Earlier today, Phi, a metaverse inclined project, announced its launch on the Polygon Mumbai Testnet. Phi is a web3 world created from ENS domains and wallet activities.
The Phi innovation enables a seamless visualization of on-chain activities. Users can visualize their on-chain identity from a web2 medium or a web3 medium. On-chain activities can be visible through a Twitter PFP or a web3 wallet like Zapper.
Phi, the first social metaverse focused on on-chain identity, aims to play a key role in fostering web3 adoption. Users’ interaction will various web3 protocols could bring positive feedback to the web3 ecosystem.
Although the web3 ecosystem already hosts several metaverses, Phi aims to stand out by becoming more accessible for the average user. Competing virtual ecosystems like Decentraland and Sandbox are quickly occupied.
According to Phi, both metaverses have several factors that could restrict the average user. Also, Sandbox and Decentraland are hardly scalable.
With Phi, though, every user with metaverse footprints via ENS domains would be able to access digital land. Phi adopted the ENS domain in its virtual adventure due to the decentralized nature of the domain.
Phi will also have two major components – the Phi land and the Phi objects. These will have metaverse value as development progresses.
Phi lands will be generated from ENS domains, and the Ethereum naming service will function as a meta-address system. Phi objects would be tokens based on the ERC1155 standard.
Users with on-chain activities would be able to claim Phi objects. On-chain activities could include holding tokens worth more than 1ETH, swapping tokens multiple times on an exchange, holding NFTs, or even voting more than once on snapshots.
The Phi team further iterated its desire to build an open-social space beyond showcasing on-chain activities. Phi aims to onboard the next legion of individuals to the crypto and metaverse world by offering users an amazing pixel art and gaming experience.