3 top metaverse coins you would like to know about
Metaworld projects are getting increasingly popular. Decentralized gaming has a lot of potential so the number of users on these platforms ranges in the hundreds of millions. Following the news of Facebook’s rebranding, certain cryptocurrencies began to increase rapidly. We discovered how the evolution of the metaverse influences the crypto world and which digital currencies connected to Metaverse are likely to rise soon.
What is Metaverse
Metaworld is a 3D virtual reality and augmented reality ecosystem in which users interact with the digital environment as well as with other users. The vast majority of assets in these altered virtual reality settings are now supported by smart contracts in the form of non-fungible tokens.
On October 28, Facebook Inc., which owns the same-named social network as well as the services Instagram, WhatsApp, and others, announced a name change to Meta. This is required for consumers to consider the organization as a creator of the metaverse. The implementation of the product would take 5–10 years, according to the company’s creator, Mark Zuckerberg. It is believed that the project would support the non-exchangeable tokens (NFT) technology.
Mark Zuckerberg has revealed that the metaverse will deal with cryptocurrencies in a letter to investors, saying that the platform should accommodate cryptocurrencies and NFT. However, the expert pointed out that the proposal’s conclusion merits special attention because it discusses a different type of management. This leads us to a multitude of blockchain systems that allow the creation of smart contracts and DAOs.
A meta-universe coin is a type of cryptocurrency that funds each meta platform and might contain commissions, node owner rewards, stacking, and other features. Also, sometimes developers use this type of cryptos during the creation of virtual world platforms. Within hours of learning that the social network’s name had been changed to Meta, the prices of digital currencies related to the corporation skyrocketed. Therefore, we provide a list of crypto coins related to the metaverse phenomenon.
Sandbox is a gaming universe where users create their own worlds using non-exchangeable tokens (NFTs) and monetize their gaming experience on the Ethereum blockchain. Animoca Brands, a Hong Kong-based blockchain gaming company, controls the platform. SAND is an internal Ethereum blockchain virtual-world gaming token. The Sandbox has a total market cap of $2,370,230,432 on the stock exchange.
Decentrlaland has created and released a virtual reality game platform based on the Ethereum blockchain. The application enables the development of any software. Moreover, they may be commercialized and used in-game reality. The project includes virtual LAND areas where users may construct items and live in a virtual environment. The MANA coin was created to support the platform. Since October 18, 2021, this project has risen from $0.75 to $3.5 with a total market capitalization of $5,059,460,667.
Enjin Coin (ENJ) is a cryptocurrency and blockchain platform created specifically for the gaming industry. Enjin, which enables over 20 million players to a personalized forum with support for digital marketplaces, chat rooms, e-commerce, and other features. ENJ is an Ethereum blockchain ERC-20 coin that also supports ERC-1155 smart contracts. Approximately 80% of the entire token supply was sold, with the remaining 20% divided among the founding team, the company, and investors. Moreover, the initiative raised around $35 million when combined with the sale of private tokens. However, ENJ does not support mining, and it is burned when users generate their own ERC-1155 resources.
However, researchers considered several key factors that could significantly contribute to the growth of the Metaworld sector, including an increase in average leisure time and money spent on digital hobbies, a cultural shift away from premium games, and toward free-to-play games, and Web 3.0 innovations such as P2E. Worldwide income from virtual world gaming was $180 billion in 2020, with a premium spend of over $40 billion, and the sector is expected to produce more than $400 billion by 2025, mostly due to the in-game spending model.
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Valentyna Bereza, Team bit4you.