Although the technology is far from mainstream, it is quickly catching the attention of tech and cryptocurrency investors. Therefore, metaverse tokens represent an untapped opportunity by 2022.
The fact that one of the largest technology companies in the world, Facebook, is betting on the metaverse, even changing its name to Goal, is also an asset. The company reportedly spent $10 billion on its metaverse project last year, calling it the future of technology. Cryptocurrencies and blockchain will play a vital role in this journey.
So which metaverse tokens should you buy? Here is an overview of everything you need to know about the metaverse and the best Tokens to invest.
1) Infinite Axis (AXS)
Axie has one of the largest market caps of any metaverse cryptocurrency, at over $4 billion. However, the YTD yield is -27.68%. This may seem unpromising to many investors, but the value of the coin has started to rise again. Part of the reason could be the imminent release ofAxie Infinity: Origina long-awaited update that adds features and improves game mechanics.
Although based on the idea of the metaverse, the virtual reality (virtual reality) has not been included so far.
The Axie Infinity game features characters, or Axies, and these Axies are non-fungible tokens that players can buy and trade. For example, they can create new Axies by combining two Axies. There is also virtual real estate in the Axie Infinity metaverse, which could attract investors as well as players. For example, a piece of land recently sold by $2.3 million.
How does Axie Infinity work?
Users can collect AXS, the Axie token, by playing their game. This game has been very successful, and it is said that people have quit their jobs to adopt the “play to win” lifestyle. The game allows you to use your tokens in your metaverse. The AXS token can be converted to ETH and used to purchase NFTs at axie market.
2) Sandbox (SAND)
The Metaverse Project the sandbox showed impressive performance. The native token of the platform, SAND, has been rising steadily throughout 2021 and finally broke through the $1 mark last quarter, continuing its upward trajectory. As of April 12, SAND is selling for $2.79.
With a VR aspect, this project realizes the vision of the metaverse. Sandbox is essentially a game and is supported by gaming brands like Atari. And HSBC recently bought virtual real estate in its metaverse. But it relies heavily on crafting and trading NFT. Players can create NFTs using tokens from the SAND metaverse.
Like many other cryptocurrency projects, this is ethereum based.
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Another promising factor is that it has a limited coin pool of 3 billion tokens, of which 1.14 billion are in use. Its market capitalization stands at $3.27 billion as of April 12.
How does Sandbox work?
Sandbox offers creators true ownership of your creations in the form of non-fungible tokens (NFTs) and rewards them for participating in ecosystem transactions and interactions, such as transaction fees, participation or buying and selling of game items, etc.
game maker allows anyone to create amazing 3D games for free. No coding is required as users can access visual scripting tools to create visually stunning games in minutes with Marketplace, where users can upload, publish and sell their VoxEdit creations.
3) Decentralized (MANA)
In terms of popularity, Decentraland is a cryptocurrency metaverse project that has often made headlines. This is partly due to the NFT craze, which has also generated significant gains for the platform’s native tokens, MANA.
Many NFT owners have started using the platform to display their NFTs. But NFTs aren’t the only thing on this metaverse platform. Its main feature is that you can also buy virtual landhence its name.
Sotheby’s, the luxury goods and art broker, bought land in Decentraland and used it to create a replica of its London offices. This shows that even big companies are considering metaverse projects.
Created in 2017, Decentraland is one of the oldest projects that was slow to gain recognition. Although MANA’s performance has not been very stellar, its market cap reaches $4.79 billion as of early 2022, making it a largest metaverse token by market capitalization. Like many, if not most, cryptocurrencies, MANA is down significantly year to date, but is up 115% year over year.
How does Decentraland work?
MANA, the native token that powers the ecosystem, has a supply of 3.9 billion. Currently, there are 1.8 billion tokens in circulation. Gamers, creators, and businesses looking to take advantage of the opportunities of the metaverse and be entertained use this platform. Having a large target audience leads to a high demand for the coin. That’s what makes Decentraland a worthwhile purchase.