Zilliqa's New Metaverse Could Supercharge the Project
Zilliqa's unique architecture and new metaverse
Seemingly every blockchain in the world claims to be unique and solve problems that others haven't. Zilliqa is different because it possesses traits unique to other blockchains that benefit the end user.
Zilliqa core developers have been programming a metaverse platform, Metapolis, which is poised to bring a new wave of users to Zilliqa. The platform will feature a wide range of uses including NFTs, video games, and more, made possible by the creation of verifiable smart contracts. Metapolis will be the industry's first "metaverse as a service," allowing companies to build complex digital products securely and efficiently.
A Singapore-based project started in 2017, Zilliqa is an open source, layer 1 blockchain, and the first project in the industry to implement sharding.
Sharding is a scaling technique that partitions data across multiple shards, allowing for high efficiency and performance. In fact, over time, as more transactions occur on sharded blockchains, transactions per second (TPS) eventually increase. Other blockchains such as Harmony, Near Protocol, and Polkadot utilize sharding as well.
This scaling technique makes Zilliqa the perfect layer 1 blockchain for an enormous project like Metapolis that will onboard numerous companies and organizations.
Zilliqa has released a roadmap, which details the steps in rolling out the various features of Metapolis. The first phase involves an introduction to Metapolis, while phase two is the public release for testing. The third phase features advertising among other public events, and phase 4 involves an app release with staking and VR.
A challenge for Metapolis will be its competitors like Decentraland and The Sandbox that hold a majority of the blockchain metaverse market. Major companies such as Samsung and Nike have already started building on both platforms respectively.
Along with the growing adoption of these virtual worlds, the tokens of both projects saw a meteoric rise in the last bull run. Wall Street investors are starting to dip their toes in the crypto market and were a large reason behind this recent metaverse craze.
Unfortunately for Zilliqa, the ZIL price has underperformed these projects' tokens.
ZIL price analysis
So far, Zilliqa has not had such a great year. The price struggled to break past $0.06 back in January and recently has been in a strong bearish trend. The price is currently hovering at a support of $0.038. If there is a move below this price, there could be further downward momentum soon. If the price breaks a resistance around $0.04, a strong uptrend could form.
Of course, a large reason for Zilliqa's lackluster price performance is simply the broad state of the market. Unless the conflict in Ukraine ends soon, there could be more selling.
Currently, the most popular decentralized application or "dapp" on Zilliqa is XCAD, which enables creators on YouTube to earn crypto among other benefits through a browser plugin. Metapolis and XCAD are certainly the catalysts Zilliqa needs for the price to rise.
Existing rivals may not present much of an issue to Metapolis because of Zilliqa's notable scalability as well as the large swath of users in the crypto space.
Zilliqa's head of Metaverse/NFTs, Sandra Helou, and her team of world-class professionals have the experience to produce a highly successful metaverse platform. With everything considered, Zilliqa could potentially gobble up a significant share of the metaverse sector from other market participants.