Over the past couple of years, we have witnessed a lot of industries coming and going but only a few of them were able to mark their presence in the global marketplace and one such industry which has swiftly risen and managed to become one of the most valuable industries of all time is the crypto world. This particular industry has had a surge in its growth and popularity recently and has been more than successful in luring in potential investors from all across the globe.
Keeping that in mind, I believe, most of you must already be aware of the basics of the industry but, if for some reason that is still not the case, let me help you with that first. To begin with, crypto is a decentralized blockchain-based platform, which being decentralized is able to step outside the overall control and jurisdiction of central authorities and can work freely without any unnecessary government interference as well.
In addition to this, we all know by now that the crypto world has come a long way since when it all first started and unlike its initial years in the marketplace, there are pools of currencies available today to choose from, with newer ones coming in with each passing day and tons of new investors joining in every hour.
Before moving on any further, it is probably best if we have a quick look at what exactly is a Metaverse in order to have a much better understanding of what we have with us next.
What is a Metaverse?
The Metaverse is nothing but a virtual representation of reality. Users on the platform can use a virtual custom-made avatar that can basically look any way they want it to in order to visit art galleries, attend concerts as well as visit foreign places, all in these virtual worlds.
In other words, a Metaverse is a three-dimensional universe that is known to combine multiple virtual spaces. Not just that, it can directly be compared to a future version of the internet and with this, users will be able to meet, collaborate, socialize as well as play games in these 3D spaces.
Also, you should be aware of the fact that, there is also more than just one Metaverse out there, as several companies are working on a variety of them, each with its own unique set of network protocols.
However, all of these Metaverses are focused on the same thing which is to allow more overlap between our digital as well as physical lives. In addition to this, while cryptocurrencies are primarily used for handling transactions and several other tasks relevant to the physical world, cryptocurrencies are digital assets that are used as simply a medium of exchange and a store of value in these virtual worlds, as mentioned previously.
Apart from this, there are also non-fungible tokens (NFTs), which are known to allow the purchase or sale of one-of-a-kind virtual artwork on the blockchains of course.
Speaking of cryptocurrencies and metaverse, these currencies act like money in the Metaverse, and each Metaverse has its own set of coins that are used for paying everything including avatar shoes, non-fungible tokens (NFTs), virtual real estate, and more.
As mentioned, Metaverse describes a fully realized virtual world that is known to exist beyond the one in which we live and is simply a virtual avatar-based universe. Experts all around the world say that meta is the next big thing in the world of cryptocurrencies.
Right now, Metaverse is making headlines in technology, resulting in a boom in metaverse crypto projects, each viewing to shape the future of both the nature of digital real estate as well as metaverse crypto projects.
Lastly, it is just a collision amongst physical and virtual worlds when virtual reality and augmented reality bridge the gap and allow virtual and physical worlds to interact closely. As a result, it’s always worth keeping an eye on the best metaverse projects out there!
Now that you have a brief backstory about the crypto world, you will be able to have a much better understanding of what we have with us today, Top 10 metaverse cryptocurrency projects in 2022. To know more, I suggest you read further!
Top Metaverse cryptocurrency projects in 2022
1. Decentraland (MANA):
Virtuality in social settings, Decentraland is referred to as a virtual universe of sorts, includes the entire metaverse. Not just that, Decentraland is known to rank as the biggest metaverse cryptocurrency right now with a live market cap of about 5.6 billion dollars. Even with a significant pullback since December, MANA has more than doubled over the past few months.
In addition to simply being the biggest metaverse cryptocurrency, Decentraland is also known to be the first fully decentralized virtual world. Its decentralized autonomous organization (DAO) is said to own the so-called key smart contracts that drive the Decentraland metaverse, notably including the LAND contract that is known to allow users on the platform to buy as well as sell virtual land.
Users on Decentraland can easily monetize their LAND by allowing advertising, allowing interactive games, and so on. As mentioned, Decentraland’s native token, MANA is the currency used throughout the metaverse and can obviously be used to buy LAND, but also to purchase wearables, avatars, names, and various other items in the Decentraland marketplace.
2. The Sandbox (SAND):
Sandbox doesn’t really trail much behind Decentraland and is known to be the second most popular metaverse cryptocurrency but as a matter of fact, it has proved to be a much bigger winner as and when compared to Decentraland over the past few months, with its native SAND token soaring close to 1,670 percent.
Just like Decentralnd, the Sandbox is also a virtual world that is known to make use of a DAO model. Not just that, similar to Decentralnd, The Sandbox is also known to be built on the Ethereum blockchain. This blockchain is said to support smart contracts by simply purchasing virtual land as well as other assets.
However, there are still some differences amongst these two metaverses and the most obvious one is that, The Sandbox uses the SAND virtual token as its native currency and that it is also migrating to Polygon’s layer 2 solutions, which is known to have much lower transaction fees and faster processing speeds.
In simpler words, The Sandbox is a virtual world where players from all across the globe can easily create, own as well as monetize their gaming experiences in the Ethereum Blockchain with the help of SAND Token. As mentioned, players can create virtual assets in the form of non-fungible tokens (NFTs), upload them to the marketplace and integrate them into games with fame makers.
3. Axie infinity (AXS):
Axie Infinity or as commonly referred to as AXS is known to come in third among metaverse cryptocurrencies and its AXS token has been said to be the best performer of the top three over the past few months with a gain of about 2,840 percent.
Not just that, there are several similarities amongst Axie Infinity as well as the two biggest crypto metaverses like the fact that, Axie Infinity is built on top of the Ethereum blockchain just like the other two and that Axie Infinity has its very own native utility token used as a currency in its virtual world.
However, Axie Infinity is much more gaming-focused than its two rivals, and players on the platform can easily purchase creatures known as ‘Axies’ that they can engage in battle, sell and breed while being able to create their own kingdom for their Axies. Basically, Axis infinity is one of the most popular, highest revenue-generating games built on a blockchain.
4. Gala (GALA):
Gala is nothing but simply a blockchain gaming platform founded by Eric Schiermeyer on July 21, 2019, and is known to combine non-fungible tokens (NFTs) to create a blockchain game ecosystem, using which players can easily own and trade game assets on a global scale at any given point in time.
The platform aims on taking the gaming industry to a whole other level by reclaiming control of the fame for the players. In simpler words, Gala is a gaming platform that is partially operated as well as owned by its players. GALA being the native utility token of the platform can also be earned by playing and acts as a medium of exchange between participants in the Gala Games ecosystem. Also, as a blockchain-focused gaming platform, Gala allows users on the platform to use their unique NFT characters while also playing the game.
5. Enjin Coin (ENJ):
Enjin is nothing but an ERC-20 token that is built on the Ethereum blockchain and is designed in order to be an in-game currency purchasing game items, while also adding some value to in-game assets. ENJ being the native utility token of the platform can also be used as a medium currency to sell and purchase any in-game items.
In addition to this, Enjin’s platform has one other function, marketplace. This particular function allows game players as well as developers to trade the items that they have built on a marketplace without having to pay any intermediary fees. In simpler words, Enjin is a platform or a service that is known to enable game developers to simply issue fungible and non-fungible assets as in-game Ethereum tokens.
6. Metahero (HERO):
Metahero is nothing but a new metaverse object that is known to revolve around creating 3D avatars of real word person and objects with the help of 3D scanning. The company has been able to install a scanning chamber in Doha that is said to scan objects and create their virtual, 3D form for the Metahero universe.
For this purpose, they have also partnered with Wolf Studios and the crypto HERO, its native utility token has a market cap of over 494 million dollars as of the beginning of this year. Although it’s not too much but considering Metahero is a relatively new project, I think it is justifiable.
7. High Street (HIGH):
Highstreet is a rather interesting project that has a lot of potential, at least in terms of metaverse application. Like many others, using its native utility token, HIGH, you can easily shop for things inside the virtual universe and some Shopify stores are already integrated into the gaming platform.
What really sets it apart from all the others in the marketplace is its hybrid model of virtual experience. Basically, it is a half virtual and half physical model, thus making it exciting. Not just that, NFTs do play a vital role in this platform and many brands can easily be onboarded so that their products can be used as NFTs.
The project is known to be backed by the tech company HTC and in August 2021, it raised about 5 million dollars. Its market cap as of January this year is over 85 million dollars and since its launch in October last year, the coin’s value has gone up by nearly 90 percent.
8. Star Atlas (ATLAS):
Star Atlas is a metaverse project based on a game that shows the future, the year 2620 to be precise, here players can conquer the land as well as collect resources in a highly futuristic setting. Not just that, its metaverse token, ATLAS can also be earned by playing the game.
Just think of it as an average game based on rewards wherein you earn coins as you play and accomplish things. But, in this case, the rewards have the potential to make gains. In addition to this, the game is based on Solana, which gives it a rather significant advantage of the low transaction fees as and when compared to Ethereum based projects. Its current market cap is about 134 million dollars.
9. Epik Prime (EPIK):
Epik Prime is simply a metaverse crypto project that has come a long way since it was first introduced and has become all about NFTs. The crypto EPIK is available on PancakeSwap, Huobi Global, as well as Uniswap, and the project is known to be partnered with AAA Games as well, which resulted in a spike in its value.
Not just that, it is a project working with other brands to simply create an NFT marketplace, and even though the application of this token cannot be seen, it has already reached a market cap of about 62 million dollars.
10. Floki Inu (FLOKI):
Floki Inu is yet another dog-based meme coin, but it’s in the running for viable metaverse cryptocurrency, especially for those who are looking for any undervalued cryptocurrencies. The currency is known to be named after Elon Musk’s dog, which is a Shiba Inu, also the name of another crypto project!
The website for the platform says that, it aims to merge memes with real-world use cases and that it will launch a game and an NFT marketplace in the coming times. This is a project that is still in the making but that hasn’t stopped for people to buy the FLOKI tokens. Though the current market cap is not yet available for FLOKI, since its launch in July 2021, the coin has seen a drastic surge in its value with a 1331.53 percent increase.
Reading so far you must have gotten a fair understanding of the Top 10 metaverse cryptocurrency project in 2022 and by now, I believe you should be able to figure out on your own as to which of these projects are worth investing in and whether it is the right thing for you to do or not.
As mentioned at the very beginning, crypto is a highly volatile marketplace and is extremely uncertain. Thus, you need to understand the fact that all cryptocurrencies have their own risks as well and you should invest only if you are willing to take those risks and bear any losses if at all necessary.
In conclusion, what are your thoughts on the Top 10 metaverse cryptocurrency projects in 2022? Do let us know in the comments area below. To know more about various cryptocurrencies, do check out other articles we have on our website. Thank you for your time & if you found our content informative, do share it with your investor friends!
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