Various metaverse-related coins have exploded in popularity recently. This is a topic that is receiving a lot of attention right now. As it turns out, investors appear to be very interested in the disruptive potential that various blockchain networks provide in this respect.
A sea of green on the cryptocurrency charts represents at least some of today’s price activity across various cryptocurrencies. Today, it appears that investors are taking a riskier approach to growth, with several hyper-growth sectors trading higher. Metaverse-related equities or cryptocurrencies are nearly totally exhibiting spectacular price activity, indicating that traders have discovered what appears to be a long-term momentum trade.
There aren’t many issues that are generating as much talk as the metaverse and cryptocurrency. Large and small businesses alike are scurrying to earn their fortunes in the metaverse. The number of cryptocurrencies accessible for trade has already surpassed 13,000 in number. Some of them have amassed significant fortunes for early investors.
These two hotspots might be connected at the hip. Cryptocurrencies may play an important role in monetizing the metaverse. And you don’t have to sit around waiting for possibilities to present themselves. Here are three notable metaverse cryptocurrencies that the big tech companies are keeping an eye on.
- Axie Infinity
According to CoinMarketCap, Axie Infinity (CRYPTO: AXS) is the 26th biggest cryptocurrency. With 60.9 tokens in circulation, its market cap exceeds $7.8 billion.
Axie Infinity, built on the Ethereum blockchain, is a battle game inspired by the old-school Japanese video game Pokémon and the Tamagotchi digital pets. Players can build, grow, trade, and combat with non-fungible tokens known as “Axies” (NFTs). Axies may be constructed from over 500 different body components. They may breed with other Axies up to seven times to produce offspring that can be sold on the gaming platform.
Axie Infinity Shards are the Axie Infinity platform’s regulating token. Tokens may be obtained in a variety of ways, including breeding Axies, competing in matches, and winning tournaments. AXS tokens also provide participants with the ability to vote on how monies in the community treasury are spent. They can also be staked to claim benefits.
This cryptocurrency has skyrocketed more than 29,700% in the last year. However, it hasn’t done as well in recent weeks, with only minor increases.
2. Decentralization
Decentraland (CRYPTO: MANA) is only 31st on the list of the most popular cryptocurrencies, trailing only Axie Infinity. It has about 1.8 billion tokens in circulation and a market capitalization of $7.2 billion. Decentraland, like Axie Infinity, is a virtual reality platform built on the Ethereum blockchain. The Metaverse, the virtual environment within Decentraland, is split into 90,601 parcels of land, each of which is an NFT. Users may customise and monetise their parcels in any way they see fit. MANA serves as Decentraland’s native cryptocurrency. On the platform’s marketplace, it may be used to purchase land parcels (LAND tokens), avatars, wearables, and other items.
MANA’s price has increased 175% in the last year. The majority of this growth has occurred since late October.
3. The Sandbox
One of the most popular cryptocurrencies on the market is also a metaverse token. The Sandbox (CRYPTO: SAND) is presently ranked 44th, with a market capitalization of $4.2 billion and around 892 million tokens in circulation.
In some ways, the Sandbox is akin to Decentraland. It is a virtual world powered by the Ethereum blockchain. It enables users to purchase and sell NFT pieces of land that they may develop and monetise, including the creation of games that other users can play.
The utility token SAND is utilised within The Sandbox ecosystem. The token’s maximum supply has been set at 3 billion. SAND is used by players to purchase digital assets, play virtual world games, and engage in decentralised government.
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