The Metaverse is merely a computer simulation of the real world. By using a virtual, personalized avatar, users can visit art galleries, go to concerts, and travel to far-off places in these virtual worlds. In other words, a metaverse is a three-dimensional world known to contain a variety of virtual locations. In these 3D spaces, which are analogous to the future internet, users will be able to interact, collaborate, and play games.
The common goal of all of these Metaverses is to increase the degree of overlap between our online and offline lives. Furthermore, cryptocurrencies are digital assets that, as previously stated, are used as a medium of exchange and a store of value in these virtual worlds, even though they are primarily used for processing transactions and a variety of other tasks related to the real world.
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Tech giants like Meta, Google, Microsoft, and Tencent are all pursuing Metaverse initiatives in the hopes of playing a significant role in this new digital universe. Strong competitors have opened their wallets for the competition, and the prize pool could be enormous.
As a result, the metaverse’s virtual markets have prospered. Metaverse cryptocurrency has become more well-known through exchanges, and investors and consumers alike now accept the technology due to its accessibility.
Top 5 Metaverse Blockchain Projects to Lookout for in 2022
Decentraland
The largest cryptocurrency in the metaverse right now is Decentraland, which has a market cap of over 5.6 billion dollars. The entire metaverse is included in Decentraland, which is referred to as a sort of virtual cosmos in social contexts. MANA has increased by over fourfold in the past three months, despite a significant decline since December.
There are 90,601 separate pieces of land in Decentraland, each represented by an ERC-721 non-fungible token (NFT) called LAND. Each LAND has exact virtual geographic coordinates, just like in real life. Several districts, or divisions of different dimensions from one another, exist in the metaverse. Individuals can sell their land parcels for MANA tokens to form districts. LANDs are also not exchangeable, in accordance with the NFTs guiding principle.
- Market cap: $4 billion
- Daily trading volume: $1 billion
- Native Cryptocurrency: MANA
- Value: 1 MANA token=$2.58
Sandbox
The second-most used cryptocurrency in the metaverse is called Sandbox. It has, however, outperformed Decentraland in recent months, with the value of its native SAND coin surging by almost 1,670 percent.
The Sandbox is a virtual environment with a DAO architecture, just like Decentraland. Additionally, the Sandbox is reportedly built on the Ethereum blockchain, much like Decentralnd. The SAND virtual token, which was the Sandbox’s original currency, is being replaced by layer 2 solutions from Polygon, which are renowned for their quick processing times and lower transaction costs.
- Market cap: $3 billion
- Daily trading volume: $1 billion
- Native Cryptocurrency: SAND
- Value: 1 SAND token= $3
- Users number: Over 30 million
Bloktopia
The goal of Bloktopia’s skyscraper-themed metaverse project is to develop a one-of-a-kind environment. Generally, users can learn, network, conduct business, and engage in a wide range of activities across a 21-story building. This metaverse will largely rely on each user’s input and ingenuity because the construction will be incomplete at the beginning. There have been some intriguing hints about this upcoming project, which is scheduled to debut in the coming months, even though not much has been made public yet. One such hint was the presence of a WWE room.
- Market cap: $119 million
- Daily trading volume: $9 million
- Native Cryptocurrency: BLOK
- Value: 1 BLOK token= $0.014
Axie Infinity
It is impossible for you not to be aware of Axie Infinity unless you have been hiding. With its adorable animal-like characters and the opportunities it offers to its players, this blockchain-based game has captured the attention of players all over the world. Players have discovered themselves earning sizable sums of money while doing something they enjoy: gaming. Axie has become a full-time profession for a huge number of people.
AXS has consistently been ranked as one of the top metaverse cryptocurrencies, and just in 2021, its value increased by about 200% over the previous year. Smooth Love Potion (SLP) tokens, can be acquired through battle or adventure mode.
- Market cap: $2 billion
- Daily trading volume: $551 million
- Native Cryptocurrencies: AXS & SLP
- Value: 1 AXS token= $48.39
- Users number: 2 million daily active users
Star Atlas
Star Atlas is set in a future universe, specifically the year 2620. This virtual reality game simulates a political system called Polis, around which players must conquer and explore different regions while using virtual tools, virtual characters, and political power. Users can earn a tonne of rewards in the form of NFTs as the game progresses. Among metaverse projects based on the Solana blockchain, it is quite a unique virtual world. The game will be able to defend itself against absurdly high gas prices thanks to this blockchain.
- Market cap: $69 million
- Daily trading volume: $9 million
- Native Cryptocurrency: ATLAS
- Value: 1 ATLAS token= $0.032
Also Read: Future Rulers Of The Metaverse: Top 5 Augmented Reality Companies
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.