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In 1992, the word “metaverse” was coined by Neal Stephenson in the book “Snow Crash”. It is a place where humans use digital avatars to live a real life in a virtual world. In 2021, the metaverse is officially a reality.
You could argue that the metaverse existed even before 2021 in a scattered way across video games. But the truth is, a majority of people didn’t really think that it would seep into the real world and real lives.
Future possibilities of work and play have thus been blown wide open by the metaverse and there’s evidence to suggest that Web 3 technologies like cryptocurrencies and NFTs will play a crucial role in it.
In fact, some platforms like Axie Infinity and The Sandbox have already become early adopters of the metaverse. But there are 8 more top metaverse cryptos, all of which we’ll describe in this blog. You can consult a Cube Wealth coach or download a Cube Wealth app.
We’ll walk you through the list of best metaverse cryptocurrencies based on market cap.
Axie Infinity is a game built on the blockchain. In its virtual world, players can create, breed, trade, and battle creatures called “Axies”. There’s more. The Axies are basically digital assets known as NFTs.
Axie Infinity could tie into the “play to earn” angle of the future metaverse, allowing players to engage in real-time Axie battles à la Pokemon or Beyblade.
The Sandbox is a virtual universe that encourages creator economies. For example, artists and creators can earn tokens by selling their product or service as an experience in The Sandbox metaverse.
The Sandbox relies on user-generated content for the development of the platform, which can in turn be a pivotal part of the creator economy of the metaverse.
Decentraland is a metaverse where players can buy and own pieces of real estate. The platform has garnered a lot of attention recently in the way of a $2.4 million worth virtual real estate sale.
Decentraland’s concept and relative success can be a sign of what’s to come in the metaverse, especially from the asset ownership perspective that will be one of the central themes just like real life.
Enjin gives its users access to simple NFT storage, trading, and rare asset ownership solutions. NFTs are digital assets, think of art, music, tweets, etc, that are powered by the blockchain.
It remains to be seen how Enjin’s NFT solutions tie into the metaverse, but its current services provide a window into how NFTs and rare asset ownership could work on the metaverse.
The metaverse will require easy solutions for rendering complex graphics. Render Network provides a solution to this with its blockchain-based GPU rendering technology.
The Render Network uses a democratized mechanism that allows users to get their job done and contribute to Render to earn RNDR metaverse coins at the same time.
DeFi Kingdoms is a blockchain game that combines the “play to earn” model with asset ownership through NFTs along with the JEWEL metaverse coin mining and staking.
Just like other play to earn games, DeFi Kingdoms could also pose a model solution to how asset ownership, gaming, and decentralized finance could all tie into the metaverse. You can consult a Cube Wealth coach or download a Cube Wealth app.
Illuvium is an open-world game powered by the blockchain. It allows players to explore a universe of its own where they can capture and fuse creatures known as “Illuvials”.
The NFT collectables and trading play that Illuvium combines with an RPG setting has, as you can tell, obvious implications on how the metaverse can shape its gaming aspect.
UFO Gaming follows a play to earn model by allowing traditional games to build their planet on the UFO Gaming platform. Each planet has its own set of rules, principles, collectables and governance.
UFO Gaming could potentially build a universe or galaxy within the metaverse, with each planet being its division and functioning as an independent entity.
Mobox is a blockchain-based play to earn game that combines decentralized finance and NFTs. It allows players to own and use their NFTs and digital assets across the Mobox metaverse.
The interoperability of the digital assets on the Mobox ecosystem seems to be one of the biggest features that the metaverse could incorporate to enhance ownership capabilities.
Yield Guild Games functions like a Decentralized autonomous organization (DAO) due to its asset ownership style across multiple blockchain games like Axie Infinity.
Yield Guild Games has laid down the groundwork for gaming communities to assemble DAOs and work in tandem to accrue digital assets and cryptocurrencies in the metaverse.
Blockchain gaming, play to earn models, and cryptocurrencies have the potential to intertwine into a cohesive system that powers the metaverse in the future.
Brands like the ones mentioned in our list of top metaverse crypto coins have begun operating and establishing the groundwork for what could be the early rendition of the virtual universe everyone is hyped about.
That said, these are still evolving projects that are finding their way into the metaverse. Thus, it’s important to be cautious while investing in metaverse cryptocurrencies.
Ans. Metaverse coins can be used to purchase virtual land, digital assets, virtual goods, and services within metaverse platforms. They can also be staked or used for governance in some metaverse ecosystems, allowing users to have a say in platform decisions.
Ans. The regulatory landscape for metaverse coins varies by country. Some governments have established guidelines and regulations for cryptocurrencies, while others are still developing their approach. It's essential to be aware of the legal and tax implications of using metaverse coins in your jurisdiction.
Ans. Metaverse coins are typically stored in cryptocurrency wallets. Hardware wallets, software wallets, and decentralized finance (DeFi) wallets are some options. It's crucial to choose a reputable wallet and follow best practices for securing your assets.
Ans. The value of metaverse coins can be volatile, and their suitability as an investment depends on individual risk tolerance and financial goals. Some investors see the potential for growth in the metaverse sector, while others caution about the risks associated with emerging technologies and speculative assets. You can consult a Cube Wealth coach or download a Cube Wealth app.
Note: Facts & figures are true as of 23-12-2021. None of the information shared here is to be construed as investment advice. Exercise caution when investing in unregulated assets like cryptocurrency.
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