The Metaverse has the potential to be a trillion-dollar market, and it’s still in its infancy. How about investing in it? Wall Street labeled the internet a fad. But what about metaverse coin or crypto currencies? This cryptocurrency disrupted the global financial system.
What exactly is the Metaverse? It is a world in which multiple users and participants can interact with each other in an immersive way. Global metaverse industry growth is driven by the convergence of digital and physical worlds through the internet, increased demand for virtual assets, and increased use of NFTs to trade digital assets.
Are you aware of the Metaverse, gaming, and NFTs?
In the $152 billion dollar gaming sector, Metaverse gives its users creative ownership opportunities. Through virtual or augmented reality, you can engage in finance, work, travel, social interaction, and entertainment. There were three billion-dollar projects that foreshadowed the Metaverse: Minecraft, Roblox, and The Sims.
These coins are also used for player Non-Fungible Tokens (NFTs). The concept of exclusivity and rarity is exploited in NFTs to enhance the player experience. Blockchain-based NFTs enable players to own exclusive rights to virtual assets, including images, videos, and properties in-game. You can sell these digital assets to other players, move them to another supported platform, or simply keep them for their intrinsic value.
Which projects are examples of the metaverse?
There is also online gaming, which accounts for most of the crypto hype. As with the play-to-earn game Axie Infinity, sometimes these games consist of standalone gaming worlds. The concept is similar to Pokémon, but with real-life crypto money that you can use to upgrade your NFT-based fighter or withdraw into your personal crypto wallet. As of the time of this writing, one AXS (the native coin) has grown 13,496% in value in one year.
Metaverses can also contain games, but also social spaces, NFT marketplaces, and other features, such as Decentraland and The Sandbox. Besides gaming and socializing, there may be areas that focus more on work, spending, and knowledge.
What is the role of crypto here?
The cryptocurrency community is getting excited because a new world means a new economy. As we live in a digital world, we need global currencies that offer data protection. Metaverse projects have been developed so far using blockchains such as Solana , Binance, and Ethereum, and cryptocurrencies fuel all transactions involved in creating and using those worlds.
There are usually native currencies in these metaverses. For instance, Sandbox uses SAND, while Decentraland uses MANA. In addition, these worlds and the products they contain are built using blockchain technologies such as Ethereum and Solana. This means that the cryptos (and the native coins) they contain are also included in the transactions.
Watch these top Metaverse coins
Metaverses are dynamic, virtual worlds where land, buildings, and even avatars can be traded using cryptocurrencies. Coins like these are gaining attention due to their value and role in the metaverse. In the $1 Trillion dollar Metaverse, here are five of the top cryptocurrencies.
1. Axie Infinity
One of the most popular games is Axie Infinity (AXS), which uses the AXS coin. This game revolves around virtual pets called Axies that can be traded, bred and bought. As well as buying, selling, and trading your items or collectibles, you can access the built-in marketplace.
On the Ethereum network, each Axie pet is minted and exchanged for NFT.
The AXS token is the native governance token of Axie Infinity.
2. Gala
Gala (GALA) is a digital currency used to power the Gala Games Ecosystem, a gaming platform based on the Ethereum network. Metaverse Coins used to purchase Gala NFTs, as achievement rewards in-game or as valuable items that you own.
According to Gala Games’ mission statement, its goal is to create blockchain games that players actually want to play, giving players control of the games and in-game assets via blockchain technology and reintroducing creativity to gaming.
3. Decentraland (MANA)
Ethereum or Bitcoin used to buy Decentraland (MANA) coins. In this game, players can share virtual reality worlds on a decentralized, open-source platform. Decentraland is a user-owned world in which everyone owns everything from the scenery to the buildings to the avatars.
In this way, Decentraland’s economy also driven by its users and their native token, MANA, which they use to purchase land and content. MANA currently has a market capitalization of $5 million USD.
4. Enjin Coin
Enjin (ENJ) is the coin behind the Enjin gaming platform, which allows developers to create and manage video games on the Ethereum blockchain. Among the components of the ecosystem, ENJ coins also the cryptocurrency used by gamers to purchase virtual goods, in-game items, and other collectibles.
Users of ENJ can also buy, sell, and mint NFTs directly within the social gaming network.
5. The Sandbox
Player-driven decentralized gaming platform, The Sandbox allows individuals to edit characters, change the story and create their own virtual world. Blockchain technology allows for a completely immersive experience in games, which is one of the biggest advantages of using it. With no central authority or third party interference, players are also able to create and exchange digital assets with other players.
Bottom Line
The crypto market never seems to be dull, and who doesn’t enjoy waking up to something new every day? Once you invest in this booming industry, you will dance once the buzz surrounding the metaverse keeps you on your toes.
Also Read: The Ultimate Guide to Web 3.0: Everything you Need to Know