What is a Metaverse Cryptocurrency?

A metaverse cryptocurrency is a digital currency that operates in the Metaverse blockchain. It is a digital currency that can be used to send and receive value from one person to another.

Metaverse cryptocurrencies are stored in wallets which are similar to bank accounts and can be accessed on the internet or through mobile devices.

This year has seen lots of activity in the cryptocurrency and metaverse spaces. Many people have been drawn to them with the goal of making a lot of money.

You can also invest in cryptocurrencies and the metaverse, these two ecosystems aren’t exclusive of each other. You can find a number of projects named the metaverse currencies that let you do both.

We can’t talk about all possible digital tokens, but we can review the 3 top ranked based on their current market cap.

The Best Metaverse Cryptocurrencies: Should You Buy?

Metaverse is a public blockchain that aims to create a self-evolving system of smart properties and virtual assets.

Metaverse is the first public blockchain in the world to provide full support for natural language smart contracts, and allows users to register, transfer, exchange and trade any kind of real or virtual asset with anyone else on the platform.

The Metaverse token (ETP) is used as a utility token that powers Metaverse’s smart property system.

1. Decentraland

Decentraland is a virtual reality platform powered by the Ethereum blockchain. It is more than just a game, it actually has its own economy with tokens that can be used for many things. People who own land will have complete control to do whatever they want with their land, and if someone wants to buy some, then they will use the mana tokens.

Decentraland is a virtual reality world, with a decentralized blockchain-based economy. You can buy land and build anything you want on it, from apps to clubs to art projects. You can share your creations with others – or keep them private. The community makes the decisions together using a voting system.

Decentraland (MANA) currently has a market cap totaling $5.6 billion, which makes it the biggest metaverse-currency in existence. It has seen a lot of fluctuation since December, but its MANA cryptocurrency token is up by about 120% over the last 12 months.

Users can generate revenue for their LAND by developing games, advertising space and more. The platform uses the native MANA token as currency.

MANA can be used to purchase MANA (the currency) and also other items like land, avatars, clothing, etc. from a Decentraland marketplace.

Register on Binance to buy Mana Today

2. The Sandbox

The Sandbox (SAND) currently sits at around the U.S. $4.5 billion mark in market capitalization, with Decentraland sitting at around $6.8 billion over the past year. Still, The Sandbox had a significantly better performance than Decentraland over the past 12 months, so investors may want to pay more attention to it if they’re

The Sandbox is a virtual world similar to Decentraland. It operates on the Ethereum blockchain. This blockchain supports smart contracts for purchases of land and other virtual assets.

There are some differences in these two metaverses, but the most noteworthy one is probably that The Sandbox uses SAND as its currency token. In addition to that, it is also migrating from Polygon’s layer-1 solution over to the new layer-2 solution which will significantly decrease transaction fees.

Register on Binance today to buy SAND

3. Axie Infinity

Axie Infinity ranks third among the best performing metaverse cryptocurrencies with a total value of $3.7 billion. The AXS token has outperformed all other top three coins in the past twelve months, increasing by more than 2,840%.

Axie Infinity is similar to other crypto metagames in that it has its own economy. The game offers three dimensions of gameplay and features a world with emergent properties. These include an ecosystem that relies on the Axie genome, ecosystem eating, and player killing (PK). One token is required to create a new Axie, but players can buy any starter package.

However, Axie Infinity differs from the most popular games in a few ways. Players purchase and battle creatures known as “Axies” which they can also breed & sell. They can even build a kingdom to live in with their Axies

Register on Binance to buy AXIE today

Are these Metaverse Cryptocurrencies a good investment?

While they’ve all grown a lot in the past, I’m not sure if they’re solid long-term investments.

The future value of these digital tokens depends on their success in attracting more users to their metaverses. At the moment, it would be safe to say that Decentraland and The Sandbox are leading this competition.

There is a lot of buzz around how companies such as Adidas and Samsung have purchased virtual land in these virtual reality platforms. It’s possible that this could provide added momentum over the long-term with new applications.

On the other hand, we can’t be sure which (if any) of these VR worlds will end up as popular in the future. They all offer some great features but their popularity is too difficult to predict precisely now.

Multiple tech giants are investing in the metaverse. This is because if they succeed, they would become the current leaders of this market.

Investors who are looking for potential big gains might want to consider buying small positions in all three of these cryptocurrencies. However, if you don’t want to take on any risk, then it’s best to stay away from this investment opportunity.