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The metaverse is one of the hottest new words on the internet. If you're new to the party, the metaverse is the latest version of virtual reality or the places that people can visit with virtual reality headsets.Â
Some tech companies see the metaverse as a new frontier that could be as important as the World Wide Web was a generation ago. The metaverse could be used for everything from shopping and fun to learning and games.
Last year, when Facebook changed its name to Meta Platforms, this vaguely future idea became a common word. In some parts of this brave new world, cryptocurrency is starting to play an important role. But the big drops of the crypto winter in 2022 have made it harder for it to shape the metaverse in the way it wants to.
Here's a look at the top metaverse coins, which are digital currencies that can be used to buy and sell things in the metaverse. All of these coins have market capitalizations of more than $500 million.
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What are metaverse and Metaverse Tokens?Â
Metaverse comes from the words "meta" and "universe." Meta is a Greek word that means "beyond" and means something that goes beyond truth. Universe, on the other hand, means the whole world. Â
Metaverse is a digital world or place that uses blockchain technology. It lets people play and work in a virtual version of both real-world and made-up situations. Metaverse combines augmented reality (AR), virtual reality (VR), and video to let people live in a digital world.Â
Metaverse tokens are digital assets used to make digital transactions within the metaverse. Since metaverses are built on the blockchain, they harness all its characteristics, such as security, trustlessness, and faster speeds. Users holding the metaverse tokens can access multiple services inside the virtual space.Â
While some tokens grant in-game abilities, others represent unique items for virtual avatars. The best part about the metaverse tokens is the associated value inside and outside virtual worlds. However, the same is not valid with traditional virtual world games.Â
Where Metaverse Tokens Are Going
Even though the metaverse is still young, it has the ability to blur the lines between the digital world and the real world by creating a virtual environment.Â
Users can trade metaverse coins, which are digital currencies, for real-world currencies.Â
Or, in-game assets can stand in for NFTs to prove ownership of real-world assets that are tied to them. People are becoming more interested in metaverse tokens, but they should always do their own study before buying or investing.Â
Top Metaverse Tokens by Market CapitalizationÂ
Here are some additional points about the top metaverse tokens:
- Interoperability between metaverse ecosystems will increase adoption. Projects like Decentraland have implemented bridges to transfer assets between different blockchain networks.
- Major venture capital funds like Andreessen Horowitz have invested heavily in top metaverse cryptos, seeing long-term potential as the next evolution of the internet.
- Regulation will play a key role. Compliance features around know-your-customer (KYC) and anti-money laundering (AML) are being incorporated by metaverse crypto platforms.
- New use cases continue to emerge beyond virtual real estate and gaming. For example, Decentraland has hosted several virtual concerts with millions in attendance. Brands use metaverse spaces for product launches and marketing.
- User experience and hardware improvements will drive mainstream adoption. As VR/AR capabilities advance, crypto metaverse projects are focused on making experiences seamless for their users.
Several crypto tokens focused on building and powering metaverse ecosystems have emerged. Here we look at the top 5 metaverse tokens by market capitalization:
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Decentraland (MANA)
Decentraland is a pioneering virtual world platform on the Ethereum blockchain. Users can create avatars to explore 3D virtual environments, purchase plots of land as NFTs using MANA tokens, and engage with games and applications.
Launched in 2017, Decentraland is one of the most established metaverse crypto projects. MANA is used to pay for digital real estate and in-world goods and services. With a market cap of over $1.5 billion, MANA is the top metaverse token.
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The Sandbox (SAND)
The Sandbox metaverse allows users to build voxel 3D worlds and assets in a decentralized gaming platform. It contains a virtual real estate and toolkit to create and monetize NFT gaming experiences.
SAND is The Sandbox ecosystem's utility token used for transfers, staking, governance, and payment. SAND has a market cap exceeding $1.3 billion. The Sandbox has strong corporate partnerships, hosting global brands to market products via NFTs.
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Axie Infinity (AXS)
Axie Infinity pioneered the play-to-earn model in blockchain gaming with fantasy creatures called Axis. Players can battle, breed, collect, raise, and trade these Axis as NFTs and earn crypto rewards.
The ecosystem is fueled by the AXS governance token, which hit a market cap peak of $21 billion in 2021. Axie popularized metaverse gaming, especially in the Philippines, where it created a new model of digital livelihoods.
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Enjin Coin (ENJ)
Enjin Coin aims to be the largest gaming and NFT ecosystem on the blockchain. The Enjin platform offers an end-to-end solution to create websites, marketplaces, communities, and games with blockchain assets.
ENJ is Enjin's utility token used across its products. With a market cap of over $800 million, ENJ lets communities manage virtual goods and easily integrate NFTs. Major gaming companies utilize Enjin to manage in-game item inventory.
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Theta Network (THETA)
Theta Network operates a decentralized content delivery network powered by users' spare bandwidth and computing resources. This enables high-quality video streaming, esports, and other immersive media experiences.
The native token THETA facilitates peer-to-peer video delivery and incentivizes user participation. With a market cap above $760 million, THETA aims to offer a decentralized infrastructure for metaverse environments.
Conclusion
Metaverse crypto tokens are set to grow as virtual worlds become more immersive. Tokens like MANA, SAND, AXS, ENJ, and THETA power metaverse games, digital assets, virtual economies, and the infrastructure to seamlessly bridge the digital and physical.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.