Metaverse coins are digital assets used in metaverses. The metaverse tokens are more or less similar to other cryptocurrencies. However, the difference lies in their scope of useability. While metaverse coins target the virtual universe, other cryptocurrencies strive to help users in the real world.
Given that metaverses employ blockchain technology, transactions are near-instant. Blockchains assure trust and security, making the metaverse ideal for a corruption-free economy.
Metaverse token holders can use a variety of virtual services and apps. The abilities of specific tokens vary. While some Metaverse tokens represent commodities like virtual avatar attire or community membership, others allow you to enjoy different in-game abilities. In-game goods and currencies are highly recognizable to MMO players like World of Warcraft.
The metaverse tokens hold worth both within and outside the virtual world. While holders can trade their metaverse coins for fiat cash, they can also use their metaverse tokens to validate ownership of linked real-world goods like collectables and artwork.
Who Introduced The Concept Of Metaverse?
Neal Stephenson’s imagination gave birth to the metaverse notion. In his book Snow Crash, he decoded the concept of a “Shared digital environment” for the first time in 1992. According to him, virtual reality (VR) goggles and fibre optic networks will alter the globe in future. Parks and buildings were virtual representations of his everyday places ranging from building to parks.
While physics don’t apply in these places, an individual’s imagination rules and limits define the Metaverse’s scope. The public’s enthusiasm for the new concept has grown since Mark Zuckerberg (CEO Facebook) recently described it as the subsequent development of the internet space.
Some people might wonder if Metaverse will work? Well, It will undoubtedly create new opportunities for people to pursue their passions.
This new digital environment is called the Metaverse, and it is supposed to provide users access to the whole virtual universe. To enter the new world, users create online avatars that can move, speak, and act freely in virtual environments.
Any firm producing VR/AR technologies like HTC Vive, Magic Leap, Varjo is a Metaverse company. The metaverse companies are psychedelic research, biohacking, and nootropics goods that affect brain chemistry. In short, any metaverse firm that combines two worlds (physical and virtual) with digital assets is a metaverse firm.
A metaverse member has complete autonomy over their desire. Users might own virtual properties much like actual estate. That means you can construct anything and sell it to metaverse users. You may trade property for NFTs or other value units in the real world.
You may also wonder if the Metaverse will employ cryptocurrencies. Please be informed that NFTs are a component of it. As a result, the new virtual world may incorporate blockchain and cryptography. While NFTs are virtual money and collectables, virtual property or products may become exchangeable for tokens in a virtual economy.
What is the link between Metaverse and Metaverse coins?
A metaverse is a virtual place where individuals purchase and dispose of goods using native money. Metaverse coins are native coins of many metaverses where users may buy and sell virtual objects. Currently, users must trade their metaverse money to buy/sell items in another metaverse.
Holders may also trade their metaverse coins with other users or invest in them to earn interest and other collectables. Most popular metaverse gaming platforms use in-game tokens.
Some prominent metaverse includes Sandbox, LAND, Enjin, etc. For instance, users can create a virtual environment within the Sandbox using its native metaverse coin SAND.
Similarly, the Decentraland project’s MANA token allows users to own digital real estate termed “LAND” for MANA. It is also possible to monetize acquired LAND by renting it to other metaverse enthusiasts for a price.
The Enjin metaverse’s ENJ token is another example of Metaverse used as a native asset of one of the world’s top game/app NFT networks.
Note: As tech titans rush to extend Metaverse, metaverse coins will likely surge in value over the next few years.
When Did Major Metaverse Coins Come Into Play?
Metaverse coins peaked after Facebook changed its name to Meta on October 28. Mark Zuckerberg (Facebook CEO) announced that rebranding made Facebook “a metaverse company”. According to Facebook’s third-quarter report for 2021, the company anticipates hiring over 10,000 employees, and the business expects to spend $10 billion the following year and more in the future.
It seems that Zuckerberg wants to dominate the Metaverse space. Expert Anupam Chander said the rebranding is about “taking control of the future operating system.” The corporation has already capitalized more than $50 million in multiverse initiatives.
Facebook is already interested in tokenized funds. A worldwide currency backed by a basket of national currencies was 2019’s project ‘Libra’. After substantial pushback from numerous factions, Facebook chose multiple stable coins. Diem, the Facebook-backed stable coin, will launch in early 2022.
Notably, strategists love metaverse tokens. Metaverse coins are “a big, massive opportunity,” according to BAA strategist Haim Israel. While some metaverse tokens are useable within the Metaverse only, others are available on exchanges like Coinbase, Binance, WazirX.
Strategists believe the following major metaverse coins have the most potential to excel in the coming years.
1) SAND
2) AXS
3) THETA Coin
Let’s have a quick look at each of them.
SAND: SAND is the native metaverse coin of the decentralized metaverse platform SandBox. In the Sandbox, players can earn SAND tokens by completing tasks. The Ethereum-based SAND utility coin is essential to the game. Holders can use SAND tokens to buy virtual goods and employ a play-to-earn business model. Currently, 1 SAND is worth $3.99 as of February 02, 2022.
Big players from all around the world show a keen interest in the Sandbox. Oftbank’s Vision Fund 2 spearheaded a $93 million user investment after observing active user’s transactions of over $144 million per month.
AXS: AXS is the utility metaverse coin of Axie Infinity metaverse. It is a play-to-win game like The Sandbox and involves swapping collecting monsters for AXS tokens. The monsters are NFT tokens, while each one has unique characteristics. The enjoyable game’s popularity has soared by roughly 5,000% in six months. There is currently about $8 billion worth of AXS tokens in circulation, each approximately worth around $53.27 as of February 02, 2022.
THETA Coin: THETACoin is yet another metaverse coin used on the Theta Network. It’s a decentralized video services network that uses blockchain technology to solve traditional video streaming issues. THETA coin powers the network and enables users to transact against the services purchased. THETA Coins have nodes that validate transactions, create blocks, and vote on network improvements. As of February 2022, THETA is worth around $2.91.
Where Can You Buy Metaverse Coins?
Metaverses are a new concept. There are many diverse ideas on how these digital platforms will look and function.
Meta (Facebook) has big ideas, like virtual gyms and virtual business meetings. Although Virtual Reality (VR) has substantially evolved, much more has to be done.
If you are a cryptocurrency investor, you have numerous options. Directly buying metaverse crypto coins is the most obvious option. In addition, you can acquire NFTs or even world real estate.
Binance, Gemini, and Coinbase are popular Metaverse cryptocurrency exchanges where you can buy them. These exchanges allow you to buy metaverse coins against fiat money. You can also exchange Bitcoin or Ether for metaverse tokens if you already own them.
But you’ll need to conduct a lot of work. Begin by exploring an existing metaverse. For example, visiting Decentraland as a guest requires no VR equipment or MANA. Log on, create an avatar, and you can start exploring it.
Investing in Metaverse just because Facebook or any other famous entity/person is doing the same can’t be a wise decision. Take the time to learn about these planets and assess which of them will likely endure. Similarly, buying an NFT at random is futile. You’ll need to consider which NFTs interest you which ones seem profitable. Also, familiarise yourself with how the NFT market operates.
Remember that many of these crypto-based metaverses employ ecosystems, such as Solana (SOL) or Ethereum (ETH). These ecosystems are not bound to one sector or any specific virtual reality project. Most importantly, both will likely survive even if the metaverse concept does not materialize.
You could potentially acquire equity in a company active in metaverse space rather than crypto. Crypto is one method to participate, but not the only.
Why Should One Consider Buying Metaverse Coins?
Companies are taking a significant interest in the new concept’s evolution and seem to be heavily investing millions of dollars in the metaverse space. It appears that the corporate sectors tend to drive the consumer industry’s attention to the potential that metaverse technology will have. But will it be a mass-market product for gamers and future tech fans? People have to wait for it a while.
Post-pandemic development has accelerated the metaverse trend’s ability to change our lifestyles and communication. It’s still early in the metaverse race,” says Shixing Mao, or “Discus Fish”, CEO and Co-founder of Cobo, a Singapore-based crypto asset manager based in Singapore.
“One of the unique features of crypto-based metaverse projects is the ability to acquire tangible resources and assets that people can exchange for other physical and digital goods,” explains San Morales, COO of Myobu, a new GameFi initiative from Spain. It combines gaming and finance. You may have seen it with various blockchain startups where you can get money by playing games, such as the Sky Mavis’ blockchain game Axie Infinity (AXS), where you can earn NFTs and trade them for fiat.
Importantly, if the metaverse projects become profitable, firms will want in. However, enterprises may still have multiple options to create revenue, probably more than in existing economies, due to blockchain’s decentralized nature. Companies like Facebook (Meta) might provide people with large platforms to play and work.
Buying a physical world item from a corporation may in the future include a related NFT in the Metaverse. Brands like Coca-Cola, Dolce & Gabbana, Nike and Adidas have already turned their head around to join the NFT party.
While purchasing the desired name-brand costume for the real-world dance club, the company may also offer you the crypto variant of the outfit for your avatar’s virtual Ariana Grande
concert. Moreover, you might be able to sell the NFT version of your attire for someone else’s avatar, just like the original garment.
These are only a few examples of how metaverse business models may converge with physical ones. These instances will likely become more sophisticated when augmented reality technology emerges, further combining the Metaverse and the physical world. However, technological foundations, including blockchain and crypto assets, are being built steadily, setting the way for a seemingly ubiquitous virtual future.
What Are Some Major Metaverse Coins?
While popular websites like coingecko.com and coinmarketcap.com list more than 100 metaverse coins, let’s review some major metaverse coins below. Not to mention, we’ll exclude the most potential metaverse coins already listed above.
1. Decentraland (MANA)
Decentraland is a popular metaverse coin that has been in the media a lot. It was the NFT craze that boosted MANA’s value. People began to use the platform for showing off their NFTs. But NFTs aren’t the only thing here. The name comes from the fact that you can buy virtual land.
Sotheby’s, a luxury goods and art broker, bought land in the metaverse platform “Decentraland” and built a copy of their London offices. Similarly, giant corporations also seem interested in metaverse projects.
It’s one of those older projects that hasn’t gotten much attention. MANA’s performance hasn’t been stellar, but its market cap is remarkable at $6 Bn as of January 2022. The YTD performance was 247.45%.
2. High Street (HIGH)
Highstreet is a promising metaverse coin with potential Metaverse uses. For starters, you can use HIGH to shop in this virtual world. Some gaming platforms have already integrated Shopify stores.
This project already delivers what people anticipate the metaverse platforms to offer in the future. Also, people who value practicality might find it the right option for them.
HTC is backing the initiative, which raised $5 million in August 2021. Currently, its market cap is around $85 million. The metaverse coin’s value has climbed by nearly 90% since its October 2021 launch. It also covers gaming and NFTs, so it looks to be up on tech and crypto developments.
3. WAX (WAXP)
Launched in 2017, WAX is a blockchain platform becoming increasingly popular. People who want to buy new Metaverse coins might find it a worthwhile option to invest these days. “Worldwide Asset ExchangeTM” is the company’s name behind its inception.
WAX makes it easy for people who don’t know how to use crypto apps and wallets. The platform has introduced some popular Metaverse crypto games, like Alien Worlds and Farmers World.
WAX has a lot of long-term potential because its blockchain has shown that it can handle a lot of users and transactions employing the proof-of-stake (PoF) consensus method. In addition, the WAX transaction fees feature is also commendable. Users don’t have to spend the crypto they already had on gas fees. Instead, people can put their WAXP tokens to work and get resources to send money. If you want to buy WAXP right now, it’s worth $0.383 and has a market value of $730 million.
4. Metahero (HERO)
Metahero was first released in June 2021, and its main goal is to let people scan real things into the digital world. This is how Metahero works: Users can scan themselves using the 3D (ultra-realistic) scanning technology to make a copy of themselves in the Metaverse.
Metahero worked with Wolf Digital World, the creators of 3D ultra-realistic scanning technology, and took the state-of-the-art technology to the next level, making it even more fun to play.
A lot of people and investors believe in Metahero more than any other project on this list. Metahero wants to get the next 10 million people into VR and make immersive virtual experiences available to everyone.
5. Victoria VR (VR)
Victoria VR is a potential Metaverse coin powered on the Unreal Engine, launched in December 2021. A genuine Metaverse with a totally immersive virtual environment, Victoria VR claims.
Victoria VR will be leveraging Unreal Engine 3D rendering software, making it the most potential metaverse coin to buy. Victoria VR will have MMORPG elements such as quests, trading, and more.
Currently, users may stake VR tokens to get a payout. Since the Decentraland & the Sandbox have just begun selling Land, Victoria VR is the most competent rival to both projects.
VR might likely surpass its all-time high once Victoria VR’s Metaverse opens to the public. Also, its new relationship with Dell should reassure long-term investors.
6. CEEK VR (CEEK)
In 2018, CEEK came into existence. Due to its innovative VR headgear and fantastic marketing strategy, it is a long-term hold. Famous musicians like Lady Gaga and Demi Lovato are also part of CEEK VR’s platform offerings.
CEEK is the native metaverse coin of the platform, and it runs on Ethereum. Holders can use the metaverse coin to buy concert tickets and digital items on the CEEK VR metaverse.
CEEK VR has also been featured on The Ellen Show in November 2021, one of crypto’s most prominent marketing efforts.
In 2022, CEEK’s ecosystem will continue to flourish as VR technology becomes more widespread. Moreover, with partners like TMobile, Universal, and Apple, the metaverse coin may see big pricing rises this year.
7. Polygon (MATIC)
Polygon is an Ethereum layer-2 scaling solution launched in 2019. With its high on-chain interactivity, Polygon’s architecture is ideal for Metaverse cryptocurrencies.
The metaverse coin supports multiple crypto games, including Pegaxy, REVV Racing, Crazy Defense Heroes, Arc8, and Sunflower Farmers.
MATIC is a solid long-term hold for 2022 since it is the dominant platform for developing and connecting Ethereum-compliant networks. More apps will need to adopt a scalable solution, such as Polygon. As the Ethereum gas prices rise, they could rapidly boost demand for MATIC.
How To Buy Metaverse Coins?
Buying metaverse coins is pretty simple. Like cryptocurrencies, you need a crypto wallet to purchase Metaverse coins. Please note that a crypto wallet is essential if you don’t wish to buy any metaverse coins but only want to explore the Metaverse.
Currency trading is also possible but be cautious! Because some exchanges also employ extensive fees for it. Alternatively, you may swap it for Metaverse coins if you already have cryptocurrency.
Many exchanges worldwide list Metaverse coins these days. We will use Binance for illustration. Binance is one of the most liquid crypto exchanges. Its daily trading volume peaked up at $76 Billion in 2021. Let’s go through the step by step process on how to acquire Metaverse coins via Binance?
Buying metaverse coins is pretty simple. Like cryptocurrencies, you need a crypto wallet to purchase Metaverse coins. Please note that a crypto wallet is essential if you don’t wish to buy any metaverse coins but only want to explore the Metaverse.
Many exchanges worldwide list Metaverse coins these days. We will use Binance for illustration. Binance is one of the most liquid crypto exchanges. Its daily trading volume peaked up at $76 Billion in 2021. Let’s go through the step by step process on how to acquire Metaverse coins via Binance?
Step 1 – The first step is to make a deposit. Binance accepts e-wallet and bank transfer payments, and the crypto exchange supports multiple fiat currencies for the same. You may choose your preferred fiat from the list of available options.
Step 2 – Use your fiat deposits to make a purchase on Binance. Go to the markets tab, select the spot wallet and search your favourite crypto you wish to buy.
Step 3 – Choose your Metaverse coin, discover the pricing and swap it against your crypto asset.
Bottom Line
While many cryptocurrencies continue to rise in value, they are also incredibly volatile. However, the lack of liquidity followed by regulatory absence renders the crypto market more vulnerable to global market movements and big selloffs. Experts say interest in crypto will not fade away soon, so does the metaverse coins.