What is Metaverse Cryptocurrency?
Metaverse Cryptocurrency refers to digital assets within virtual worlds, creating a decentralized online space for various interactions. Learn about its importance and key...
Metaverse Cryptocurrency refers to digital assets within virtual worlds, creating a decentralized online space for various interactions. Learn about its importance and key...
With Mark Zuckerberg’s Facebook having been renamed Meta, the Metaverse is a concept even those not in the know about the crypto verse are now taking notice of. On the topic of what is metaverse cryptocurrency, here’s how Meta defines it: “The metaverse is the next evolution in social connection and the successor to the mobile internet.”
If you’ve been googling “What is Metaverse in cryptocurrency?” you have a little bit of reading to do. While the two are related, they aren’t interdependent. The idea of the metaverse comes from Neal Stephenson’s 1992 cyberpunk novel, Snow Crash. The book talks of a shared digital space that is a virtual version of regular physical places we share, such as our homes and parks, and that can be accessed with virtual reality goggles and a shared fiber optics network. So, when you wonder what is metaverse cryptocurrency- it’s basically an advanced version of the internet we know today. The crypto metaverse is a shared virtual space where users can connect with each other and participate in real-life activities virtually, such as work meetings and presentations, games, and socialization in general.
The metaverse is planned to be driven by AR or augmented reality, and users can act through an avatar of their choosing. The crypto metaverse will bring together economies, digital identities, decentralized governance, and other similar applications.
Through NFTs or non fungible tokens, you’ll be able to do pretty much everything you might want to do in the physical world, with the added benefit of never having to leave the comfort of your home. You can even create and own assets like artworks and properties.
The crypto metaverse is still in the earliest stages of construction, but there are already several crypto-based platforms that have integrated components of the metaverse. Let’s learn about some of the top metaverse cryptocurrencies, shall we?
What is a crypto metaverse, and how does it work? The metaverse – a virtual universe – is a decentralized network of virtual worlds that are built on blockchain technology. It allows users to interact with each other, create and monetize content, participate in a variety of activities in a virtual environment, and also has many use cases for businesses. The metaverse is accessible through various devices such as VR headsets, smartphones, and computers. It is a decentralized network, meaning that it is not controlled by any central authority, and it is powered by smart contracts on a blockchain.
The crypto metaverse offers several key features that distinguish it from traditional virtual worlds. Some of these features include decentralization, user governance, and provable provenance.
One other key feature is interoperability, meaning the ability of different virtual worlds to interact with each other and exchange data, assets and value. This can potentially enable more seamless and immersive experiences across different virtual worlds, as well as more opportunities for collaboration and innovation.
Perhaps the key feature of crypto metaverses that gets most public attention is decentralization. This means that it is not controlled by any central authority, and it is powered by smart contracts on a blockchain. This allows for a more democratic and transparent virtual world, where users have more control over their own experiences.
Another key feature is user governance, which allows users to vote and make decisions on the direction and development of the crypto metaverse. This gives users a sense of ownership and investment in the virtual world, and it allows for a more democratic and transparent decision-making process.
Crypto metaverses also offer provable provenance, which is the ability to trace the ownership and history of virtual assets. This is important for the buying and selling of virtual goods, as well as for maintaining the integrity of the virtual world. By using blockchain technology, users can verify the authenticity of virtual assets and ensure that they are not counterfeit or stolen.
Lastly, crypto metaverses offer real-world economic value. Users can use crypto to buy and sell virtual goods and services, and monetize their own creations. This allows for new business opportunities and revenue streams in the virtual world, and it allows users to earn real money from their virtual activities.
You will require funds to take part in any activity within the metaverse- much like the real world- and therefore you will also need metaverse cryptocurrency. Below, we have listed some of the top metaverse cryptocurrencies for you, so you can weigh up your options before you invest in the metaverse.
Decentraland is a virtual reality platform that lets you buy, sell, and own virtual property called LAND. MANA is the native cryptocurrency on Decentraland that allows you to access interactive apps, pay for any goods and services required, and also buy more property.
MANA is already well known as a metaverse cryptocurrency, and therefore might prove to be a good investment for someone newly getting into the crypto metaverse.
As the homepage describes it, Star Atlas is “A grand strategy game of space exploration, territorial conquest, political domination, and more.” Star Atlas allows you to take a spaceship customized for you and access a unique metaverse experience. You get to join and create factions, and create a whole new world with your fellow space travelers.
ATLAS is the metaverse cryptocurrency fueling the Star Atlas ecosystem.
WEMIX is a global blockchain gaming platform with the native metaverse cryptocurrency WEMIX, where users can create and trade various gaming items as NFTs. WEMIX also brings a decentralized marketplace to buy, sell, and exchange virtual currencies, and also swap gaming tokens for WEMIX.
The Sandbox is another virtual space running on Ethereum which allows you to buy and sell virtual lands, as well as other metaverse assets. Here you can create NFTs as per your imaginations and then monetize the virtual assets and experiences with the metaverse cryptocurrency SAND, which is the native crypto of The Sandbox.
Enjin is an Ethereum-based metaverse platform that offers an exclusive marketplace experience. Here users can create and sell virtual products, and expand their markets with NFTs and QR codes. Developers start by assigning value to their creations by locking in the native metaverse cryptocurrency ENJ; they can also connect with fellow users through various applications and even games.
Axie Infinity is a metaverse game where players get to build kingdoms, look for rare resources, and collect treasures. Players here compete to earn monsters called Axies (NFTs that can be bought and sold outside of the game too), and the winning players are rewarded with the native AXS metaverse cryptocurrency, among other perks.
Flow is a blockchain primarily for developers, made to provide support for a range of apps, games, and other digital applications. Flow uses the PoS consensus mechanism, and its multi-node, multi-role architecture is quite scalable without sharding.
Validators on the Flow blockchain are incentivized with the FLOW metaverse cryptocurrency, which is also the central crypto of the Flow ecosystem.
Alien Worlds is a play to earn game where players compete for unique resources, participate in in-game quests, battle other players, and can even become the ruler of a planet. Users here can mine the native token TLM and participate in platform governance, create NFTs, buy or upgrade in-game items, and take part in exclusive gaming activities.
Gala Games is another gaming ecosystem that hands all the power over to the players themselves. The native crypto GALA is used to unlock various functionalities within the various games, and also to assign governance power. Players can create their own NFTs, and also buy, sell, and trade various gaming items among themselves in the form of NFTs.
Illuvium is a P2E, open-world exploration, NFT creature collector, and autobattler game slated to release on PC and Mac in 2022. While completing quests and exploring the Illuvium world, users have to hunt and capture over 100+ Illuvials- “deadly beasts who rule this alien world—each possessing hybrid synergies and unique abilities.”
Illuvium’s native metaverse cryptocurrency is the ILV, which users can hold for liquidity mining and governance rights.
All the metaverse platforms we have seen so far run around a central cryptocurrency, which begs the question: is crypto the ultimate means to realizing the true potential of the metaverse?
The metaverse is still in the earliest stages of formulation, and that is why it’s still too soon to say what shape it will take, and what will be the primary components in its making. However, it’s safe to say that the blockchain technology will definitely be a part of it.
As for crypto, it has already proven its worth as an infrastructural layer that offers an easy way for micropayments and secondary sales, and makes moving money between the metaverse and the outside world simple. Crypto seems fundamental to a decentralized metaverse for multiple other reasons, such as:
Keeping all this in mind, it won’t be too far-fetched to say that crypto will prove to be the key to the metaverse in upcoming times.
As a beginner to the whole notion of what is metaverse crypto, it’s best to start investing with the most popular ones with significant community support. Below, we have compiled a list of six of the most popular and well-performing metaverse cryptocurrency at the moment.
IBAT Battle Infinity is definitely among the most valued metaverse cryptocurrency at the moment, with it soon slated to be launched on the exchange PancakeSwap. Since it hosted IBAT presales, Battle Infinity has been making news with its excellent performance in the crypto markets. In fact, the metaverse cryptocurrency wrapped up its presales in 25 days despite the whole thing being scheduled to take place over three months. This goes on to show the investors’ faith in this particular metaverse token.
Battle Infinity is a play-to-earn gaming system that brings users the opportunity to earn lucrative passive income. Players can gain rewards through the staking mechanism, and there also ‘creates’ to be won in the game which can translate into prizes like vouchers and exclusive gift items. The best players will of course be rewarded with the native metaverse cryptocurrency of the Battle Infinity platform- $IBAT.
Decentraland happens to be among the most popular metaverse projects at the moment, with its native token MANA trading on most of the leading global crypto exchanges. While the gas fees may be fairly high for the game, MANA is quite easy to acquire, and the interesting gameplay definitely makes Decentraland an exciting option for beginners.
Lucky Block is one of the latest sensations in the crypto space, and for good reason too. The Lucky Block NFT Competitions platform is a metaverse space where you can be rewarded and earn passive income simply for holding Lucky Block NFTs.
Every single Lucky Block NFT earns you rewards in Lucky Block’s native metaverse cryptocurrency $LBLOCK, and also automatically enters you into competitions you are eligible for. The more and the longer you own these NFTs, the more you get rewarded.
The LBLOCK tokens are currently available for trading on leading crypto exchanges. As a newcomer to the metaverse, they’re certainly a safe and lucrative investment option.
As mentioned before, The Sandbox is an online multiplayer game. Players can trade the things they make in the game and claim ownership of them as NFTs. SAND is the utility token of The Sandbox, which you can use to buy LANDs and create your own assets.
In the first half of 2022, the project reported having almost $100 million’s worth of SAND tokens staked.
ENJ might be an underrated metaverse cryptocurrency, but acquiring it sure has its unique perks. ENJ can be used to power your NFTs across a range of games and applications. Plus, the project has a large, dedicated community of users, which makes it a good choice for newcomers to the metaverse.
Axie Infinity is incredibly popular among blockchain gamers for its world-building and fun gameplay. The more time you spend on the game, the more rewards you earn, which is also an added bonus. If you love gaming and want to try out your hand at earning in the metaverse, AXS (Axie Infinity Shards) is the metaverse cryptocurrency for you.
The crypto market has always been a volatile space, and hence you must always be aware of the risk factors when you invest in metaverse cryptocurrency. But it can’t be denied that the metaverse is an exciting place to be in right now as a crypto enthusiast, with a range of varied projects to choose from and numerous up-and-coming crypto presales. We hope the lists above comes in handy when you pick the best metaverse cryptocurrency to invest in!
We wish you good luck as you venture into the metaverse!
One of the main concerns with the crypto metaverse is the potential for it to be controlled by a small group of powerful actors, which could lead to a lack of diversity and censorship. Additionally, there are concerns about the impact on real-world economies and job markets, as well as the potential for negative effects on mental health and social interactions.
The crypto metaverse is a decentralized network, which means that anyone with the required set of skills and hardware can participate in its development and contribute to its growth. This includes developers, content creators, and users, who can all be a part of it and play a role in shaping the virtual world.
The crypto metaverse primarily uses a metaverse cryptocurrency made for its ecosystem – of which there are many. These are made with a focus on that particular metaverse’s use cases. It also uses NFTs (non-fungible tokens), which are unique digital assets that are stored on a blockchain. NFTs are used to represent virtual assets such as land, buildings, and other in-world items, and can be bought, sold, and traded like other cryptos.
Disclaimers: Opinions expressed in this publication are those of the author(s). They do not necessarily purport to reflect the opinions or views of Shardeum Foundation.
About the Author: Anuska is an independent freelance writer freshly exploring web3 and blockchain space. Her articles blend personal exploration with established editorial methods, and she’d love to hear your thoughts in the comments!
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