Recently, Facebook has proven that they are not just a social media company. The decision to rebrand to Meta Platform Inc. was announced in late October 2021 by CEO Mark Zuckerberg during the company’s virtual reality conference. This decision was made to strategically focus and launch the company into a new era of the metaverse.
What is the Metaverse?
The term “Metaverse” was first proposed by cyberpunk author Neal Stephenson in 1992 in his book “Snow Crash.” He described it as a shared digital space that can be accessed using virtual reality goggles and a shared fibre optics network. Since then, the concept has been popularized by science fiction movies like The Avengers, Ready Player One, etc.
According to USA Today, “Metaverse is a combination of multiple elements of technology, including virtual reality, augmented reality, and video where users “live” within a digital universe. Supporters of the metaverse envision its users working, playing, and staying connected with friends through everything from concerts and conferences to virtual trips around to the world.”
To simply put, it is an online space that allows people to interact more than a traditional website or social media platform. In this virtual reality space, avatars represent people who can do almost anything done in the physical world. People will go to work, buy clothes for their avatars, attend events and concerts, work out, etc. Moreover, you can own landed properties within this virtual space and even buy and sell NFTs.
Non-fungible tokens (NFTs), which is a common term can mean anything in the metaverse. They are essentially unique digital items, where the ownership and other information are coded into the token. For example, it could be artwork, concert tickets, sports trading cards, items used for gaming, digital clothing, etc.
How Does Crypto Come into Play in the Metaverse?
Essentially, metaverse operates on blockchain technology, the same kind that cryptocurrencies like Bitcoin use. Like in the physical world, where money is the means of exchange, cryptocurrency serves this purpose in the metaverse. Blockchain technology ensures trust and security for every transaction carried out.
Metaverses in existence accept payment in specific cryptocurrencies. So before buying anything, you will need to have the token required. For example, in Decentraland, you need to have its token MANA.
How to Make Profit as A Crypto Investor?
There are a ton of ways to tap into the metaverse crypto world. The most direct and easy way is to buy the metaverse crypto tokens directly from crypto exchanges that have the coins listed.
Investors not willing to take too much can invest in Ethereum (ETH) or Solana (SOL). They are already known coins that some of these metaverses are operating on. If some of these metaverses fail, these coins (with the potential to do even better) will still exist since they are not solely hinged to the virtual world.
Metaverses are transforming the gaming industry as people can now carry over profits from the virtual to the physical world. For example, In the past, if you participated in a game like Axie Infinity (AXS), the rewards you earned were only valid for that game. However, as of now, Axie players earn cryptocurrency rewards that are redeemable outside of the game.
Three Metaverse Crypto Projects to Look Out for in 2022
Since the announcement by Mark Zuckerberg, many metaverse digital assets have been brought to the limelight. They have increased remarkably, which is why we have put them on our radar. Here are some of the best Metaverse Tokens to watch out for in 2022.
Decentraland is one of the big names in the metaverse. It is a 3D virtual gaming platform operating on the Ethereum blockchain. First founded in 2016 as a 2D game, it has grown to a large community with NFTs worth thousands of dollars.
Decentraland features a digital economy, social components, and in-game events. The game features land development, hosting events, creating, and engaging in social activities.
Decentraland’s ecosystem’s native currency, MANA, acts as a token and a means of facilitating all transactions from within the ecosystem. For example, gamers can directly buy avatars, wearables, and names with the MANA token.
Additionally, MANA tokens can be purchased directly on exchanges (centralized and decentralized), as well as swap services like Binance, OKEx, Mandala Exchange, Huobi Global, and CoinTiger.
Sandbox is a leading name in the space. It is a virtual reality game based on the Ethereum blockchain. According to its website, they have forged partnerships with Snoop Dogg, Avenged Sevenfold, and Deadmau5. Additionally, it has partnered with TV and film franchises, such as Walking Dead, for a wide range of games.
Sandbox is unique among Metaverses in that users can put on a virtual reality headset and be fully immersed in the experience. They can explore a virtual world, buy and sell NFT parcels of land, and create games that others can play.
The Sandbox economy is built around the utility token SAND. A player can buy digital assets, play games within a virtual world, and participate in decentralized governance with the SAND token.
Sandbox offers users the possibility of creating avatars linked to their digital wallets. In this way, their SAND tokens, NFTs, and other digital assets are securely managed.
The SAND token is currently listed on Binance, OKEx, Mandala Exchange, Huobi Global, and CoinTiger.
This virtual reality metaverse game takes place in a 21-floor skyscraper. The 21 floors represent Bitcoin’s maximum supply of 21 million coins. Bloktopia allows users to socialize, earn, work, learn, play, and more.
It is built on the Polygon blockchain and uses the BLOK token as its medium of exchange.
In Bloktopia, a user can own property with the BLOK token and also learn about cryptocurrency in general. The passive income model makes it stand out from other metaverses. For example, a property owner can display ads for others in exchange for BLOK tokens.
The appeal of Bloktopia is the stunning graphics; it certainly has one of the best-looking metaverses on the blockchain.
Within Bloktopia’s massive tower ecosystem, KuCoin has opened its first virtual office. BLOK token has gained much attention due to this recent partnership. The BLOK tokens are listed on OKEx, KuCoin, Gate.io, ZT, and Bitrue.
Enjin was originally developed as a digital currency that can be used on many websites and gaming platforms. The fact that the team behind the Enjin project is known in the game world helped the project to reach a successful point in a short time.
Many big game companies that have been in the game industry for many years have integrated Enjin coins into their systems, enabling payment with Enjin coins and thus helping the growth of the Enjin project. On the other hand, the benefit of the game companies from this situation was to distribute Enjin coins to the players as a reward and in this way, they could attract more players. So here, there was a mutual win&win situation between the market and Enjin coin.
Star Atlas (POLIS & ATLAS)
Star Atlas is a science fiction game and although it has just been released, it has gained immense popularity in a short time. Using the Unreal Engine, Star Atlas offers gamers a gaming experience with cinematic quality and stunning visuals.
It is a multiplayer game where you can play by choosing characters such as pirates or bounty hunters, forming teams, and participating in battles with other teams. It allows you to spend in the game and buy equipment with the ATLAS and POLIS coins you earn. On the other hand, it can also be used as real currency. In other words, it is possible to exchange the ATLAS and POLIS coins you have earned in the game with real currencies.
Other Metaverse Projects You Can Follow
Of course, the Metaverse projects are not just that. As we mentioned above, Metaverse projects are usually successful. Therefore, other important projects that you can take a look at and that are in the top 30 among the best Metaverse projects are as follows:
- Ufo Gaming (UFO)
- Render Token (RNDR)
- Illuvium (ILV)
- Yield Guild Games (YGG)
- Vulcan Forged (PYR)
- Wilder World (WILD)
- My Neighbor Alice (ALICE)
- Merit Circle (MC)
- Redfox Labs (RFOX)
- RMRK (RMRK)
- Somnium Space Cubes (CUBE)
- Aavegotchi (GHST)
- Boson Protocol (BOSON)
- Aurory (AURY)
- Decentral Games (DG)
- Ethernity Chain (ERN)
- Bosagora (BOA)
- Neos Credits (NCR)
- Vempire DDAO (VEMP)
- Polkacity (POLC)
- OVR (OVR)
- REALM (REALM)
- Binamon (BMON)
The metaverse, although still in its infancy, is gaining momentum. However, now that development of the virtual world is still in progress, there are still tons of investment opportunities.
However, there is no doubt that more tokens will still emerge as development continues. Therefore, you can choose what point to jump into the risk curve.
As an investor, you should keep an open mind while looking for future investment opportunities.
Steve is a cryptocurrency researcher. After completing his master’s degree in economics, he delved into the world of cryptocurrencies. After completing his 5 years of education in London, he worked as an audit specialist in a financial company. He is currently producing exclusive content for coinews.io.