Top 5 Metaverse Cryptocurrencies to Watch in 2022
The Metaverse is undeniably “hot” at the moment and could be worth at least 30 trillion dollars in about a decade, analysts have said.
The Metaverse is a whole new world where users can interface with other users from other places in a virtual environment. A world where anything is possible. From concerts to gaming and even real estate. You could purchase anything in the Metaverse, but as it is a digital platform, cryptocurrency comes into play.
Right now, there are some hot Metaverse-based currencies that investors are battling for. These are the best of them.
The Sandbox. Crypto: SAND
The Sandbox has been one of the top-performing cryptos since the beginning of 2021. What makes them different from others is this, whereas other game developers own all rights to their game, retaining ownership of everything therein, The Sandbox allows users to own non-fungible tokens popularly known as NFTs.
NFTs are used to guarantee ownership of any digital asset. Imagine a document, like a receipt, stating you're the owner, except this particular document is digital. According to many, it is not refutable proof of ownership.
SAND tokens can be used to buy parcels of land, purchase goods in the game, and also new looks for your avatar. The Sandbox gives users different ways to earn money from their creations, including borrowing other users’ digital assets, building games on their digital lands, receiving rewards by playing games on other lands, or even auctioning their assets in a digital marketplace.
Decentraland. Crypto: MANA
A close competitor with The Sandbox. Investors holding MANA have had gains of up to 3500% since the beginning of 2021. Although SAND is way ahead in this regard, with gains reaching 13000%, Decentraland also has its benefits. It allows users to interact more with each other based on virtual land ownerships.
Although MANA is the primary token of the Decentraland platform, LAND is the NFT that specifies ownership of digital real estate on Decentraland. Users can sell their LAND tokens in a digital marketplace or exchange them with other users in the game.
What distinguishes this platform from many others is that the users can vote during any potential policy changes on the platform. They all have a say in which direction their favorite platform is to take.
Axie Infinity. Crypto: AXS
Axie Infinity was developed by Sky Mavis, a company based in Vietnam. The video game has now grown into an online trading platform. The game is pretty straightforward. It involves creating and developing monster-like characters called Axies. Axie Infinity is play-to-earn. You can sell Axies to other users in a marketplace, complete in-game quests, and put your Axie to the test by battling other players.
How do you earn? Battling other players and breeding Axies could earn you AXS, which can be converted into real-world money. So, when a player owns a collection of Axies, he or she has digital assets with financial values which can be sold or traded in an open digital Marketplace.
Enjin Coin. Crypto: ENJ
Before NFTs, if you owned a character or an item on an online gaming platform and the game got dissolved, your item was lost along with all your effort, time and money.
Now with Enjin, you can create, manage your own NFTs and sell them in a marketplace. It also integrates with several gaming platforms, allowing you to use the item across several games.
Now, after creating an item, you own it, no matter what. And Enjin makes that possible.
Gala Games. Crypto: GALA
Gala Games, launched in 2020, were one of the pioneers in the play-to-earn category rewarding users with Gala tokens for playing a wide range of games. The platform has up to 1.3 million users worldwide.
The platform has its own “money” that can be used to purchase items between users within each game ecosystem. Gala games are unique in their own way. It contains various games and a built-in online store for its users. It also has a massive user base with more than one million users, unlike most play-to-earn games that have users that barely number into hundreds of thousands.