The top Metaverse currencies to invest in right now
In 2022, the introduction of metaverse has redirected the entire cryptocurrency market trend in a new direction. The fact that Facebook was rebranded as Meta speaks a lot about Mark Zuckerberg's vision for the metaverse's future.
While Mark Zuckerberg was quick to profit on the budding sector, it isn't too late for you to follow in his footsteps. So, how do you go about doing that? Is it necessary for you to focus your business on the metaverse as well? You could do that, without a doubt, but you could also invest wisely in metaverse currencies.Why wait till someone like Elon Musk declares his interest in the metaverse out of the blue before you consider investing in it? You'd therefore have to pay a premium for something you might have bought for pennies on the dollar. Wouldn't that be a real bummer? To avoid any disappointments, we've compiled a list of the best metaverse coins to invest in, in no particular order.
1. Axie Infinity
What is the meaning of Axie Infinity?
Axie Infinity is one of the most popular and profitable blockchain games ever created. Do you remember the game 'Pokemon Go'? Axie Infinity, like Pokemon, is a charming NFT pet game that has fattened the wallets of crypto nerds and laypeople who would otherwise avoid the crypto market.
Axie Infinity is a metaverse project that is closer to the definition of the metaverse than other metaverse projects, however it is primarily a game. In this metaverse game, the local money is the AXS token, which has performed nicely over the last year.
With a market cap of over $5 billion, Axie is one of the most valuable metaverse cryptos. The YTD performance, on the other hand, is -20.91 percent. Many investors may not be optimistic, but the coin's value has begun to increase again.
Despite the fact that it is built on the concept of the metaverse, VR has yet to be included. However, it is built on the concepts of blockchain and cryptography, which is to give the public control.
Characters, or Axies, appear in the Axie Infinity game, and those Axies are NFTs that gamers may buy and sell. They can, for example, breed new Axies by combining two Axies. In the Axie Infinity metaverse, there's also virtual real estate, which could attract non-gamers as investors. A block of land, for example, was sold for $2.3 million.
How does it work?
By playing their game, players can earn AXS, or the Axie token. It's been a huge hit, with some reportedly quitting their jobs to pursue the 'play-to-earn' lifestyle. It permits the use of its tokens in the metaverse. On Axie Marketplace, the AXS token may be exchanged for ETH and used to purchase NFTs.
2. The Sandbox
What is Sandbox
The crypto-metaverse initiative The Sandbox has shown to be a powerful tool. SAND, the platform's native token, has been steadily rising throughout 2021, finally crossing the $1 barrier in the fourth quarter, maintaining its upward trend.
This project realises the metaverse concept with a VR component. It's a game, but it's mainly reliant on the creation and trading of NFTs. The SAND metaverse tokens can be used to generate NFTs.
This project, like a slew of others, is built on Ethereum.
Another appealing feature is the finite coin supply of three billion tokens, of which over 680 million are already in circulation. As of January 19, 2022, its market capitalization is $3.690 billion. This cryptocurrency had a YTD performance of 462.52 percent, demonstrating its strength.
The Sandbox is a virtual environment where gamers can use the SAND token to create, own, and monetize their gaming experiences on the Ethereum blockchain. Players can generate digital assets in the form of Non-Fungible Tokens (NFTs), sell them on the market, and use Game Maker to integrate them into games.
How does The Sandbox work?
The Sandbox gives creators actual ownership of their works in the form of non-fungible tokens (NFTs) and compensates them for participating in ecosystem activities and interactions including transaction fees, staking, and buying and selling game objects, among other things.
Anyone can create fantastic 3D games for free using Game Maker. No coding is required because users can utilise visual scripting tools to build aesthetically spectacular games in minutes. Users can also upload, publish, and sell their VoxEdit creations on the marketplace.
What is Decentraland?
Decentraland is a popular crypto metaverse project that has been in the press a lot recently. This was mainly due to the NFT frenzy, which saw MANA, the platform's native coin, gain a lot of value.
Many NFT proprietors began to use the platform to display their wares. However, NFTs aren't the only thing available on this metaverse. Its key feature is the ability to purchase virtual land, hence the name.
Sotheby's, a luxury goods and art broker, purchased a block of land in Decentraland and built a copy of their London offices there. This demonstrates that even large corporations are interested in metaverse projects.
It's one of the older initiatives that has taken longer to gain traction, having been created in 2017. Although MANA's performance hasn't been stellar, its market capitalization of $6 billion as of early 2022 is noteworthy. The year-to-date performance is 247.45 percent.
How does Decentraland work?
MANA, the native token that fuels the ecosystem, has a supply of 2.2 billion. Currently, there are 1.8 billion tokens in circulation. Gamers, creators, and businesses looking to capitalize on metaverse opportunities and get entertainment, resort to this platform. Having a large target audience comes with great demand for the coin. This is what makes Decentraland an attractive buy.
What is GALA?
Eric Schiermeyer founded Gala, a blockchain gaming platform, on July 21, 2019. It combines Non-Fungible Tokens (NFT) to build a blockchain game environment where players can exchange and own game assets at any moment on a global scale. Gala Games' mission is to take the gaming business to a whole new level by giving players back control of the game. Gala Games' goal, according to the platform's website, is to build "blockchain games you'll actually want to play."
How does Gala work?
GALA, the platform's native utility coin, is utilised for network governance, node operator incentives, and in-game rewards for platform game players. It can also be used to buy NFTs and assets in the Gala store with it as an in-game currency. Gala, as a blockchain-focused gaming platform, also allows users to play with their own NFT characters.
What is Enjin?
On the Ethereum network, Enjin Coin (ENJ) is an ERC-20 token. It's intended to be used as a form of in-game cash for purchasing game things. It also increases the worth of in-game assets.
It can also be used to buy and sell any in-game things as a medium of exchange. Enjin's platform also includes a Marketplace feature. This feature allows game players and developers to trade their creations on a marketplace without having to pay an intermediary fee.
How does Engin Work?
Enjin Coin (ENJ) can be used to manufacture in-game items or assets such as medicine that boosts HP points and weaponry through a process known as "minting." ENJ can also improve the powers of the characters in the game.
It may also generate the names, shapes, and appearances of each character, as well as the quantity of game items. All of these objects have the same value as ENJ.
6. High Street (HIGH)
What is High Street
Do you have to put forth a lot of effort to make a fair living? Not any longer! High Street allows you to play while still earning money, which is why so many players flock to this coin. If you like hybrid functioning models, we're confident you'll enjoy this coin.
What makes High Street game special?
What sets it apart from other coins is its hybrid model of virtual experience. It is half physical and half virtual, making it exciting, and NFTs play a huge role in this platform. Many top brands can be onboarded so their products can be used as NFTs.
Users are allowed to purchase these and own the physical items. The platform also addresses liquidity issues faced by token holders by adopting a smart bonding curve. The thrill lies in completing quests and earning in-game tokens, making High Street a desirable investment.