The internet is about to undergo a major change. Over the next few years, the industry leaders in social media, video gaming, virtual reality, and cryptocurrency will usher in the “web 3,0”, better known as the metaverse.
In a recent post, we discussed what you can expect from the metaverse; how you can work, play, and socialise in this mixed reality world. To fully appreciate the immersive online universe, it is very likely that some form of cryptocurrency will become the dominant currency.
But with so many different types of crypto out there, which will be the favoured token of choice in this brave new world?
In this article, we’ll discuss some of the best metaverse cryptocurrencies to watch out for and invest in.
NFTs promise to become a major part of the metaverse. Non-fungible Tokens are digital assets that are often encoded with the same software that underpin cryptocurrencies, meaning they can be stored on a blockchain ledger.
Enjin is a platform that lets users create and sell such virtual goods. Developers will set a value for their digital products using a smart contract. Users will then be able to buy, use, and sell these virtual items in line with this contract. All transactions are carried out using the ENJ metaverse token.
Just like other cryptocurrencies, there will only ever be a finite quantity of ENJ with a limit of one billion to be issued. ENJ can be stored in the wallet on the platform. This wallet can be used to trade items, exchange other metaverse coins, and play games.
The 3D virtual reality platform, Decentraland, is an online world that you can already explore today. There’s no need for you to own a VR headset to experience the platform, as you can visit from your web browser on a laptop or smartphone.
Anyone using Decentraland can buy and develop parcels of virtual property called LAND as well as NFTs. These are paid for using MANA tokens. The Security Advisory Board governs the Decentraland community.
Users can create whatever they like in the world, from restaurants to art galleries and casinos. There’s even been a multi-day music festival recently with Deadmau5 topping the bill.
Although you can enter Dentraland as a guest, to really appreciate the world in full, you’ll need to spend money. MANA is already established as a metaverse cryptocurrency, and as such, is available widely, meaning anyone new to the world can use it easily.
Although already very popular, there has been a recent boom in demand for the token. When Facebook announced their change to the name ‘Meta’ and the world really came to learn about the prospect of the metaverse, there was a 400% spike in MANA.
While the token and Decentraland itself are very popular, MANA uses the Ethereum metaverse blockchain. This does provide excellent security; however, Ethereum’s high gas fees can be costly. Gas fees cover the cost of the energy used in the processing and validating of transactions.
At the moment, the content on Decentraland is quite limited; however, the world is continuously evolving, and features are being added to the regularly updated platform.
The Sandbox SAND
Virtual world, The Sandbox is a virtual platform backed by tech investors, SoftBank. In this world, you can buy, develop, and sell virtual land along with other digital assets. You can do all of this using the cryptocurrency SAND.
The Sandbox opens a world of possibilities for users. You can create games, manage your property, or play games that already exist on the platform. Using the platform’s editor allows you to really perfect the world you’re in.
Similar to Decentraland, this metaverse uses Ethereum’s blockchain. Again, while security is exceptional, the gas fees can be high.
Render Token (RNDR)
Render has a decentralised infrastructure that makes use of the computer processing power that often remains unused. Using Render, users such as artists and studios can rent GPU compute power to render their digital content.
This is a boon to digital creators who can save money on computer equipment, while the owner’s of these powerful systems will become ‘node operators’ and can earn RNDR tokens.
This is a scalable and environmentally-friendly solution that will be beneficial as the metaverse starts to expand, as it offers developers the power to achieve their goals.
One of the newest metaverse cryptocurrencies is the WEMIX token. Using the blockchain platform, WEMIX, users can win, create and trade NFTs. The platform is the work of Wemade Tree and features a decentralised marketplace.
Swapping WEMIX for other cryptocurrencies is easy, as the tokens can be found on crypto exchanges.
The NetVRk metaverse is another newcomer that lets users create their own virtual worlds, offering infinite possibilities for the creation of content, the generation of NFTs, and the purchasing and development of land.
Much like many of the other metaverse cryptocurrencies, the NetVRk token can be used to trade virtual assets. Tokens can also be used to buy advertising space and you can even buy a stake in the network.
Axie Infinity AXS
One of the best performing cryptocurrencies of 2021 has been AXS, the token used in the metaverse game Axie Infinity.
With gains of over 24,000% this year, the game has provided the inspiration for plenty of copycats. In the game, users breed creatures called Axies. These NFTs compete against each other for prizes and can be traded using the marketplace.
This play-to-earn game allows users to acquire AXS crypto that they can use on platforms outside of the Axie Infinity game. This has made this particular metaverse very popular. There have been instances of people covering pandemic-related financial losses just through playing.
Playing Axie Infinity can be expensive, with Axies starting at around $150 and going up to $100,000. If you want to earn a decent amount of AXS in the game, you’ll need to be prepared to put in a lot of time and effort as playing the game can almost be a full-time job.
What Will the Best Metaverse Crypto Be?
The metaverse is a new frontier. At the moment, lots of different companies are racing to plant their flag in the virtual soil, however, as with any new digital developments, it remains to be seen who will make the biggest mark.
Just like with Web 2.0, many early social networks that were adopted by many quickly vanished (remember Friendster and MySpace?). The coming years will be an interesting time for cryptocurrency, however, it’s important to proceed with caution and not get too caught up in the hype surrounding the explosion of certain tokens.
As with any investment, do your research and never put up any money you can’t afford to lose. Make sure the metaverse tokens you invest can be traded in the top cryptocurrency exchanges and ultimately, ensure you want to inhabit the associated digital world.