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 for 2022.
The fact that one of the biggest tech companies in the world, Facebook, is banking on the Metaverse, 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 crucial role on 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 in.
1) Axie Infinity (AXS)
Axie Infinity is a Metaverse project that approximates the definition of Metaverse but is essentially a game. The local currency is the AXS token in this play-to-earn Metaverse game.
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 coin’s value has started to rise again. One reason could be the upcoming launch ofAxie Infinity: Origina highly anticipated update that adds features and improves game mechanics.
Though based on the idea of the metaverse, the VR (virtual reality) is not yet included.
The Axie Infinity game offers characters or Axies, and these Axies are non-fungible tokens that players can buy and trade. For example, they can create new axes by combining two axes. There are also virtual properties in the Axie Infinity metaverse that could attract other investors as players. For example, a recently sold plot of land $2.3 million.
How does Axie Infinity work?
Users can collect AXS, the Axie token, by playing their game. This game was hugely successful and it is said that people gave up their jobs to embrace the Play to Win lifestyle. The game allows you to use your tokens in your metaverse. The AXS token can be converted into ETH and used to buy NFTs Axie Marketplace.
2) Sandbox (SAND)
The Metaverse project The Sandbox has put in an impressive performance. The platform’s native token, SAND, has been rising steadily throughout 2021, finally breaking through the $1 level in the last quarter and continuing its upward trend. On April 12, SAND is priced at $2.79.
With a VR aspect, this project realizes the vision of the metaverse. Essentially a game, Sandbox is powered by gaming brands like Atari. And HSBC recently acquired virtual properties in its Metaverse. But it’s heavily based on creation and trading NFTs. Players can create NFTs using tokens from the SAND metaverse.
Like countless other cryptocurrency projects, this one is here based on Ethereum.
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Another promising factor is that it has a limited coin reserve of 3 billion tokens, of which 1.14 billion are in use. Its market cap as of April 12 stands at $3.27 billion.
How does sandboxing work?
Sandbox offers creators true 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 in-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 made with VoxEdit.
3) Decentralized (MANA)
In terms of popularity, Decentraland is a cryptocurrency metaverse project that has often made the news. This is partly due to the NFT craze, which has also resulted in significant gains for the platform’s native token, MANA.
Many NFT owners have started using the platform to showcase their NFTs. But NFTs aren’t the only thing on this Metaverse platform. Its key feature is that you can too buy virtual landhence his name.
Sotheby’s, the luxury goods and art broker, bought land on Decentraland and built a replica of its London offices on it. This shows that even large companies have their sights set on Metaverse projects.
Founded in 2017, Decentraland is one of the oldest projects that took some time to gain recognition. Although MANA’s performance wasn’t very outstanding, its market cap hits $4.79 billion in early 2022, which is it largest metaverse token by market capitalization. Like many, if not most, cryptocurrencies, MANA is down significantly year-to-date but 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. This platform is used by gamers, developers, and businesses that want to take advantage of Metaverse opportunities and be entertained. With a large audience comes high demand for the coin. That makes Decentraland a worthwhile buy.