V. Competitive Analysis

Competitor 1
[Competitor 1] is an open-source initiative to facilitate the creation of groundbreaking blockchain games by providing creators with access to training resources, expert guidance, and financial backing. [Competitor 1] intends to serve as a marketplace, a game development studio, or both. This dual usage has promoted [Competitor 1] to be forged as a strong tool for developer usage across the gaming industry.
Even though [Competitor 1’s] Forged’s token, [Competitor 1 Token Name], has fallen in the sluggish bear market, forecasters predict an increase in value as the metaverse develops. Investors expect to see [Competitor 1] token surge in popularity as the project matures.

Competitor 2
Competitor 2 out of all the virtual blockchain worlds is one of the easiest to get started and build in. A simple URL click lets users right into its virtual world to explore, with no fancy software or specific hardware required. Furthermore, players do not need to own land to visit and enjoy [Competitor 2]. Those who want to purchase should know that each land parcel is an NFT, meaning it is unique and cannot be recreated or duplicated, the same as physical land in real life.

Competitor 3
Competitor 3 is a multichain virtual world and, at this moment, supports two different blockchain protocols – Ethereum and Flow. Moreover, Competitor 3 argues that it offers the best experience of all the platforms currently in the market for those looking to flex their creative muscles. It’s a virtual world that allows creators to build 3D Dapps that connect to external apps and services. Creators can also customize in-game NFTs and objects, import NFTs into the platform, and create buildings with automation tools.  

Strengths

• The founders with a background and expertise in blockchain and NFT space will help the company to expand.
• A friendly user interface that allows beginners in the NFT space to use the platform easily.

Weakness

• Being a newcomer in an established sector might cause a substantial delay in building trust and goodwill.

Opportunities

• North America’s metaverse market share is high as the customers and users adopt new and complex technology to experience the metaverse as real as possible through VR, MR, AR, and other new technology devices.
• This is creating an increased demand for devices that enhance their experience and fosters market growth.

Threats

• As the industry is still evolving, the laws and regulations are yet to be clearly defined, leading to low entry barriers for new companies, which remains a constant threat.