Blog » metaverse » What is Metaverse Cryptocurrency
What is Metaverse Cryptocurrency

What is Metaverse Cryptocurrency

What is Crypto Metaverse?

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.”

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. 

Crypto Metaverse
Neal Stephenson’s cyberpunk novel gave birth to the concept of crypto metaverse| Source: amazon.in

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? 

Top 10 Metaverse Cryptos

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. 

1. Decentraland (MANA)

Decentraland (MANA)
Source: Freepik | Decentraland (MANA)

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.

2. Star Atlas (ATLAS) 

Star Atlas (ATLAS) 
Star Atlas| Source: Staratlas.com

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. 

3. WEMIX 

WEMIX
Source: Freepik

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. 

4. The Sandbox (SAND)

The Sandbox (SAND)
Source: Freepik | The Sandbox

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.  

5. Enjin (ENJ) 

Enjin (ENJ)
Source: Freepik

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.  

6. Axie Infinity (AXS)

Axie Infinity (AXS)
Axie Infinity| Source: Axie Infinity

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. 

7. Flow Blockchain Network (FLOW) 

Flow Blockchain Network (FLOW) 

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. 

8. Alien Worlds (TLM)

Alien Worlds (TLM)
Alien Worlds| Source: alienworlds.io

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. 

9. Gala Games (GALA) 

Gala Games (GALA) 

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. 

10. Illuvium (ILV)

Illuvium (ILV)
Illuvium| Source: illuvium.io

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. 

Is Crypto the Key to the Metaverse? 

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:

  • Crypto can solve the issue of fluctuating exchange rates between various local currencies.
  • Crypto can also provide solutions for political issues like sanctions, and allow trades to stay within the metaverse. 
  • Crypto will create a functioning metaverse economy, since otherwise users would have to move outside to perform trades through middlemen.
  • Crypto-based metaverse economy can create a whole new set of jobs that would be well-paying enough to replace traditional employment. 
  • Having to go transact outside of the metaverse or verify or regulate transactions through middlemen will reduce this world’s economic capabilities.

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. 

Know About the Best 6 Metaverse Cryptocurrency to Invest in

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.

1. Battle Infinity (IBAT)

Battle Infinity (IBAT)

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.

2. Decentraland

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.  

3. Lucky Block

Lucky Block
Lucky Block| Source: luckyblock.com

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.

4. The Sandbox

The Sandbox

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. 

5. Enjin Coin

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. 

6. Axie Infinity

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. 

Conclusion

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!

Popular Searches

layer 1 crypto projects 2022 | what is web 3.0 crypto | types of blockchain nodes | best blockchain bridge | peer to peer transfer | advantages and disadvantages of blockchain technology | gas fees blockchain | layer 1 blockchain protocols | main features of blockchain | blockchain wallet types | best technology stack for mobile app | how to buy real estate in the metaverse | how altcoins work | what is pow in cryptocurrency | cryptocurrency cloud mining | what does proof of stake mean | what are the benefits of blockchain | is blockchain hackable | metaverse cryptocurrency | What is AMM in Crypto

Leave a Comment

Your email address will not be published. Required fields are marked *

Scroll to Top