This game will promise zero bugs while playing as it will be mathematically simulated before it happens. Players will be able to forge guilds together and build their city. And defend it from other guilds. Mix skills with effect of surprise in a 4v4 matchup. AAA-Quality Crypto Gaming | Simultaneous Turn-Based Arena Battler | 3D NFTs | ExoDAO
Hero NFT is a limited edition NFT collection of unique digital collectibles thriving on both the Solana and Terra blockchains. They are the first NFT to mint on both Solana and Terra.
Knight Lands is perfect for casual, competitive and business-minded gamers - everyone earns crypto by playing. Vast open world, owned by players. Buy and sell land with real value on the blockchain. Player-driven economy. Sustainable and fluid economic trading between players.
Legends of Terra is a NFT Trading Card Game with two key features: Pick-2-Earn, One NFT Multi Use.
Levana Protocol dragon eggs serve as a way for the Levana DAO members to identify core members of the Levana Community and enable better collaboration. The dragon NFTs will also become part of the upcoming games that are being developed.
Lunaverse is a virtual world built on the Terra blockchain. NFT properties linked to yield bearing deposits on DeFi protocols. It is where the digital world meets the real world.
Luni is a decentralized token which brings benefits and entertainment on Terra Network.
MetaRacers | WildKats NFT is a racing game like never before. 10,000 NFT WildKats battle it out in play-to-earn tournaments across the metaverse.
Moon Paper Scissors is a virtual game built on Terra. Do you have what it takes to fight your way through the galaxy? Claim victory or die trying. May the best lunatic win :)
NIPTerra is an NFT-based game built on Terra.
Orbiters (formerly Terra Stars) is an upcoming game that will connect and interact with your NFT spaceships.
Red Eyed Space Toads is a novel NFT-fi project with bespoke hand-drawn collectibles of the last humanoid reptiles remnants from Terra, we seek keepers to grow our army, join us.
Space Dollars is money for the metaverse.
SpaceLoot is the first NFT to be released on Terra. The NFTs are part of an upcoming game.
Summoners' War is an action-packed fantasy RPG with millions of players around the world.
Tabula is an upcoming NFT-based Play-to-Earn game on Terra.
Terra Racers is a racing inspired NFT collection and metaverse game built on Terra.
Terra Unicorns is an NFT collection of 8.088 3D Unicorn NFTs. Each unicorn have unique characteristics and rare assets allowing players to fight with thousands of combinations in an upcoming Battle Arena App.
Terrafirma is a platform for real-world property NFTs.
TerraFloki Labs is building the Flokiverse. Flokiverse is the emerging strategic & economic Play-to-Earn (P2E) metaverse. Players participate through TerraFloki NFTs (characters and planets) and NFT subscriptions. The TerraFloki DAO votes on core decisions that influence the future of the project.
Terra World is the First NFT Metaverse for Work platform. Terra World is a metaverse for working service powered by Terra, providing a distinct remote work environment for business.
The Buddy is a monster based on a real-time turn-based tactical game built on Terra.
XYZ (my favorite so far) is a collection of coordinates in three-dimensional space, represented as non-fungible tokens on the Terra blockchain. Each token is a tiny bundle of metadata: an xyz has an x, y, and z coordinate, and an ID. xyz is governed by a few laws along with the NFT standard: all sets of coordinates are unique; all token IDs are unique; and you can at any time relocate from one set of coordinates to another, while retaining the same ID, for a cost.
NFTs
(I tried my best to make a complete listing of all NFT projects building on Terra but I am sure there are others not listed here so I apologize in advance).
Imagine if one day, all these projects are interconnected - and you can use your Galactic Punks to ride a Levana dragon while earning experience points to earn boosters for your LP positions. If the project founders realize this potential early on, like now, they can incorporate this possibility of connection in future developments.
Lastly, I’ll end with this conclusion again, if you want to think about $LUNA’s potential valuation, think about the demand for $UST and the other Terra stablecoins. Anchor is for savings, Mirror is for investments, Chai is for payments and Terra is for currency - and GameFi projects are for daily entertainment and recreation.
Gaming and entertainment sound simple but they are a daily part of our lives. Most of us do not have time to save or invest everyday but all of us do some form of entertainment or recreation activity daily - whether that’s playing an actual physical game, a digital game, or a hobby. Imagine the daily transactions happening on Terra if we get to build really good games and activities that allow people to live their lives while at the same time possibly earning as well.
While we are early on the potential of NFTs / Play-to-Earn / GameFi / Metaverse projects, a bet on a blossoming Terra metaverse ecosystem is a bet on the widespread adoption and growth of the Terra stablecoin ecosystem.
Amazing overview. Perfect as always.
Amazing overview. Perfect as always.