While the technology is far from mainstream, it is rapidly grabbing the attention of tech 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, even going so far as to change its name to Meta, is also an advantage. The company reportedly spent $ 10 billion on its Metaverse project last year, calling it the future of technology. Cryptocurrencies and blockchains will play a fundamental role in 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 comes close to the definition of a metaverse, but is essentially a game. The local currency is the AXS token in this type of play-to-earn metaverse game.
Axie has one of the largest market caps of any metaverse cryptocurrency, with over $ 4 billion. However, the year-to-date performance is -27.68%. This may sound unpromising to many investors, but the value of the coin has started to rise again. Part of the reason may be the upcoming launch ofAxie Infinity: Origina highly anticipated 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-fungible tokens that players can purchase and trade. For example, they can create new axes by combining two axes. There are also virtual real estate in the Axie Infinity metaverse, which could attract investors other than gamers. For example, a recently sold piece of land $ 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 you to use your tokens in your metaverse. The AXS token can be converted to ETH and used to purchase NFTs Axie Market.
2) Sandbox (SAND)
The Metaverse The Sandbox project showed impressive performance. The platform’s native token, SAND, grew steadily throughout 2021 and finally broke the $ 1 mark last quarter, continuing its upward trajectory. As of April 12, SAND retails for $ 2.79.
With a VR aspect, this project realizes the vision of the metaverse. Sandbox is essentially a game and has the support of game brands like Atari. And HSBC recently bought virtual real estate in its metaverse. But it is heavily based on creation and trading by NFT. Players can create NFTs using SAND metaverse tokens.
Like countless other cryptocurrency projects, this one is based on ethereum.
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Another promising factor is that it has a limited coin supply of 3 billion tokens, of which 1.14 billion are in use. Its market cap is $ 3.27 billion as of April 12.
How does Sandbox work?
Sandbox offers creators true property 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 made with VoxEdit.
3) Decentralization (MANA)
In terms of popularity, Decentraland is a cryptocurrency metaverse project that has often made headlines. 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 showcase their NFTs. But NFTs aren’t the only thing on this metaverse platform. Its main feature is that you can too buy virtual landhence its 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 looking at metaverse projects.
Created in 2017, Decentraland is one of the oldest projects that took time to gain recognition. While MANA’s performance hasn’t been very stellar, its market capitalization reaches $ 4.79 billion at the start of 2022, making it largest metaverse token by market capitalization. Like many, if not most, cryptocurrencies, MANA has dropped significantly since the start of the year, but has increased 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. Players, creators and companies looking to take advantage of the opportunities in the metaverse and have fun turn to this platform. With a large target audience comes strong demand for the coin. This is what makes Decentraland a worthwhile purchase.