The term “metaverse” has become popular among technologists and cryptocurrency enthusiasts. The Metaverse is a network of connected 3D virtual worlds where humans may converse digitally. However, this is not entirely accurate.
The phrase encompasses a wide spectrum of virtual worlds, from business applications to games and community platforms. The Metaverse is thought to be the next generation of the internet.
Metaverse tokens have recently risen in popularity, providing enormous profits to their owners this year. Blockchain and NFTs are seen as critical components of the developing Metaverse ecosystem. Anyone may purchase metaverse cryptocurrency.
There are several cryptocurrencies available for usage in the metaverse. To make it easier for you, I have listed the top 7 cryptocurrencies that you can use in the metaverse.
Will there be cryptocurrencies in Metaverse?
The metaverse has grown throughout time, and this virtual theme is now becoming a reality owing to a flood of themed applications built on blockchain technology. However, the most pressing concern is whether there can be a metaverse without bitcoin.
Market experts are divided on the issue, with some believing that cryptos have no mandate and others seeing them as fuel for the metaverse economy. On the contrary, the metaverse and crypto are two distinct notions that may coexist.
A token can be useful in both the actual and virtual worlds, but the ideas must have an obvious synergy. The Metaverse has the potential to contribute enormous value to the global economy, and that value might be realized in cryptocurrency by employing it as a form of payment.
The underlying idea is that metaverse initiatives require a medium of exchange or a payment method to purchase digital goods in the digital realm, which are often tokenized.
7 Metaverse Cryptocurrencies You Must Know in 2022:
Axie Infinity is a game about breeding, developing, and fighting cute creatures called Axies. Sky Mavis created the platform in 2018, and it has around one million daily users as of August 2021. By the summer of last year, it had become the biggest cryptocurrency on the Ethereum network.
On its in-game marketplace, axes and virtual real estate are sold using NFTs, with the bulk of transactions taking place on Ronin, a lightning-fast bespoke sidechain with lower transaction fees than Ethereum. Axie Infinity promotes itself as a play-to-earn game in which users may sell goods through the game’s NFT marketplace in exchange for tokens.
Decentraland is a Metaverse platform where users may create and sell 3D virtual content and apps. It is based on the Ethereum blockchain and promises to create a network that is controlled by its users while also delivering immersive gaming experiences. According to the platform’s website, MANA is the official token and cryptocurrency for Decentraland.
MANA is an ERC-20 token that allows users to purchase or swap LAND in the virtual world, as well as pay for goods and services. It is also used to purchase estates, avatars, wearables, and one-of-a-kind names on the platform’s marketplace, the Decentraland Marketplace.
Enjin (ENJ) is an Ethereum-based platform for developing online gaming communities. Its objective is to simplify gaming by providing cryptocurrency-backed solutions such as game plugins, software development kits (SDKs), wallets, virtual item management systems, and a payment gateway platform.
When a new NFT is created on the system, a smart contract mints a specified quantity of ENJ into the token, providing real-world value to the newly created commodity. Enjin coins are not stackable since they are built on a proof-of-work agreement technique, in which the cryptocurrency is decentralized and created through mining.
According to market capitalization, Cardano is one of the most valuable cryptocurrencies. It was intended to be a next-generation extension of the Ethereum concept, with a blockchain architecture that is adaptive, sustainable, and scalable.
Its goal is to create the most eco-friendly blockchain platform imaginable. In contrast to Bitcoin’s present energy-intensive technique, it implements a revolutionary proof-of-stake consensus procedure dubbed Ouroboros.
ADA, like ETH, is the native coin of the Cardano blockchain. ADA is a cryptocurrency that may be used to hold assets, make and receive payments, stake the Cardano network, and pay transaction fees. ADA may be purchased on Coinbase, in the Coinbase Wallet, or through a number of other cryptocurrency exchanges and wallets.
SushiSwap is home to a popular decentralized exchange where users may buy and sell digital currencies without the need for a centralized third party. SushiSwap’s success has resulted in a market valuation of more than $500 million as of early 2022.
Having said that, SushiSwap has recently broadened its business strategy by launching an NFT marketplace in partnership with Metaverse.
The Metahero technology is currently widely used in the metaverse sector, where developers use it to create high-quality 3D avatars and other digital things. HERO offers a 3D scanning network, sculpting services, and the creation of in-game characters.
Its 3D scanning technology converts real-world things, including individuals, into ultra-high-definition avatars. They have already agreed to upgrade to 16k ultra-HD scanners. It may also be purchased or sold using bitcoin.
Gala Games makes use of GALA, an Ethereum-based cryptocurrency token. It is a platform that aims to transform the game industry by giving players back control over their gaming experiences. The present scenario is that players spend countless hours and large sums of money on risky in-game purchases.
This method is reimagined by the platform’s utilization of the play-to-earn idea pioneered by Axie Infinity and other developers. GALA is a cryptocurrency that may be used to buy items, upgrades, and other in-game assets, as well as serve as the game’s governance token.
Metaverse habitats, as well as the crypto that powers them, are fast changing. As more people utilize these platforms’ 3D immersive environments, the value of their cryptocurrency rises, both as a utility and an investment asset. These are the top seven coins to watch in the next few years. Blockchain and cryptocurrency aficionados are joining the domain through their investments.
However, their unique grasp of the topic enables them to expand the portfolio prudently and reduce the risk. At this moment, investors should not only seek to profit from the metaverse but should also study it for the sake of exploration. However, in the future, metaverse with crypto will continue to emerge for a more fulfilling platform experience.