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In 2024 a large number of games were announced \u2014 the result of years of development after the previous bull cycle. Studios have been reworking business models to attract and retain players amid intensifying competition.<\/p>\n
For example, the Illuvium team proposed<\/a> a new revenue-distribution model. <\/p>\n “All in-game revenue […] is used to buy back ILV tokens on the market. They are then distributed to users who participate in staking. The longer a token holder participates in staking, the larger the reward they receive at each distribution,” said Illuvium co-founder and CEO Kieran Warwick.<\/p>\n<\/blockquote>\n In March 2024 the platform raised<\/a> $12m to launch the game. <\/p>\n The term “metaverse” was first described by the American science-fiction writer Neal Stephenson in the novel Snow Crash. In August 2024 Lamina1, a protocol founded by the author together with New Zealand\u2019s W\u0113t\u0101 Workshop, announced<\/a> the launch of the Artefact project. W\u0113t\u0101 Workshop is known for video-game development and film visual effects, including The Lord of the Rings and The Hobbit.<\/p>\n Artefact aims to build infrastructure for intellectual-property development and collaborative world-building. The blockchain protocol will allow creators and fans to expand the lore and mythology from Stephenson\u2019s works together. He noted that this is not just another metaverse but a new methodology of world design, offering creators and communities promising opportunities.<\/p>\n The project\u2019s CEO, Rebecca Barkin, said Artefact is a persistent virtual environment that allows participation in various stories and games \u2014 both linear and non-linear. No VR headset is required, making the metaverse more accessible to a broad audience.<\/p>\n In October 2024 Improbable, a company specialising in building metaverses, announced<\/a> the launch of the devnet<\/span> phase of the Somnia layer-1 blockchain. It is designed to support mass consumer applications such as games, social platforms and decentralised finance services. <\/p>\n The blockchain can process more than 400,000 transactions per second with sub-second latency and low fees. It is compatible with the Ethereum Virtual Machine, allowing developers to migrate existing dapps<\/span> to the new platform with ease.<\/p>\n Somnia\u2019s throughput enables interactive applications, including games with complex economic systems and large user bases.<\/p>\n\n
From the coiner of the term “metaverse”<\/h2>\n
Somnia blockchain <\/h2>\n