Popular Metaverse Tokens Worth Watching
Since Facebook changed its name to Meta, it appears that everyone is talking about the metaverse, and more and more crypto investors are flocking to metaverse tokens. The metaverse is a virtual world where people can socialize, shop, work, and attend art shows and concerts online. Simply put, many things that you can do in real life can also be done in the metaverse.
There are many theories about how the metaverse will evolve in the future. Among the many hypotheses, nearly everyone believes that cryptocurrency will become the preferred payment method for the metaverse. With the development of the metaverse, we can already see people using cryptocurrency to buy land and commodities in various existing virtual worlds, proving the viability of the “cryptocurrency-metaverse” combination.
So, which metaverses tokens are currently worth considering? According to BigONE analysis, the following four cryptocurrencies are currently the most popular metaverses tokens.
Axie Infinity (AXS)
In 2021, Axie Infinity is one of the best performing cryptocurrencies. So far, it has generated an incredible gain of more than 24,000%, and this play-to-earn game has inspired a slew of similar games. Players can breed and raise cute and unique Axies, then sell them on the market for large profits.
The metaverse-powered gaming project enables players to breed, raise, and trade cute digital pets called Axies. The idea of the game is to get small love potions (SLP) to create new Axies. In turn SLP is itself a crypto token that can be sold on an exchange, with top players earning up to 1,500 SLPs a day. As a further revenue stream the game also allows you Axie can also be sold as an NFT, plus other in-game items. The monthly trading volume of all Axie Infinity NFTs is around $170 million.
What’s more it may be worth noting for investment purposes that the business’s [Vietnamese startup Sky Mavis] core revenue, and the performance of AXS are closely correlated. “The interplay between own Axie’s revenues and AXS price is noticeable,” wrote Jeremy Ong and Jayden Andrew, analysts at crypto-focused research firm Delphi Digital. “This makes sense given the majority of revenues come from Axie breeding fees paid in AXS to the treasury, which significantly decreases the circulating supply of AXS — causing a supply-side squeeze.”
Axie is a lucrative game. While playing the game, players can earn valuable crypto asset rewards outside of the game. People in some countries and regions use these in-game rewards to help themselves and their families make up in part for the economic losses caused by COVID.
Decentraland is a 3D virtual reality platform, users only need to use a computer with a web browser to explore it. You don’t even need to own any cryptocurrency; you can enter and visit this virtual world as a visitor. Users can buy, sell, and develop land and construct everything from art galleries to medieval dungeons. When it launched in 2017 land parcels for were sold for about $20 apiece. Fast forward to 2021 and a piece of virtual land in Decentraland was sold for $900,000 in June. As reported in Cointelegraph on December 6: “Although Decentraland ranked in second place for the total volume traded, the top 10 most expensive metaverse NFT sales during the past week, ranging from 225,000 MANA ($758,250) to 50,000 MANA ($220,000), were all on the Ethereum-based virtual world. Decentraland traded $6.6 million in volume for 399 assets over the past week.”
In Decentraland, users can use MANA tokens to buy and develop land, and they can also use some of the tools in the game to create spaces and works of art. Users can create anything they want. In addition, Decentraland will also regularly organize various entertainment activities, users can participate in parties, play games, and visit digital art exhibitions. Recently, Decentraland hosted the first online multi-day music festival in history, with many well-known artists participating.
Sandbox is like Decentraland in that users can use its own SAND tokens to purchase land, build houses, and share games on the purchased land. The main distinction between them is that Sandbox has not yet fully released its virtual world to the public.
The Sandbox now has more custom settings for users to choose from, and it places a greater emphasis on player created NFTs. Users can create their own games and NFTs, as well as conduct transactions to gain benefits. Sandbox has announced several collaborations in recent months, including with NFT marketplace OpenSea, celebrity rapper Snoop Dogg, and TV show The Walking Dead. At the same time, it recently completed a US$93 million financing round. And according to Cointelegraph, Sandbox traded a total volume of $70.5 million for 4,433 assets over the past week making it the metaverse collection that raked in the most cash.
NFT exists on the blockchain as a unique digital asset, which is why games like Axie and virtual worlds like Decentraland and Sandbox are so popular. NFT means that users can own all the items and props they buy or win in the game and sell or trade them in real life to gain benefits.
Enjin is a platform that allows users to create and manage NFTs. It is compatible with a variety of game platforms, allowing players to use the same NFT item in multiple games and sell it. Prior to the advent of NFT, if a player purchased a game item in a specific game, that item could only be used in that game. The player’s purchased item would therefore be lost if the game is closed down. This rule has been altered by the emergence of NFT. Whatever happens in the game, players can still own the item or asset and profit from it by selling or trading it.
Recently, due to the increasing popularity of metaverse topics, particularly as the price of metaverse tokens has risen in recent months, investors will easily fall victim to the hype around purchasing metaverse tokens. BigONE, on the other hand, advises everyone to maintain a rational and prudent investment mindset. Cryptocurrency, like stocks, is risky, as are other investment methods. Investing in funds that exceed your loss is not a good idea. This is especially true for popular and trending cryptocurrencies, because when you decide to invest, the prices of these cryptocurrencies may have been pushed up by speculators, resulting in what we commonly refer to as an inflated price.
Although BigONE believes that metaverse tokens are worthy of your attention, it is recommended that you spend as much time as possible researching and learning about the metaverse tokens in which you intend to invest. Before investing, make sure you understand the potential risks, technologies, and their development plans.
Purchasing metaverse tokens from a reputable exchange can provide you with greater peace of mind. The four metaverse tokens listed above are all available from BigONE Exchange.