Only natural that metaverse currencies, tokens for virtual worlds of one type or another, have been brought out by the metaverse.
Interest in the metaverse is increasing, thus investors are hunting for the most fascinating and largest currencies. It’s difficult to choose a winner among the many metaverse currencies available.
What exactly is a metaverse?
There is nothing complicated about the metaverse, and it has been there for a long time. In the future, all people will be able to engage with one another in a virtual environment through their avatars. In the early 1990s, the growth in virtual reality was a crucial impetus for this idea. There is yet to be a single online presence that has brought the whole human race together. Virtual worlds may be accessed and explored by logging in and interacting with other individuals. Metaverses are a kind of virtual reality.
That’s not related to cryptocurrencies, is it?
That’s not related to cryptocurrencies, is it? The blockchain is now powering a large number of virtual worlds. Participating in the metaverse may be made easier by having a crypto token that is linked to it. Non-fungible tokens (NFTs) are a common example of items that may be purchased using the metaverse token system in various metaverses.
Market capitalizations of the top metaverse currencies and the most popular cryptos in both the play-to-earn and NFT markets have a lot of overlap. In December 2021, AXS, MANA, SAND, and GALA were the top four metaverse cryptocurrencies, which were also the top four play-to-earn cryptocurrencies. NFTs are available in many metaverses, and as a consequence, there is a play-to-win aspect.
The Sandbox’s metaverse token, SAND, is a kind of SAND. In this virtual environment, people may develop and exchange their non-fungible tokens (NFTs). You may acquire land parcels using SAND, an ERC-20 token on the Ethereum blockchain, which can also be used to engage with NFTs. Additionally, it may be staked to get access to some Sandbox privileges.
Token holders will be able to vote on important aspects of the SAND white paper, such as Foundation funding attribution and platform feature prioritization. Voting powers may be delegated by SAND owners to other players of their choosing, or SAND owners may vote themselves. Additionally, staked SAND coins enable its holders to profit from their property as well as acquire things linked with the creation of NFTs, known as ASSETS.
Half of the SAND spent in the game is sent to a staking pool, and the other half is sent to the foundation, which, is responsible for running the whole game. When it comes to metaverse cryptocurrencies, SAND is now the third-largest by market capitalization. It is also one of the most popular metaverse coins overall.
Immutable x (IMX)
Source: Impemax finance
Immutable x is another currency worth considering in terms of the metaverse (IMX). Like SAND, it doesn’t support a certain metaverse, but this metaverse token is different. There isn’t an immutable universe to discover. That’s not the goal; it’s to provide a platform for the creation and exchange of new NFTs through the protocol.
For NFT traders on the Ethereum blockchain, the network was created by Australian brothers James and Robbie Ferguson. When trading NFTs with Immutable, the assumption is that things will move more quickly than they already do. There are two functions of the token: governance and staking. Token holders may vote on how the system is managed and stake tokens to gain rewards. The IMX metaverse currency is used to pay 20% of all transaction fees on the Immutable network.
While it may not be the most popular NFT token, the Immutable X system has announced a cooperation with OpenSea’s NFT marketplace. At the beginning of December 2021, the market capitalization of IMX was about $1.53bn, ranking it as the seventh biggest metaverse cryptocurrency.
UOS is planned to be used in a blockchain-based games distribution system. People may resell their games instead of simply buying them from the producers and playing them, which is a unique feature.
As stated by Ultra, “Ultra is the first entertainment platform to provide a range of games industry services in one login, accessible via a single login: find games, purchase games, play games live-streaming feeds, communicate with favorite influencers, participate in competition”
To shatter the “walled garden” of gaming content on platforms, Ultra was created to make things more decentralized and allow individuals to choose and be flexible. The UOS metaverse token is used to pay for advertising, trade, participate in beta testing, and report bugs and issues. Additionally, it is employed in the system’s reward system. Even if transactions take place in UOS, Ultra will present all pricing in US dollars to avoid inflationary issues. On December 1st, the coin’s market value was $545 million.
The Illuvium token is also worth a closer look (ILV). An example of a classic metaverse crypto is this metaverse token… Illuvium, a fantasy-themed online role-playing game, is powered by the currency. The game is a hybrid of an open world and a player-vs-player warfare game, and it runs on the Ethereum blockchain. Illuvials are monsters that can be found, defeated, and collected by humans. Players may then employ these monsters to build an army to combat opponents.
While the Illuvials are non-fungible tokens (NFTs), there are other methods to generate crypto in the game. Decentralized apps (DApps), such as a yield farm and a decentralized crypto exchange, may be used by players to earn ILV. A marketplace for Illuvials is still available in the game, despite the game’s promise to be less focused on cryptography and more gameplay. Those who like gaming but aren’t immersed in the cryptosphere may find this to be a nice option. The market capitalization of ILV was $1.2bn on December 1, 2021.
Vulcan forged (PYR)
Vulcan Forged (PYR) metaverse currency, on the other hand, is a system similar to GALA in that the platform has a variety of games for players to play. The network’s key distinction is that all of its games are based on Greek mythology in some fashion. VulcanVerse is an online marketplace where anyone may purchase, sell, and build land. There is a service called Anvil that enables anyone to post NFTs for free. Anvil and VulcanVerse’s NFTs are used in the card game Bezerk. In addition, there is Frenzy, which allows users to organize their events and compete against others. Winners of Frenzy tournaments get PYR metaverse tokens as a prize. It is also used to control the Volcan Forged network and to pay for goods and services.
We have now seen the truth about metaverse currencies. Consider the fact that prices might fall as well as rise before making an investment, and never invest more than you can afford to lose.
Interest in the metaverse is increasing, thus investors are hunting for the most fascinating and largest currencies. It’s difficult to choose a winner among the many metaverse currencies available. AXS, MANA, SAND, and GALA were the top four metaverse cryptocurrencies in December 2021. SAND is now the third-largest by market capitalization. Immutable x is another currency worth considering in terms of the metaverse (IMX) UOS is planned to be used in a blockchain-based games distribution system.
People may resell their games instead of simply buying them and playing them. Ultra, a fantasy-themed online role-playing game, is powered by the currency. Illuvium is a hybrid of an open world and a player-vs-player warfare game. On December 1st, the coin’s market value was $545 million. Vulcan forged (PYR) is a system similar to GALA.
The network’s key distinction is that all of its games are based on Greek mythology. It is also used to control the Volcan Forged network and to pay for goods and services.