The future is here and it’s full of virtual worlds. Join the global movement towards the Metaverse by investing in one or more of these 7 cryptocurrencies, which can be used to buy land, build houses, go sky-diving, and much more!
What is a Metaverse?
Metaverse is a platform that can be used to create decentralized applications. Metaverse is developing a blockchain with basic features, such as the ability to register and transfer digital assets, establish consensus, and issue digital tokens. In the upcoming years, there is a lot of potential for growth in the market for cryptocurrencies like Metaverse.
Current State of The Market
The current state of the crypto market is very interesting. This is because many cryptocurrencies are struggling to sustain value after the massive crypto bull run that happened at the end of 2017. Some, like Bitcoin, are still trading at high values while others have lost nearly all their value. Despite this, there are still some cryptocurrencies that are worth investing in for 2022.
7 Best Metaverse cryptos to buy in 2022
The 7 Best Metaverse cryptos to buy in 2022:
In terms of popularity, Decentraland is one crypto metaverse project that has frequently been in the news. This was partly because of the NFT craze, which also led to significant gains for the platform’s native tokens, MANA.
Many NFT owners started using the platform to show off their NFTs. But NFTs aren’t the only thing on this metaverse platform. As its main feature, you can also buy virtual land — hence the name.
Sotheby’s, the broker of luxury goods and art, bought a plot of land in Decentraland and used it to create a replica of their London offices. This goes to show that even big companies are eyeing metaverse projects.
Created in 2017, it’s one of the older projects that has taken time to get recognition. Although MANA’s performance hasn’t been something to write home about, its market cap impressively stands at $6 billion as of early 2022. The YTD performance has been 247.45%.
The crypto metaverse project The Sandbox has shown impressive performance. The native token of the platform SAND was consistently on the rise during 2021 and finally crossed the $1 mark in the last quarter, continuing its upwards trajectory.
With a VR aspect, this project is realizing the vision of metaverse. It’s essentially a game but is heavily based on the creation and trade of NFTs. Players can create NFTs using the SAND metaverse tokens.
Like countless other crypto projects, this one is based on Ethereum.
Another promising factor is that it has a limited coin supply of three billion tokens, of which over 680 million are in use. Its market cap stands at $3.690 billion as of Jan. 19, 2022. This token has had a YTD performance of 462.52%, which shows how well it’s doing.
Axie Infinity (AXS)
Axie Infinity is a metaverse project that’s closer to the definition of the metaverse, but it’s essentially a game. The local currency is the AXS token in this metaverse game, which has fared relatively well in the last year.
Axie has one of the largest market caps of all metaverse cryptos, coming in at over $5 billion. However, the YTD performance is -20.91%. That may not seem promising for many investors — but the coin has started to rise again in value.
Even though it’s based on the idea of the metaverse, there’s no inclusion of VR so far. But it is based on the ideals of blockchain and crypto, which is giving control to the public.
The Axie Infinity game features characters or Axies, and those Axies are NFTs, which gamers can buy and trade. For instance, they can breed new Axies by combining two Axies. There’s also virtual real estate in the Axie Infinity metaverse, which could bring on more investors who aren’t just gamers. For example, a plot recently sold for $2.3 million.
Floki Inu (FLOKI)
Yes, Floki Inu is yet another dog-meme-based cryptocurrency, but it’s in the running for viable metaverse crypto — especially for those looking for any undervalued cryptocurrencies. The currency is named after Elon Musk’s dog, which is a Shiba Inu — also the name of another crypto project.
The project’s website says that it aims to combine memes with real-world use cases. It also says that it will launch a game and an NFT marketplace. This is a project that is still in the making, but that hasn’t stopped people from buying the FLOKI tokens.
There is no market cap on Floki Inu. Since its launch in July 2021, the coin has seen a staggering 1331.53% increase.
Star Atlas (ATLAS)
Star Atlas is a metaverse project based on a game. The game shows the future — the year 2620 to be exact — where players can conquer land and collect resources in a highly futuristic setting.
However, it also involves a metaverse token, ATLAS, which can be earned by playing the game. Think of it as an average reward-based game where you earn coins as you play and accomplish things. But in this case, the rewards have the potential to make gains.
The game is based on Solana, which gives it the advantage of the low transaction fees as compared with Ethereum-based projects. Its market cap is over $134 million, and the YTD performance is -31.3%.
You’ll see a lot of metaverse coins in games, and Enjin is no exception. It’s a metaverse-style gaming environment where you can “mint” the local tokens ENJ, which you can then use to turn into assets that will help you progress in the game.
Everything in the game, from medicine to feature enhancement of your character, can be paid for with ENJ like an NFT. So it’s also like a marketplace.
This one is also based on the Ethereum blockchain and has nearly $2 billion worth of market cap. The YTD change for this coin is 524.04%, showing no signs of slowing down soon.
Highstreet is an interesting metaverse project that has potential, at least in terms of metaverse applications. For one, you can shop for things inside this virtual universe using the currency HIGH. Some Shopify stores are already integrated into the gaming platform.
From a real-world — or in this case, meta world — point of view, this project already accomplishes what the metaverse technology promises. If you’re an investor that sees practicality as a measure, this is a good option.
The project is backed by the tech company HTC and, in August 2021, raised $5 million. Its market cap as of January 2022 is over $85 million. Since its opening in October 2021, the coin’s value has increased by at least 90%.
It also features gaming and has NFTs on its radar as well, so it seems to be up to date with tech and crypto trends.
The Importance of Researching Potential Cryptocurrency Investments
Cryptocurrencies can be a great way to diversify your portfolio and hopefully either make money or break even.
As is with any investment, you need to do research before you dive in.
You will want to study the various coins and assess the likelihood that they will increase in value as well as how quickly this could happen.
The cryptocurrencies we’ve talked about in this blog post are some of the best and most interesting options of the ones that will be available in 2022. If you’re interested, I recommend checking out the websites on which they’re traded for more information on their prices and features.