According to industry experts, the metaverse could grow to unprecedented levels within a decade and be worth over $10 trillion. These blockchain-based projects continue to prove to be hot investments. The metaverse is seen as the next reiteration of the internet. The 3D virtual world allows users to interact with other users and their environment. Besides providing entertainment, it is expected to form its unique gigantic ecosystem https://trustpedia.io/ .
What is Metaverse in the Crypto Domain?
Metaverse is a combination of virtual reality, video, and augmented reality allowing users to live within a digital universe.Its users can play, work, and connect with friends.Metaverse projects on blockchains are based on fungible tokens. These tokens can be divided and are open for mutual exchange.
- The tokensare meant to beused for buying digital assets such as virtual real estate and outfits for avatars.
- The tokens can be traded for other cryptocurrencies or fiat currencies.
- Some metaverse cryptos also provide certain voting rights to owners within metaverse platforms.
With the increase in the value of the digital assets, the value of the associated tokens will also rise.
Future Predictions for the Metaverse
According to venture capitalists, the metaverse can grow to be worth anything from $10 trillion to $30 trillion in a decade. Such a large project has already made many investors excited about its growth potential. So, who will be driving this unprecedented growth and what are its most popular tokens?
In 2021, Meta Platforms, Facebook’s parent company, invested$10 billionin projects related to the metaverse. It has also earmarked more investments every year in the near future. Facebook’s massive investment potential means that it could be a major player in the metaverse spacein the future.
Top Metaverse Cryptocurrencies
There are a few cryptocurrenciesthat have shown deep interest in developing a decentralized metaverse.Some of the most notable ones are listed here:
i. Decentraland
Decentraland is a hot metaverse crypto that is in big demand among investors. Its primary token is known as MANA and has rewarded its investors with significant profits. Some of the key features of this crypto are as follows:
- The crypto is based on the Ethereumblockchain
- The users interact in the virtual world based on digital real estate ownership
- Its NFT is known as LAND and represents the ownership of virtual real estate in the metaverse
- The game behind the crypto is always evolving to add new user animations and interactions
- Users can build on their land and visit and interact with other users
- LAND tokens can be sold at a marketplace or exchanged during in-game interaction
ii. The Sandbox
The Sandbox has recorded a growth of 13,000% since its launch in 2021. A unique thing about these decentralized blockchain-based gaming platforms is that they are different from traditional gaming systems. While game developers on PC/console-based gaming ecosystems maintain the ownership of their productions, these metaverse platforms let users own their creations in the form of NFTs.
NFTs offer irrefutable proof of ownership of digital assets stored in a blockchain. All this makes this gaming environment an attractive play-to-earn tool that is drawing users like anything. Some of the key features of The Sandbox are as follows:
- It is a play-to-earn game developed on the Ethereumblockchain
- Its primary token is known as SAND and users can use it to purchase virtualplots of real estate
- The token can also be used for buying in-game goods or avatar customization
- SAND can also be investedto generate passive income
- The different types of assets in the game include tools, people, and animals
- Users can make money fromtheir creations by selling assets in a marketplace, renting out digital assets, earning rewards playing games on other users’ lands, and creating games on their lands
iii. Axie Infinity
The Axie Infinity has recorded the highest growth among all the major metaverse cryptocurrencies. It has gained 14,000% in value since its inception in 2021. Similar to othercryptos here, it has also been developed on the Ethereum blockchain. It is, however, unlike the other two cryptos mentioned above in that it provides a different gameplay experience.
Some of its key features are as follows:
- Users will collect, raise, breed, upgrade, and fight monsters called Axies
- Winners earn experience points meant to be used to upgrade their Axies
- Each Axie is an NFT owned by a user
- Users can use Axies in gameplay or monetize them by selling in a marketplace
- Axie Infinity generated over $1 billion in dApp protocol revenue within a period of 180 days. It was beaten only by Ethereum in terms of dApp protocol revenue generation during this period.
Investors usually overestimate the value of new technologies. This might be the reason these metaverse cryptos have delivered such staggering performances. Still, growth potential in the bracket of $10 trillionand $30 trillion is something that cannot be ignored.All these metaverse cryptos are being gradually added to different Bitcoin Trading Platform for investors to benefit from their potential growth.
