Top 10 Metaverse Cryptocurrencies that Could Compete with Bitcoin in 2022:
Metaverse is making the headlines of the newspapers because of the high demands in the metaverse crypto projects. The main aim of the project is to boost the metaverse cryptocurrencies and even improve the nature of digital real estate.
The emerging metaverse currencies could be defined as the augmentation of both physical and virtual worlds where virtual reality and enhanced reality bridge the differences and allow the virtual and physical worlds to co-exist closely.
What are Metaverse Cryptocurrencies?
A fundamental point of technology that bridges both cryptocurrency and the metaverse is blockchain. Blockchain is a public digital ledger that records transaction data. One of the benefits of the blockchain is that the transaction involves a network between peer to peer and remove intermediaries. The removal of intermediaries has proved to reduce the cost of transactions and speed up the process as well.
E-commerce is still running with the old technology. Metaverse with its 3D virtual worlds and enveloping services, is utilizing blockchain technology to create permission-less interactions among internet users.
With the potential for e-commerce and social interaction, there are many cryptocurrencies and applications based on blockchain technology. Direct peer-to-peer interactions on the internet guarantee the promise of instantaneous settlements of funds and near zero fees.
The item ownership can be promised by using an NFT (Non-fungible token) which can take shape in the form of art, a digital collectable item, or a digital version of a real-world item.
For now, the metaverse is limited to the video game industry and other start-ups. The volatility and continuous turmoil in the crypto space during the first half of 2022 have even made an impact on the metaverse, and the viability has been seen to be profitable in the digital economy.
There are plenty of options for metaverse cryptocurrencies that one can purchase. With the value of bitcoins running low, here is the list of top 10 metaverse cryptocurrencies that one can look out for:
1. AXIE INFINITY (AXS)
Axie Infinity was launched in 2020 and is regarded as the best metaverse crypto coin for play-to-earn gaming. It is a governance token for the Axie infinity game. It is built on the Ethereum network. Users can earn AXS by playing the game and helping the token holders to vote in the developments of the game. Token holders are even provided with the opportunity to stake the token to earn more AXS.
Price Update: Axie Infinity’s price has gone down by -8.70% in the last 24 hours. The last raided price of Axie Infinity is 1309 INR.taken in the form of a unique NFT Once collected, the currencies can in turn be sold in the open marketplace.
Axie Infinity is proved to be a good investment in the metaverse. The price is expected to reach an average value of 26.71 million USD. If one wants to invest in axie Infinity AXS, one has to conduct his research and has to accept the idea that the prices can fluctuate.
2. The Sandbox (SAND)
Sandbox is a community-driven platform that binds the creators together. SAND is the native cryptocurrency of the Sandbox. Sandbox is a popular 3D metaverse game built on the Ethereum network where the users can explore, purchase land and create structures that can be monetized. All the properties built by the players are owned by the players and create revenue opportunities among the players.
The sandbox serves as a solid investment in March 2022 because the application applied blockchain technology to the enormous global market such as the gaming market and emphasizes decentralization. With a VR vision, the project is realizing the possibilities of the Metaverse. The Sandbox has the same setup of the game as Atari. In addition, HSBC purchased the currencies in its metaverse. Players can create NFTs using the SAND metaverse tokens and upload them to the marketplace. The players can even use the NFTs to create gaming experiences with the Sandbox Game Maker.
The Sand has been advantageous in the metaverse as it allows for staking, providing an opportunity for revenue generation on the LAND. Staking also provides advantages such as Gems and catalysts that could be used for asset generation.
The unique feature of the metaverse cryptocurrency SANd is it creates a metaverse of players who contributes to the platform’s development like any decentralized crypto governance. The project utilizes blockchain for decentralization.
Even though the crypto prices could not be assured accurately because of the volatility in the crypto prices, SAND could prove to be a good investment opportunity. With the crypto community being more involved in the metaverse, the price of the SAND token will continue to surge and make great profits. The adoption of NFTs could have a positive impact on Sandbox.
3. Decentraland (MANA)
Decentraland is a virtual reality platform where the users can create and monetize the contents and applications. Decentraland is based on blockchain technology (Ethereum Network) and aims to design a network owned by the users and provide the users with an enveloping experience. The platform is a shared metaverse where the players can purchase virtual plots of land. The platform has the same interface as the Sandbox.
In decentral and, the space in which the user interacts is called the LAND. The LAND is a finite and transferable 3D space that can be transferred and is an NFT asset. The asset is purchased by the users and has 100% ownership. The owners can even choose to do whatever they like on the LAND like they can create dynamic scenes, applications, and games.
MANA token is the game currency of the platform. The token helps the users to purchase or trade LAND, and pay for goods and services in the virtual world. In addition, the tokens could be used to purchase avatars, weapons, and unique names through the Decentraland marketplace.
Decentraland cryptocurrency is one of the top cryptocurrencies in market capitalization. It was one of the best tokens and yielded returns of up to 5300%.
4. ApeCoin (APE)
ApeCoin is the native cryptocurrency based on the Ethereum network and is built on the ApeCoin ecosystem. It is the currency of the Bored Ape Yacht Club (BAYC) metaverse. While the BAYC is a non-fungible token collection that comprises 10,000 images of the apes, APE is a fungible token with a maximum supply of 10 billion.
Apecoin is a fungible governance token built on the Ethereum blockchain. The token trades on basic cryptocurrency exchanges such as Binance, and FTX. as a governance and utility token, the Apecoin allows the investors to participate in governing the ape ecosystem and provides them access to games, products, and services that are strictly available to the apecoin holders. Holders of ApeCoin can use the token to purchase assets within the Apecoin metaverse such as virtual land in Yuga Labs’ NFT world.
Currently, the price of Apecoin is down by -2.70%. The value of Apecoin was 493 INR.
Apecoin could prove to be one of the best metaverse cryptocurrencies in 2022. The token has a huge scope and can be used by merchants shortly for payments. The Apecoin could be considered one of the most undervalued cryptos and it has to make real use to attract a wider range of investors. Otherwise, the cryptocurrency’s status would only be limited to a ‘meme coin’.
5. SushiSwap (SUSHI)
SushiSwap is an application running on Ethereum that seeks to allow a network of users to work on a platform where the users can purchase and sell crypto assets.
The crypto platform has a similar kind of interface to Uniswap and Balancer where the application uses a collection of liquidity pools to achieve a goal. This allows the users to lock up assets into small contracts that could be used by the traders to buy and sell cryptocurrencies.
It is based on the concept of decentralized finance platforms. One of the crucial benefits of the application is that it allows users to trade cryptocurrencies without the need for a central operator administrator. It implies that the decisions of the SushiSwap software are made solely by holders of the cryptocurrency. Anyone holding the balance of the asset can make changes, vote, and propose changes to how the pool operates.
SushiSwap can prove to be an excellent investment option for someone who is aware of decentralized finances and AMM provides an opportunity for Defi investors who want to invest and earn more money without the involvement of a third party. Investing in Sushi can promise good profits in the long term because of the tremendous growth potential of the metaverse cryptocurrency. It is an excellent platform for yield farming.
Yield farming is a concept when one makes a move for a platform that enables the user to get a percentage (Annual percentage Yield).
6. Wax (WAXP)
Wax is a multi-purpose-built cryptocurrency exchange platform that is designed to make e-commerce faster, easier and safer for all users. The WAX blockchain uses a DPoS mechanism and is even compatible with the EOS. It provides an eco-friendly and optimized interaction to the users.
The entire WAX ecosystem can be accessed and experienced by creating a WAX cloud wallet and depositing WAXP tokens into it. In turn, the WAXP tokens can be used to purchase NFTs or even staked for rewards. The team related to NFTs has recently shared an idea that they would be providing vIRL NFTs- the NFTS could be further associated with a physical product and can be sold, brought, or even traded before it can be redeemed for a physical twin.
WAXP could be a profitable investment for the people who plan to invest their assets for the long term however, the short-term investment shows negative sentiments. Currently, the value of the WAX crypto lies at 0.2418$.
7. GALA Games (GALA)
GALA is an Ethereum-based cryptocurrency that supports the GALA games. It is a platform that aims to revolutionize the gaming industry by giving players control over the games they play. Currently, the players spend uncountable hours in the games and make in-built purchases that can be taken away from them at any moment. Gala games will bring a change in the real-time playing option in the metaverse.
Reports indicate that Gala games plan to invest 2 billion US dollars into gaming, 1 billion USD in movies and music, and the remaining 1 billion USD in NFT-based theme park. The main emphasis of the plan is to engage a wide array of consumers to invest in the metaverse cryptomarket.
Gala games have only released one game on its platform. So, the investors predict that the plan seems to have tremendous potential. If the brand can lay down the plans, the metaverse cryptocurrency would be an absolute game changer in the metaverse market.
Gala can prove to be an excellent long-term investment option. It has the current coin market cap ranking of 79. Gala is currently expanding its portfolio by emphasizing high-quality games.
8. RedFox (RFOX
One of the emerging leaders of the metaverse immersive experience, the RedFox cryptocurrency project aims to create innovative and scalable blockchain solutions by building, launching, and scaling high-growth tech companies in Southeast Asia’s emerging markets. RFOX coins are the crypto in which the Redfox ecosystem functions. The application focuses on playing to earn games in the mobile gaming space by building a fun ecosystem that could be enjoyed by users worldwide.
Even though the fate of cryptocurrencies can not be predicted, the RFOX coins could be a poor short-term investment plan. There are chances of the current assets being devalued in the future.
9. ENJIN Coin (ENJ)
ENJIN Coin is an ERC-20 token built on the Ethereum blockchain. The currency is designed to be an in-game currency for purchasing game items. The currency can be unlocked by achieving game targets and later be used to purchase goods on the gaming platforms. The Singapore-based gaming company is popular for its famous game Minecraft, among other games.
An attractive feature of the Enjin platform is that it allows users to access the Marketplace. This function allows game players and traders to trade the items that they have achieved on the gaming platform without intermediary fees.
Investments in Enin can be a good opportunity as the platform demonstrated a power-packed performance in 2021. Predictions suggest that the Enjin ecosystem will receive a great response from its users in 2022.
Enjin is also predicted to increase its value by the end of December 2022.
10. Metahero (HERO)
Metahero is a real utility token that is based on creating HD avatars of real-world objects and it is a platform built on 3D scanning technology, together bridging the physical and digital worlds.
Analysts have stated that cryptocurrency is a neutral choice to invest in. Currently, it has an overall rank of 390.
Investing in cryptocurrencies is a sensitive topic. Like bitcoins, the metaverse crypto market is extremely volatile and the price of all the tokens can fluctuate periodically. One must make a thorough research of the current price of the crypto coin. Investments should be made in a way that the consumer does not have to incur any loss i.e., one must not invest more than one can afford to lose.
The metaverse crypto market is a potential field for investors as it has engaged the users for a long-term investment opportunity.
edited and proofread by nikita sharma