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Building the necessary infrastructure to connect different Metaverses will be crucial to broader Web3 adoption. Venly and its MetaRing check the correct boxes on that front. The cross-metaverse access pass focused on utility will let users unlock in-game utilities and benefits.
Interoperability For Web3
Similar to the advent of blockchain technology, Web3 development will focus on interoperability. Although many blockchains and projects pursue native Metaverse solutions, they create siloed environments. The purpose of Web3 is to create a seamlessly interoperable world where users can tap into many different experiences and projects without friction.
Unfortunately, that vision seems years away. Most Metaverse-oriented projects running on the same blockchain have no way of communicating with one another. Thankfully, there are virtual worlds, like Decentraland or The Sandbox, where users can engage in different activities. However, access to specific projects and locations may be off-limits, depending on having the correct credentials or NFTs.
That situation needs to change sooner rather than later. If Web3 is to be embraced by the mainstream, more streamlined solutions are required. Venly and its MetaRing non-fungible token offer a glimpse of what an interoperable Web3 environment may look like. This cross-metaverse access pass is very intriguing and introduces numerous benefits.
The MetaRing Changes The Game
The first benefit of MetaRing is how owners can access exclusive locations across virtual lands, platforms, games, and economies. That is crucial and brings tremendous utility to what Venly is building. Moreover, MetaRing puts the owner in charge and links their experiences seamlessly. Through this NFT, users can engage in various events and games, acquire real estate, and gain priority access to future NFT drops.
The second benefit of MetaRing is its access to many partner projects. Unlike most Web3 solutions that have yet to be developed, Venly partnered with over a dozen providers and projects to enhance its technology. Confirmed partners include The Sandbox, Vulcan Forged, Polygon, Alphaverse, TCG World, V3, Trace Race Manager, and others. More partners will be added over time, as every Metaverse project can benefit from broader interoperability and interconnectivity.
Interestingly, there is a scarcity aspect to MetaRing. Venly purposefully opts for 1,000 Origin pieces of the MetaRing, of which 100 are reserved for the Venly team and its partners. An additional 50 are kept for whitelisting, with the remaining 850 NFTs selling on the Venly Marketplace to verified Discord users. The NFT will reside on the Polygon blockchain, which is cheaper and more efficient than Ethereum.
Any asset or perk the MetaRing grants access to will be tied to the owneÅ's NFT forever. It is a store of value the NFT space has not seen before. Therefore, it is crucial that, when introducing a unifying solution, the associated perks and assets will not be sold separately but remain part of the MeaRing.
Tremendous Possibilities For NFT Owners
The possibilities introduced by a concept like MetaRing are virtually limitless. Gaining exclusive access to events, talks, virtual conferences, and more bring unprecedented utility to what NFTs represent. As Venly continues to add more partners to its project, there will be additional use cases for NFT holders to explore.
A solution like MetaRing will stand or fall based on how strong its partnership network becomes. The initial partners send a strong industry signal and pave the way for others to follow their lead by example.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.