Metaverse crypto coins have gained momentum as the market has seen it’s projects’ sheer potential. It’s difficult to know which assets are worth looking at and investing in, as there’s quite a few. There maybe hundreds of Metaverse crypto coins on the market but it’s all about knowing which ones to get your hands on. In this article, we have ordered the top seven crypto coins in the Metaverse based on market capitalization. Just in case, you don’t feel like going into the details, we will sum things up for you.
1. Decentraland
This is an Ethereum based 3D virtual world platform where users can buy and build virtual plots of land as Non-Fungible Tokens or NFTs. You can also monetize these plots using MANA and LAND crypto tokens. MANA tokens can also be used to pay for a variety of other things like items to wear, parcels and estates, names, avatars etc on the Decentraland Marketplace. Initially released on February 20, 2020 (even though it has been in development since 2015) the platform has around 500,000 active monthly users as of December, 2021.
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2. The Sandbox
This is basically a Voxel themed blockchain version game. It is based on a 3D open-world sandbox game where users can monetize in-game models of virtual land. Some popular names owning land in the Sandbox include DeadMau5, Richie Hawtin and Snoop Dogg. Users can own, build and play with their bought land and monetize their experiences in the virtual Metaverse here. So if you want to create and trade NFTs using the Sandbox, its worth looking at since it stands at the second position with respect to market cap.
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3. Axie Infinity
This is also another video game developed by studio Sky Mavis and uses Ethereum-based cryptocurrency. It allows users to trade and battle inside the game using creatures known as “Axies” which are in-game assets used as NFTs. Each Axie is a unique ERC-721 NFT. A point to note here is that each Axie is a unique ERC-721 non-fungible token (NFT) and gamers can use AXS, which is it’s native token for earning through their in-game economy.
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4. Theta Network
A blockchain based video delivery network that launched in 2018, Theta Network offers a decentralized solution to the problems faced by the traditional video streaming sector namely low content quality, inadequate revenue generation for content creators and exorbitant data requirements.
THETA is the native token for this leading platform for NFT drops. It’s Metaverse includes a thriving a NFT marketplace and allows its users to earn TFUEL tokens by using the Theta streaming platform to watch content.
THETA’s price has risen over quite a bit recently, over an approximated 45%. It has become a swiftly growing ecosystem with newly released TNT-20 tokens which compares to Ethereum’s popular ERC-20 token’s criterion. Any trader looking to expand their portfolio can have a second look at THETA as this acquires the third spot on our list.
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5. Enjin Coin
The Enjin ecosystem uses Ethereum-based token ENJ to valuate NFTs within it. It is a platform that enables users to create and trade NFTs with low fees, which is one of the major reasons why Metaverse projects are interested in this cryptocurrency. ENJ’s ERC-1155 contracts also enable users to be able to upgrade their NFTs and buy items within the game. This platform is also working with Microsoft on various projects including Minecraft.
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6. WAX
WAX or the Worldwide Asset Exchange is yet another blockchain based platform where users can buy, sell and trade virtual items in the Metaverse. It is one of the leading NFT networks and has seen collaborations from big names like Capcom, Funko, Funimation and others. The platform also has other commercial features like allowing users to transfer ownerships of items without needing to physically ship items until collector is ready to receive them. They claim to be minted on an energy-efficient blockchain that helps the environment too.
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7. SushiSwap
SushiSwap is a decentralized exchange that also lets users trade crypto tokens, swap USD Coin (USDC) into Ethereum (ETH) and earn rewards for farming in their liquidity pools. You don’t need an account to use SushiSwap. It is a governance token that gives holders voting rights on the future of the exchange. Definitely something for a trader to keep an eye on.
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How Do Projects In The Metaverse Work?
We all know that Metaverse crypto projects are the talk of the town these days and there is a boom in the crypto industry because of it. We have already seen that there has been a huge spike in crypto investments last year. One can say we are in the process of molding a parallel virtual world bigger than anyone ever expected. Altcoins like Dogecoin and Shiba Inu were also in high demand and recently NFT’s in the Metaverse are gaining momentum.
So What Exactly Is This Metaverse?
You can say it is a virtual world which is parallel to our current world – except you can explore virtually just as you do with the real world. You can buy and sell stuff, meet new people, play games and hopefully many other things as the Metaverse keeps growing.
In the November 2021 bull run he have seen the vast potential of crypto investments. We have already listed out high-performing crypto projects to invest in for every trader who was willing to bet on this fast-growing digital world.
Basics of the Metaverse – The Technology Behind It
So as we established the Metaverse is basically a virtual world led by blockchain based platforms and digital assets, which allows users to be able to play and explore with other users trading NFT’s and getting a significant income off of it. The Metaverse uses VR and AI to create such platforms and makes use of tokens minted on the blockchain to back digital real estate. The public has only increased their usage of crypto wallets, which has made the growth of these Metaverse projects more eminent.
Blockchain based platforms that allow users to trade NFTs also have in-game items that, unlike normal games that belong to the company, are treated as digital assets in the Metaverse. These assets are not owned by the company but by the users who claim them. People in the Metaverse are able to profit off of these companies’ produced platforms and they are free to treat them as real world assets. These assets are blockchain based and decentralized, therefore allowing trade in the real world. No wonder Facebook has dedicated itself to developing the Metaverse because the world’s largest social media platform clearly has an idea of the immense impact this is going to have on the world.
