While the technology is far from mainstream, it is quickly attracting the attention of technology and cryptocurrency investors. Therefore, Metaverse Tokens represent: an untapped opportunity for 2022.
The fact that one of the largest tech companies in the world, Facebook, is betting on the metaverse and even going so far as to change its name to Meta is also a plus. 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’s an overview of everything you need to know about the metaverse and the best tokens to invest in.
1) Axie Infinity (AXS)
Axie Infinity is a metaverse project that approaches the definition of metaverse but is essentially a game. The local currency is the AXS token in this metaverse game to earn.
Axie has one of the largest market caps of any metaverse cryptocurrency, at over $4 billion. However, the YTD performance 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 launch ofAxie Infinity: Origina long-awaited update that adds features and improves game mechanics.
Although based on the idea of the metaverse, the VR (virtual reality) has not been included so far.
The Axie Infinity game features characters, or Axies, and these Axies are non-exchangeable tokens that players can buy and trade. For example, they can create new axes by combining two axes. There is also virtual real estate in the Axie Infinity metaverse, which could attract investors other than gamers. For example, a piece of land that was recently sold for: $2.3 million.
How does Axie Infinity work?
Users can collect AXS, the Axie token, by playing their game. This game has been hugely successful and people are said to have quit their jobs to adopt the ‘play to win’ lifestyle. The game allows to use its tokens in its metaverse. The AXS token can be converted into ETH and used to buy NFTs on Axie Marketplace.
2) Sandbox (SAND)
Metaverse project The Sandbox has shown impressive achievements. The platform’s native token, SAND, rose steadily in 2021, finally breaking $1 last quarter and continuing its upward trajectory. As of April 12, SAND will be sold for $2.79.
With a VR aspect, this project realizes the vision of the metaverse. Sandbox is essentially a game and is supported by game brands such as Atari. And HSBC recently bought virtual real estate in its metaverse. But it is strongly based on creating and acting NFTs. Players can create NFTs using tokens from the SAND metaverse.
Like countless other cryptocurrency projects, this one is: based on ether.
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Another promising factor is that it has a limited coin reserve of 3 billion tokens, of which 1.14 billion is in use. The market cap is $3.27 billion as of April 12.
How does Sandbox work?
Sandbox provides creators real ownership of their creations in the form of non-fungible tokens (NFTs) and rewards them for participating in ecosystem transactions and interactions, such as transaction fees, staking or buying and selling 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 the Marketplace where users can upload, publish and sell their creations created with VoxEdit.
3) Decentralized Country (MANA)
In terms of popularity, Decentraland is a cryptocurrency metaverse project that has made headlines many times. This is partly due to the NFT craze, which has also resulted in significant gains for the platform’s native tokens, MANA.
Many NFT owners have started using the platform to show off their NFTs. But NFTs aren’t alone on this metaverse platform. The main feature is that you also: buy virtual landhence the name.
Sotheby’s, the luxury goods and art broker, bought land on Decentraland and used it to create a replica of its London offices. This shows that even large companies are keeping an eye on metaverse projects.
Founded in 2017, Decentraland is one of the oldest projects that took some time to gain recognition. While MANA’s performance hasn’t been great, its market cap will reach $4.79 billion in early 2022, making it largest metaverse token by market capitalization. Like many, if not most cryptocurrencies, MANA has fallen 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. There are currently 1.8 billion tokens in circulation. Gamers, creators and companies who want to take advantage of metaverse possibilities and be entertained use this platform. With having a large target audience comes a high demand for the coin. That makes Decentraland a valuable purchase.