The public’s enthusiasm for Metaverse – a computer simulated parallel universe which encompasses the actual, virtual and augmented realities all in one place – has been on the rise for a few years now and is anticipated to keep growing exponentially in the future. The fusion of metaverse with the blockchain technology has definitely helped this positive view from the public. Aside from the security and safety that comes with blockchains, many people have started to make actual money by selling their metaverse items online – in the form of NFTs of course – and also by trading their cryptocurrencies in the crypto market which they’ve earned in a metaverse. We’ve made a list of the top 5 metaverse cryptocurrencies in 2022 that you should definitely keep an eye on.
Built on the Ethereum blockchain, Decentraland is an NFT game with its own metaverse where you start with a personalized avatar and explore the land, interact with other avatars, buy real-estate and make developments on your property and trade in Decentraland’s marketplace. The in-game real estate and items can be traded in the form of NFTs using Decentraland’s own tokens called MANA which has a market cap of over $2 billion, making it the second-largest metaverse token by market cap.
The metaverse which is emerging from the virtual reality platform “The Sandbox” has an exponentially growing community backing it up. That is one of the contributors to the success story that is the SAND, the native token of Sandbox. Just like the case with Decentraland, players of Sandbox – another popular Ethereum-based game – can create NFTs using the SAND metaverse tokens and trade in-game items and real-estate is the Sandbox marketplace. With a market cap of over $1.6 billion, SAND is one of the biggest metaverse cryptocurrencies in terms of market cap.
Enjin is a metaverse-style Ethereum based gaming platform where you get to mint rare in-game items using the Ethereum network and the Enjin token. Enjin is an ecosystem that encompasses many blockchain games and that’s why unlike most metaverse tokens that are only associated with their mother metaverse project, Enjin is affiliated with a lot of games and crypto platforms. Enjin – an ERC-20 token – allows users to store and manage their gaming items safely and securely. In the late 2021, Enjin coin enjoyed an all-time high of $4.85 but is now trading at only $0.7, making it one of most currently under-rated metaverse tokens with a huge potential for growth.
Released on March 2022, ApeCoin is the cryptocurrency associated with the Board Ape Yacht Club or BAYC. The BAYC is a collection of 10000 unique Bored Ape NFTs on the Ethereum blockchain. ApeCoin is an ERC-20 token and reports suggest that anyone who owns BAYCNFTs will be granted APE tokens for free. APE is supposed to be the cultural catalyst towards the metaverse. The Yuga Labs – whom created the Yacht Club NFTs – plan to launch a new metaverse game called Otherside in which people can use their ApeCoins. As of this moment the ApeCoin has a market cap of over $2.3 billion, the number one spot in the market among all the metaverse cryptocurrencies and is on a steady rise.
AXS (Axie Infinity)
Axie Infinity is the golden goose of Play to Earn games (P2E) with its own crypto token called AXS. Built on the Ethereum blockchain, Axie Infinity is a metaverse game where players can build cute little pet-like monsters called Axies which they can create, collect, grow and even breed and fight other Axies. NFTs can be minted or bought for rare in-game Axies, using the game’s native token called AXS. When first introduced in 2020, AXS was worth $0.15 per token. In November 2021 however, the cryptocurrency experienced an all-time high of $160.36 per token. With an ever-growing community and a market cap of over $1.2 billion, AXS is one of the top prospects among metaverse cryptocurrencies in the market.
The concept of metaverse is still in its early stages and many companies are adopting their own versions of metaverse to take the online experience into the next level, and the existing ones are developing in terms of features and size. Many metaverse projects have their own cryptocurrency tokens to facilitate trading among users, while they can also have huge market values for investments.