8 December 2021
The term "Metaverse" is the latest buzzword surrounding the Crypto space. It has grabbed immediate global attention, pushing the CEO of the well-known social media platform, Facebook, Mark Zuckerberg, to change his company's name to Meta Platforms Inc., to embrace the futuristic notion. Following this announcement, many metaverse Crypto coins have surged tremendously, making them all worthwhile to keep an eye on.
"Metaverse" was coined by science fiction writer Neil Stephenson in his 1992 novel Snow Crash. Metaverse is an entirely virtual universe where users can interact with the digital environment and with other users. In other words, it is a 3D virtual reality and augmented universe that enables you to live, work and earn in a completely open environment. The assets in these virtual environments are backed by smart contracts in the form of Non-Fungible Tokens. NFTs have widely contributed to the widespread attention that the Metaverse has been receiving these past few months.
Also Read: What Is Crypto Metaverse?
Metaverse is a junction of both physical and digital lives, a new phase of the Internet that will see the togetherness of augmented reality (AR), extended reality (XR), and virtual reality (VR) with our physical world. Just imagine something similar to Zoom or Facetime, but instead of seeing through the screen, you'll actually visualize them. Thus, the world as we see today will change significantly with the arrival of the Metaverse. According to Bloomberg, the Metaverse's market size might grow to 800 billion dollars by 2024. This shows how lucrative the Metaverse could become in the coming years. This Crypto Blog has listed some of the best Metaverse Tokens to explore in 2021
1. Decentraland (MANA):
Decentraland was released in 2016 by a team of developers in Argentina. It is a virtual gaming platform built on the Ethereum Blockchain that allows users to create, experience, and monetize content. When playing the game, you need to own LAND (16×16 NFT by Decentraland)) with value to use forever, unless you sell them. Land and in-game currency give users complete ownership and promote transparency.
MANA is the native currency of Decentraland. It is an ERC-20 token backed by the Ethereum blockchain. Users can currently use MANA to purchase avatars, wearables, names, and more. However, it is burned to acquire non-fungible LAND ERC-721 tokens. MANA tokens can be bought from various centralized exchanges, decentralized exchanges, and swap services. The total supply is fixed at 2.6 billion MANA.
2. Axie Infinity (AXS):
AXS is the governance token for the Axie Infinity game. Axie Infinity is an NFT based online game built on the Ethereum Blockchain. Axie is similar to Pokémon game in which players raise, battle, and trade cute NFT pets called Axies—founded by Sky Mavis in 2018.
AXS Token holders can shape and vote for the direction of the game universe. In addition, they can even stake their tokens to earn more AXS and even vote for governance proposals. AXS has grown this year and is available for trading in Binance, Coinbase, FTX, and several other major CEX and DEX in the Crypto space.
Smooth Love Potion (SLP) token is another token in the Axie universe. The SLP token is used for breeding activities. The SLP token is earned by winning adventures and battles. The key difference between the SLP and AXS token is that it's not a governance token. Therefore, it's not used to vote. The total supply of AXS tokens is 270 million.
3. The SandBox (SAND):
With a total supply of 3 billion, SAND is another token that should be on your radar. Sandbox is a decentralized virtual reality platform designed on the Ethereum platform by the game studio Pixowl development team and released in 2012. Like other NFT Play-To-Earn games, Sandbox allows players to transform into characters, trade and sell items on NFT LAND. Sandbox is also an ecosystem where anyone can create, share, and monetize assets. The platform uses the SAND token, an ERC-20 utility token used for governance, staking, and transfers.
SAND is available on Binance, Mandala Exchange, OKEx, CoinTiger, FTX, and some other DEXs and CEXs
Also read: The Advantages Of Crypto Regulatory Sandbox
4. Enjin Coin (ENJ):
Enjin Coin is an ERC20 token built on the Ethereum network. ENJ makes it easier for individuals, brands, and businesses to use NFTs. However, NFTs created with Enjin utilize the ERC-1155 standard, which is different from the commonly used ERC-721 standard.
NFTs minted within the Enjin environment are completely backed by ENJ. ENJ is the native currency of the platform. So whenever a new NFT is produced on the network, a certain amount of ENJ is minted into the token. These locked funds offer the newly built tokens real-world value. Recently, Enjin raised over $19 million that will be used to build Polkadot-based Blockchain for NFTs. ENJ token has a total supply of 1 billion tokens. $ENJ is available on Binance, Coinbase, FTX, and several other major CEX and DEX of the Crypto space.
5. Star Atlas (ATLAS):
Star Atlas is an online multiplayer game where players create avatars, play, and earn In the 3D virtual space. The game is built on Unreal Engine 5 and hosts real-time, cinema-quality environments. Star Atlas is built on the Solana Blockchain. ATLAS tokens is the in-game currency that can be used to purchase assets and buy NFTs from the NFT marketplace. It has a maximum supply of 36 billion. It's actively trading on Gate.io, FTX, MEXC Global, and Hotbit centralized exchanges.
Also read: How Does NFT Games Work?
6. Metaverse Index (MVI):
The Metaverse Index (MVI) token is another exciting example to consider. Represented by an ERC20 token, the token helps push the trend of business, entertainment, and sport migrating to virtual worlds. With the MVI token, owners can get exposure to a wide variety of tokens from various Crypto projects that cover sectors like online gaming, NFTs, and virtual worlds. It is a Metaverse ETF but for the Crypto markets. The Metaverse Index token has a total supply of 39,602 tokens. It is available in Decentralized exchanges like UniSwap and 0x Protocol.
7. Aavegotchi (GHST):
Developed by Pixelcraft Studios in 2020, Aavegotchi is a DeFi-enabled NFT game. It is built on the Ethereum network, where participants can create their own ghost avatars as NFTs and interact with the Aavegotchi digital space. GHST is an ERC 20 token and is used as a governance token. GHST token will be needed to purchase a ghost avatar or upgrade the one you own. The Aavegotchi Metaverse enables holders to buy digital items, such as wearables for their avatars, or to cast a vote and participate in the game's development. They can then trade them on a secondary marketplace.
Disclaimer: The author’s thoughts and comments are solely for educational reasons and informative purposes only. They do not represent financial, investment, or other advice.