What Is a Metaverse Coin?
Metaverse is the technology that powers a virtual world where individuals may shop, play games, buy and sell currencies and other items, and more. ’” You may think of it as a hybrid of augmented reality, virtual reality, social media, gaming, and cryptocurrency.
Cryptocurrencies will be used as currency in the metaverse. Based on the blockchain idea, this is what we’ve got here. Metaverse coins, metaverse tokens, and metaverse crypto all have their roots here. Transactions in a metaverse project are carried out using tokens that are unique to that ecosystem.
Here are the top ten metaverse crypto currencies for the year 2022:
Infinity Axie (AXS)
If you’re looking for a metaverse game, Axie Infinity is an excellent choice. In the play-to-earn metaverse game, AXS tokens are used as the local currency.
Axie is one of the most valuable metaverse cryptos, with a market capitalization of over $4 billion. The YTD performance, on the other hand, is -27.58%. However, the coin’s value has begun to climb again. This may not be good news for many investors, but it is. Some of this may be because Axie Infinity: Origin, a long-awaited update, is coming soon. It will add new features and improve existing gameplay elements.
It’s based on the metaverse, although there’s no mention of virtual reality thus far.
Axies, the game’s characters, are non-fungible tokens that players may purchase and sell in Axie Infinity. They may, for example, breed new axies by fusing two existing axies. The Axie Infinity metaverse also has virtual real estate, which might attract investors who aren’t only gamers. A parcel just sold for $2.3 million, for example.
The Sandbox, a crypto-metaverse project, has performed very well. As the platform’s native token, SAND, continued to climb in value throughout the year 2021, it eventually hit $1 in the last quarter. Sand is currently selling for $3.40 as of March 26.
This project fulfills the metaverse’s aim by including a VR component. Games like Atari have given their support to the Sandbox’s development. The bank also just made an acquisition of metaverse real estate from HSBC. However, it relies largely on the generation and trading of NFTs. The SAND metaverse tokens may be used to build NFTs by players.
As is the case with many others, Ethereum is the underlying technology for this project.
There are only 3 billion tokens in circulation, and only 1.14 billion are currently in use. As of March 26, its market capitalization was $3.87 billion.
One of the most well-known projects in the crypto metaverse is Decentraland. The NFT mania was a part of the reason, but the platform’s native coin, MANA, also saw large growth.
Many NFT owners began to use the platform to display their NFTs to their friends and family. However, this metaverse platform isn’t only comprised of NFTs. You may also purchase virtual land, which is how the site got its name.
In Decentraland, the luxury goods and art dealer, Sotheby’s, purchased a parcel of land and built a copy of its London headquarters. That even large corporations are interested in metaverse initiatives should serve as more proof.
Decentraland, which was founded in 2017, is an older initiative that has had a hard time gaining traction. The biggest metaverse token by market size, MANA’s performance hasn’t exactly been stellar, but its market cap of $4.79 billion as of early 2022 is noteworthy. Despite a significant drop this year, MANA is still up 126 percent from a year ago, making it one of the most popular cryptocurrencies.
Current Metaverse Projects
One may acquire tokens from a number of metaverse initiatives that have already started and are listed on several currency exchanges. People who invest in crypto and people who are excited about it are interested in these projects because they seem to be going somewhere.
In 2021, the value of metaverse currencies is expected to outperform Bitcoin by 37,000 percent, according to Macro, a U.K.-based research group. Bitcoin, the world’s most valuable cryptocurrency, saw a 100 percent increase in value.
Virtual games and non-fungible token exchanges are just a few of the many Metaverse projects under development. Each one has a distinctive idea and even some real-world applications.