Metaverse is the next big thing in the world of Web 3.0. And Metaverse crypto coins closely follow suit. It’s a part of the tech world’s everyday lingo now. So, firstly, what is Metaverse? …Is it like the DC or Marvel universe? Are we talking about the Avengers? Not really.
Metaverse is a Portmanteau, meaning two different words combined to make one word: the prefix Meta has a Greek Origin, meaning ‘Beyond’ or ‘Transcending,’ and Verse meaning the Universe. So when combining the words Meta and Verse, we get the meaning beyond our universe. Therefore, Metaverse is a Virtual Digital Reality, a reality beyond but close to our actual reality.
Even Facebook creator Mark Zuckerberg, who brought in the revolutionary change in our lives by kick-starting the era of social media as we know it, has embraced the Metaverse. He recently relaunched Facebook as Meta and has invested billions in building it as a Metaverse platform.
However, before we dig into a list of top Metaverse crypto coins to look out for, let’s first understand exactly what the Metaverse is and why Metaverse coins are such an attractive investment opportunity right now.
We’re all well-versed with role-playing games like the Sims, Call of Duty, World of Warcraft, etc., but that’s limited to giving commands through a keyboard or a console – and watching the game on a PC or TV screen. But through Metaverse platforms, you can be present inside the game, no need for control buttons and commands, instead, you can control, customize and communicate with everyone on a virtual digital plane through Virtual Reality Headsets.
It will no longer be a two-dimensional virtual digital world, instead it would be a three-dimensional virtual digital world.
Metaverse and Metaverse crypto coins will not be limited to gaming, it will have a wide spectrum of use cases ranging from business to entertainment.
Meta, formerly Facebook, has introduced Horizon Workrooms, which will aid in remote working. It lets colleagues come together in a Virtual Conference Room and work together irrespective of the physical distance.
In technical terms, Metaverse is a virtual augmented reality universe. Based on blockchain technology.
Now that you are all set with the fundamentals, let us learn more about some projects that are doing phenomenally in this space. This would also give an overview of what all parameters should one look for while evaluating a token.
Axie Infinity is an NFT-based pet game with 2,800,000 daily active users. In the game, you can collect Axies as your pets and then battle, breed, raise, and make a kingdom for your Axies. On playing this game, participants can earn AXS, Axie token, which can be converted to Ethereum and used on the Axie Marketplace to purchase NFTs.
In the Axie universe, users can also buy virtual real estate which can attract investors not just gamers.
Due to the hype created by the game, the cost to begin playing was increased to 3 Axies, which is how the unique Axie Scholarship came into play. In an Axie scholarship, to play the game, there is an agreement between the Manager (owns sufficient number of Axies) and the Scholar (who can’t afford the minimum required Axies), to split the rewards between them.
During the past year, Axie Infinity became one of the highest revenue-generating games, and people even quit their daytime jobs to earn through pay-to-play-to-earn model. The game received so much hype in the Philippines, the Department of Finance levied a tax on the income received from playing Axie Infinity.
Axie now has a market cap of USD $2.89 billion, and due to the current market the coin has more than a 50% decline from its all-time high, but its YTD return is ~3091.2%.
Decentraland, a crypto Metaverse project, was created in 2017. It’s a decentralized 3D virtual reality world where you can buy and sell plots of land in a digital world, using MANA, that you can monetize after creating and developing it.
MANA is an ERC-20 token i.e., based on the Ethereum Blockchain.
The platform is segregated into four categories, roads, plazas, districts, and land.
Mana has themed districts that aren’t for sale, but users can visit the districts. Plazas and different events are created for attracting more users, and Plazas aren’t for sale either. This makes MANA an alternate reality for real-world activities.
In 2021, during the NFTs popularity surge, Decentraland received tremendous recognition and made the news several times, parcels of land were sold in the range of $6,000-$100,000.
In mid-2021, a plot of land was bought by Sotheby’s, a London-based auction house, to create a digital replica of one of their offices as a virtual gallery to show digital art. Such investments are evidence that even big corporations are taking note of metaverse projects.
Decentraland currently has a market capitalization of USD $4.65 billion. And MANA showed tremendous growth in the last quarter, where its market capitalization was at its all-time high of $10 billion.
Bloktopia is a decentralized Metaverse project – a virtual reality skyscraper made up of 21 levels, to acknowledge and honor the 21 million supply of Bitcoin, built of the Polygon blockchain. Bloktopia aims at becoming the virtual reality Metaverse hub for all levels of crypto experience. Bloktopia has 4 pillars: Learn, Earn, Play, and Create, thus making it an ideal go-to Metaverse platform.
Bloktopia is built using an advanced real-time 3D creation engine that will provide premium quality of graphics resulting in stunning visualizations and enriching user experience, leading to higher attraction and buzz amongst users.
BLOK can be used to buy land i.e., Reblok in the Bloktopia Metaverse, and such land can be resold or leased for passive income opportunities. Investors can also earn through advertisements on the platform i.e, Adblok.
Virtual Offices of KuCoin, CoinMarketCap, and Coingecko are already present within the Bloktopia Metaverse. All of its present and future prospects make BLOK a suitable candidate for investment.
At an all-time high, BLOK had a market capitalization of $1.18billion, but due to the ongoing bearish market, the market capitalization has declined.
BLOK is available at less than USD $1, and it is a value proposition to invest in BLOK in a bearish market.
Enjin Coin is a cryptocurrency launched in 2017, by the company Enjin. The company Enjin was founded in 2009, and it creates an ecosystem interconnecting blockchain-based gaming products. Enjin created a gaming community platform called the Enjin Network, spanning over 20 million users – facilitating interaction with new players worldwide.
Enjin Coin is an ERC-20 compatible token i.e., it is built on the Ethereum blockchain. It is used to trade the digital assets issued using its platform. It is used as an in-game currency by developers to purchase gaming items. Through the process of ‘minting,’ Enjin coins can be used to create in-game digital assets.
Enjin’s Platform has its own marketplace, assisting players in trading the assets and items without any intermediary fees.
In 2021, within a span of 2 months, Enjin Coins’ market capitalization grew 10 times from $100 million to $1 billion. Its growth has been phenomenal, and this is what makes us believe that the next bull run in 2022 will inflate Enjin’s Market Capitalization much more.
As per the official Whitepaper of the Sandbox, its main aim is to introduce blockchain in the gaming world. The Sandbox is a blockchain-based virtual gaming world built on the Ethereum Blockchain.
It allows its users to create, own and monetize their gaming experience and digital assets created on the platform. The game heavily relies on the creation of NFTs and SAND, the main utility token, can be used to buy NFTs or players can generate digital assets aka NFTs.
Sandbox also allows users to buy real estate in its Metaverse Platform.
The Sandbox has VoxEdit, Marketplace, and Game Maker.
SAND has an attractive list of Partners like Snoop Dogg, Deadmau5 Adidas, Atari, Shaun the Sheep, and The Walking Dead which reassures the potential and validity of this Metaverse Project.
In the first quarter of 2021, the market capitalization of The Sandbox went from $23 million to $500 million. An all-time high of Sandbox went up to $7.5 billion, looking at its current market cap ranging around $3 billion, there is a huge opportunity and potential for the token to rise in the next bull run.
Last year, there was a huge buzz and FOMO over the crypto coins like Doge, Shiba Inu, and Solana. Later, this hype wagon settled for NFTs like the Bored Ape Yacht Club and CryptoPunks.
Is Metaverse another avenue waiting for us to generate enormous wealth? Well, only time will tell. The best we can do at this point is to learn and be ready. Learn from where, you ask? Your answer is right here.