What is the Metaverse?
The term ‘Metaverse’ seems to be growing in popularity following Facebook’s October 2021 rebrand to ‘Meta.” Even though Facebook’s recent rebrand is derived from the term Metaverse, that does not mean that the term refers specifically to a social media application. Far from it. Metaverse, in some sense, is a social network, but its meaning goes beyond just the social aspect. The term is derived from an amalgamation of the words “Meta” and “Universe.” The latter is defined as a “sphere of activity or experience,” and the former denotes something that’s beyond something else. Put together, the term Metaverse means an immersive virtual world facilitated by a host of emerging technologies, including blockchain, virtual reality (VR), and augmented reality (AR). It is an ecosystem with varying properties, including a vibrant community of users, a robust value transfer mechanism, and sometimes a connection to the real world. What makes the Metaverse exciting is its ‘limitlessness’ whereby anyone anywhere can join a virtual community, contributing in their capacity and leading to a diverse ecosystem. Essentially, the Metaverse can be designed to achieve multivariate goals such as entertainment, business, sport, and attaining social goals. Anyone can create a Metaverse, entice the public to interact within it, and as we will discuss in this article, this can lead to various disparate virtual economies, each designed to achieve a different goal. Crypto beginners’ corner:
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What are Metaverse Crypto Coins?
Metaverse crypto coins or tokens are digital assets used natively within these immersive virtual worlds. In the previous section, we did mention that the blockchain is one of the technologies used to build a Metaverse. Blockchains are essential in ensuring a decentralized Metaverse, but most importantly, it facilitates value transfer because you need a token to build an economy within these virtual spaces. These tokens are created on top of established blockchain networks. Ethereum is one of the more common blockchains used to host Metaverses, but it is not necessary to use it. Indeed, a Metaverse can exist on a standalone blockchain custom-built to support a specific virtual universe. Metaverse crypto coins can be designed to serve several purposes within an ecosystem including:
Value transfer;Governance;Ownership authentication;Other custom functionalities within specific Metaverses.
In the follow-up section, we will be considering some of the best Metaverse crypto coins to buy. We will highlight the value these tokens bring to their specific ecosystems and how to acquire them.
Best Metaverse Crypto to Buy
There are several motivations to invest in the Metaverse, like being an investor looking for the next rising currency or seeking adventure in an intriguing virtual environment, among others Below is a list of five of the best and most interesting cryptocurrencies native to disparate virtual environments. Typically, you will need to invest in them to get a chance to interact within their ecosystems.
1. The Sandbox (SAND)
The Sandbox is an Ethereum-based gaming Metaverse that allows players to build, own, and monetize various in-game assets, including land, animals, tools, and even people. All these items are created as non-fungible tokens (NFTs), giving unique ownership to the creators. The items can be bought, sold, or traded on the Sandbox marketplace giving rise to a vibrant economy facilitated by the native cryptocurrency SAND. Additionally, users can partake in activities such as:
Land ownership – through NFTs, players are able to buy, sell, trade, or hold LAND within the Sandbox, similar to how property ownership is in the real world;Building Games – other than the ability to build tools, and other in-game items, players are also able to build games within the Sandbox to enhance other players’ experiences. These games can also be traded on the marketplace.
SAND is an ERC-20 token hosted on the Ethereum ecosystem with the following utility:
Value exchange – SAND can be used as money within the marketplace;Governance – SAND token-holders have the right to participate in the governance of the Metaverse or delegate their rights to other players;Staking – SAND tokens can be staked for passive rewards.
2. ApeCoin (APE)
ApeCoin (APE) is an ERC-20 token hosted on the Ethereum blockchain network and is considered the native asset for the newly launched Ape Ecosystem. The ecosystem comprises a decentralized community of Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) owners. BAYC and MAYC are two of the most popular NFT communities making the Ape Metaverse one of the more interesting and exclusive virtual spaces. To be a member, you need to own at least one of the BAYC or MAYC NFTs. The ApeCoin serves the following uses within the APE Ecosystem;
Governance – ApeCoin holders can participate in the APE Improvement Proposal Process by voting within the ApeCoin DAO (decentralized autonomous organization);Access – ApeCoin holders can access exclusive items and sections of the ecosystem, such as games, merchandise, and events that would otherwise be inaccessible;Incentive – third-party developers need APE to develop and deploy custom games or services on the ecosystem.
3. Decentraland (MANA)
Decentraland is a virtual reality platform powered by the Ethereum blockchain. It is one of the earliest Metaverses to be created, with its development history going back as far as 2015 when Ariel Meilich et al. released the project’s whitepaper. Following five years of active development, the core team finally made the Decentraland Metaverse available to the public in February 2020. The term ‘decentraland’ is an amalgamation of the words ‘decentralized land.’ The project is essentially a large piece of land subdivided into small virtual plots sold to initial investors. These plots can be used for all sorts of virtual development, including entertainment joints, business premises, and event locations. The MANA token serves as a facilitative asset used for value transfers especially buying and selling plots, making payments on the Decentraland ecosystem, and gaining access to exclusive goods and services. It is worth mentioning that Decentraland also has another native non-fungible token called LAND that represents all the parcels of land on the platform. LAND is mostly used for governance enabling community members to participate in policy formations and prove ownership within the ecosystem.
4. Axie Infinity Shards (AXS)
Axie Infinity is a popular Play-to-Earn (P2E) gaming Metaverse powered by the Ethereum blockchain. Created in 2018 by the Sky Mavis team, Axie Infinity is inspired by the popular conventional games Pokémon and Tamagotchi and involves players collecting, breeding, trading, and battling in-game creatures called ‘Axies,’ which are basically NFTs. At the center of this Axie Infinity ecosystem is Axie Infinity Shards (AXS), an ERC-20 token that serves the following functions:
Governance – AXS token holders can participate in governing the Axie infinity ecosystem by staking their assets and voting on upgrade proposals and how to use the community treasury;Value transfer – AXS is used as payment for Axies traded in the Axie NFT marketplace and can also be used by holders to access exclusive auctions/sales within the market;Staking – other than earning the right to vote on governance issues, AXS staking also enables token holders to claim rewards in the form of newly issued AXS.
5. Enjin Coin (ENJ)
Enjin Coin (ENJ) is the native cryptocurrency of Enjin, a company that was co-founded in 2009 by Maxim Blagov and Witek Radomski. At the time, blockchain technology was yet to be released. In July 2017, the Enjin core team announced the launch of Enjin as a blockchain-based social gaming platform and conducted an ICO (initial cryptocurrency offering) through which it raised about $19 million by selling ENJ tokens. A year later, in June 2018, the Enjin gaming Metaverse launched on the mainnet. The Enjin ecosystem is based around community members creating various sorts of in-game items, including custom tokens, virtual real estate, digital art, and gaming characters, among others. In-game items are created through a simple process that includes: This process, in essence, describes the utility of the ENJ token within the Enjin ecosystem. The asset also serves as a medium of exchange, a payment tool, and a governance token.
How to Buy Metaverse Crypto Coins?
Getting a hold of Metaverse crypto coins is simple. Generally, the process entails four straightforward steps, but they could vary depending on which asset you are interested in acquiring. Some of these Metaverse crypto coins are less popular and therefore do not enjoy widespread support from leading crypto exchanges:
Step 1 – Identify a crypto trading platform
There are hundreds of digital assets trading platforms to choose from, but it is best to stick with the leading in terms of trading volume reported, assets supported, and ease of use. Note: Refer to our detailed guide on how to choose a cryptocurrency trading exchange, where we discuss what to consider, and provide a list of some of the best platforms currently in the market. Some of the leading platforms to buy Metaverse coins include:
Binance;Kraken;Coinbase:KuCoin;FTX Global;UniSwap DEX.
Step 2 – Fund your trading account
Once you have created an account on one of the centralized platforms from the previous step, you need to transfer some fiat currency or, if you have other cryptocurrency assets, transfer crypto to that exchange. Decentralized exchanges (DEXes) allow users to swap directly without transferring assets to another account. They are more convenient but less user-friendly, especially for beginners. Depending on the platform of choice, you may have to trade your fiat coins for another form of crypto, such as ETH, to buy your preferred Metaverse crypto coin. Otherwise, others may support pairs that include the fiat currency (say USD) against the desired asset.
Step 3 – Trade
Once you identify the trading pair you need, make the trade and convert your fiat to crypto, then to the Metaverse crypto of your choice. Alternatively, directly swap your fiat currency with the desired asset. Now that you have your Metaverse coins, it is time to use them.
Step 4 – Transfer to an external wallet
Most of these Metaverse platforms will require that you hold their native tokens within supported wallets. Most are based on Ethereum, but if you are interested in participating within an obscure Metaverse that is not on some leading blockchain networks, you will need to transfer your newly acquired coins to their native cryptocurrency wallets. For most Metaverse platforms, the MetaMask crypto wallet will suffice to ensure that you can hold your coins safely and connect to these virtual universes with ease. Finally, send your assets from the exchange account to your wallet to start your Metaverse journey.
Final thoughts
Metaverses are gaining more popularity as blockchain technology gains more recognition and acceptance. These alternative virtual universes come with several benefits, including the opportunity to earn, a source of entertainment, and a sense of belonging to a global community for some people. They may be in the early stages of development, but Metaverses are poised to become big players within the blockchain scene, and owners of some of these Metaverse crypto coins may be in a position to contribute towards that. As outlined in this guide, it is not only easy to buy these assets, but it may also prove to be worthwhile, depending on your goals. Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
