Metaverse crypto , currently belonging to niche markets, are two recently introduced trends or technologies that might have the potential to become more mainstream.
it is a 3D virtual world simulation game where real people interact with each other; everyone is representable by an customizable avatar.
Metaverse is not limited to only one game, but many world-simulating games come under the metaverse; the majority of them utilize modern tech like VR headsets, and augmented reality, and even incorporate cryptocurrencies and NFTs.
Because Metaverse is trying to replicate the real world, like buying accessories and selling items to other players, it brings out the necessity of an in-game currency, which is where the cryptocurrency steps in.
Use Cases of Cryptocurrencies in the Metaverse
While both the metaverse and crypto are distinct technologies, They can unite on the basis of the use case, just like NFTs in some games.
- Virtual Goods: Cryptocurrencies can help in the purchase virtual in-game items that can include anything from clothing to property.
- Transactions: Cryptocurrencies are usable as a transaction fees for particular services or content.
- Rewards: Rewards are good incentives to lure more people into playing the game; cryptocurrency as a reward could become a source of earning by completing tasks, missions, or even Easter eggs.
- Play-to-Earn: Both currencies and NFTs have brought in a new gaming concept called ‘Play-to-Earn’ that gives players cryptocurrency for tasks and NFTs as skins and accessories.
How the Metaverse Can Affect Cryptocurrency
The effects of the metaverse would be mostly positive on cryptocurrencies, like:
- Adoption Rate: The use case of cryptocurrency will increase as players will also get exposure to the crypto that they currently hesitate to know about because of its complexity.
- Liquidity: The liquidity rate will also increase as cryptocurrency gets a new platform apart from crypto exchanges, mining pools, etc.
List of the Top Metaverse Crypto Coins
There are more than 200 metaverse crypto coins, and we are going to list the major ones.
Axie Infinity
- Coin: AXS
- Current Price: $6.6
- Market Cap: $936 Million
One of the biggest blockchain-based metaverse games focuses on strategies and collecting items.
The game features adorable blob-shaped creatures named ‘Axies’ that players can collect, train to fight, and trade. Yes, the inspiration is coming from Pokemon.
Moreover, the ‘Axies’ are NFTs themselves, which can be bought, sold, and traded in the marketplace, creating a ‘Play-to-Earn’ experience for the players.
Players earn crypto coins like AXS and SLP, each with a particular role. AXS holders gain access to voting on the upcoming plans of the game, and SLP tokens come into use for breeding axies.
Decentraland
- Coin: MANA
- Current Price: $0.44
- Market Cap: $835 Million
As the name suggests, the main focus is on the decentralization of the virtual environment. Players can create and monetize digital assets in the virtual world itself and use MANA tokens as in-game currency.
The game’s objective revolves around ownership of virtual land called ‘LAND’, and each land is an NFT based on Ethereum that can be bought and sold.
Like in every other game, we can create avatars through which we can interact with other players and participate in mini-games and activities.
We can also craft items and sell or lease them to other players, and players can monetize LAND by advertising on it.
The Sandbox
- Coin: SAND
- Current Price: $0.42
- Market Cap: $876 Million
Despite launching as a mobile game in 2012, the creators of Sandbox embraced the metaverse concept by 2018, which proved to be successful.
With Roblox-like polygon graphics, this one also features the same mechanics as other metaverse games in the list.
Moreover, the game focuses on the ‘Play-to-Earn’ model, from which players can benefit by showing creativity in crafting items that are NFTs that can be sold in the in-game marketplace.
The Sandbox also uses ‘DAO’ based on the Ethereum blockchain, which facilitates smart contracts.
ApeCoin
- Coin: APE
- Current Price: $1.37
- Market Cap: $504 Million
Bored Ape NFTs developed by Yuga Labs are quite famous; similarly, there is a metaverse crypto coin, APE, in existence too.
Furthermore, APE coins is a medium to purchase in-game items in ‘Otherside Metaverse’, which is made by the same developers, Yuga Labs.
APE coins have multiple purposes because their coin holders gain the right to vote on multiple governing aspects like fund allocation, project partnerships, and future endeavors.
Lastly, APE coin holders also get exclusive items in-game, events, and merchandising, and they can come in use for transactional purposes within the APE ecosystem.
Metahero
- Coin: HERO
- Current Price: $0.0035
- Market Cap: $17.88 Million
Another blockchain-based simulator, but it is different from other metaverse simulators in the list mentioned above.
Because it uses augmented reality and artificial intelligence to create a 3D graphic replica based on real-world objects called ‘Metaheroes’, and each of them is an NFT.
Metahero also wants to establish connections between the real and virtual worlds, which is why, apart from objects, it can also create avatars based on the players themselves.
The Hero token is the main form of currency from which we can create avatars and objects and also gain access to some exclusive items in-game.
The Future of Metaverse Crypto
Analysts and famous companies like KPMG shower all praise on the metaverse by predicting that by 2030 we will be spending more time on it than in the real world.
With reducing the cost of VR headsets and improving augmented reality, there is a possibility of the metaverse gaining traction, but slowly.
On the other hand, after seeing major ups and downs crypto has shown good stability in 2023, with G20 New Delhi laying the framework for regulation in crypto, the future indeed looks promising.
FAQs
Q1: What is metaverse crypto?
A1: Metaverse crypto refers to cryptocurrencies built for use within virtual worlds.
Q:2 How does metaverse crypto differ from regular cryptocurrencies?
A2: Metaverse crypto focuses on enabling transactions and interactions within virtual reality environments, while regular cryptocurrencies have a broader scope.
Q3: Can we use metaverse crypto outside of virtual worlds?
A3: In some cases, trading metaverse crypto for regular cryptocurrency is possible which are then usable in the real world.
Q4: What are the potential benefits of using metaverse crypto?
A4: Metaverse crypto allows for seamless transactions and ownership of virtual assets that enables users to monetize their virtual experiences and participate in virtual economies.
Q5: Are there any risks in associate with metaverse crypto?
A5: Some risks include volatility, security threats, and potential scams within the metaverse crypto space, emphasizing the need for caution and due diligence when participating.
