Table of contents
Table of contents
Metaverse tokens are crypto assets used to exchange value in a metaverse. Most metaverses have native tokens only usable within their respective virtual worlds. However, some have value outside the metaverse.
The metaverse concept is becoming increasingly popular. As developers create and launch new metaverse projects, older and more popular brands also recognize the market’s potential and are looking to grab a piece of the market.
The metaverse is also directly helping crypto and blockchain adoption. Although there is already a good number of use cases for cryptocurrency and non-fungible tokens (NFTs), these assets are essential for the metaverse, and are the primary way metaverse users can transact.
The metaverse is a collection of virtual-reality spaces where people interact with computer-generated environments and other users. Metaverses are independent virtual economies run by metaverse tokens and non-fungible tokens (NFTs).
Metaverses provide users with endless opportunities for interaction over the internet. Participants can access these virtual spaces through computers, mobile devices, or by complete immersion via VR headsets. Users can experience living in a digital world, where they can work, play, shop, exercise, and socialize. The virtual environment enhances the experience by allowing users to create facial-recognition avatars, NFT avatars, or default avatars. With a working profile, any user may then set up a business, purchase digital real estate, or create other content.
The metaverse also serves entertainment needs, as real-world artists, creators, and celebrities can sell tickets and host virtual events.
Like every economy, the metaverse processes millions of daily transactions that require users to exchange value. The only way to transact in the metaverse is to use cryptocurrencies known as metaverse tokens. Users can earn tokens by selling assets, creating needed content, or leasing assets. Play-to-earn gaming is another method that participants can use to earn metaverse tokens and NFTs via various reward systems.
A metaverse token is the unit of virtual currency used for digital transactions in a specific metaverse. Token holders can access multiple services and applications inside these virtual spaces by exchanging their tokens for other assets. In addition, some metaverse tokens have particular in-game utility, representing unique items such as clothing for user avatars or membership access for one or more communities.
Users may also enjoy governance rights by owning metaverse tokens. In other cases, the assets may have value outside the metaverse and may be exchanged for cryptocurrencies or fiat. Regardless of each one’s individual function, these tokens support the growth and expansion of virtual economies. Prominent blockchains used to create metaverse tokens include:
- BNB Chain
- Immutable X
The following are the top metaverse cryptocurrencies and their prices, volume, supply, and market value as of June 2022.
- The Sandbox (SAND) — ERC-20 token focused on developing the blockchain space. This token aims to support the development of innovative, useful, and feasible blockchain projects. Sandbox lets users buy products and services, and monetize assets and games.
- Decentraland (MANA) — Allows users to create, experience, and monetize content and applications. Decentraland’s native MANA token has uses that range from purchasing virtual land plots in the metaverse to paying for in-world products and services.
- Axie Infinity (AXS) — Blockchain-based project focused on creating a decentralized gaming ecosystem. The AXS token serves as the foundation of the platform and is used for in-game upgrades, battle items, and other earning methods.
- Theta Network (THETA) — Decentralized video delivery network for the next generation of video services. It is a decentralized peer-to-peer network that allows users across the globe to stream videos at high speeds and low costs.
- Enjin Coin (ENJ) — Digital asset used to back the value of blockchain assets like NFTs. It is a project that intends to make non-fungible tokens (NFTs) more accessible to individuals, organizations, and brands. It also enables developers to create properties for gaming environments on the Enjin platform.
Other popular metaverse tokens include ApeCoin (APE), Stacks (STX), Ontology (ONT), Illuvium (ILV), Dotmoovs (MOOV), and WAX (WAXP)
Users can purchase metaverse tokens by joining a metaverse or using a crypto exchange like AtomicDEX, Binance, Coinbase.
Metaverse tokens are poised to become more popular as users continue to join these virtual environments. Since some of them are useful outside the metaverse, merchants may consider using these assets as mediums of exchange. This would further drive adoption and inspire the use of these tokens as stores of value. Notwithstanding their popularity, all users should conduct due diligence before committing to metaverse tokens.
Ready to explore metaverse tokens? Kickstart your crypto journey by creating your own AtomicDEX wallet.