The metaverse has immense potential to revolutionize our lifestyles, providing a virtual environment that blurs the line between digital and reality. The development of metaverses has accelerated considerably in the post-pandemic period as online interaction has become the norm and the need for expanded use cases has grown. While metaverse tokens are gaining popularity, users should always do their own research before making a purchase or an investment.
Metaverse tokens are a unit of virtual currency that can be used to make digital transactions within the metaverse. While some metaverse cryptocurrency tokens can be spent only in the metaverse they are tied to and can be bought through each virtual universe's in-game store, some other tokens are also available on exchanges like WazirX, Coinbase, and Binance.
Decentraland is a virtual world you can visit by using your internet browser. The native cryptocurrency MANA helps you buy and sell land in this virtual space. Players in the world own and develop parcels of land and manage them like real estate and investors can buy these virtual plots for a price. MANA is currently priced at $4.72, having gained over 30 percent since last week. It has a market cap of roughly $9 billion.Decentraland has also added native support for the Matic network, allowing for transactions with a lower fee. They also held one of the first multi-day music festivals featuring artists like Deadmau5 and Paris Hilton last month.
Sandbox is a full-fledged virtual gaming world where players can earn tokens for completing activities in the world. It is a play-to-earn model. You can earn SAND tokens by completing various quests in the Sandbox world. You can then use these SAND tokens to buy land and other virtual objects. SAND is trading at around $7. The virtual currency has gained 87 percent in the last week alone. Its current market cap is over $6 billion, per coinmarketcap.
AXS (Axie Infinity)
Axie Infinity is also a play-to-earn game, very similar to Pok¨¦mon but in a virtual space. In this game, you have monsters that you can breed, sell, buy, trade, and battle other monsters to earn the AXS tokens. The monsters themselves are NFTs that are unique. Axie infinity's popularity has sky-rocketed in the last six months with a nearly 5,000 percent rise in daily users. Currently, AXS is priced around $132 with a global market cap of over $8 billion, according to coinmarketcap.
GALA (Gala Games)
Gala Games is a blockchain gaming space powered by the Ethereum token GALA. Unlike the previous entries in this list, GALA can be used between multiple GALA game participants, meaning you can use the token in multiple games powered by the Gala blockchain. GALA is priced at $0.635 currently, but it has seen a rise of nearly 90 percent in the last week. It has a market cap of roughly $5 billion. The company is planning to make more games that will use the token, which will probably increase the token's price in the future.
ENJ (Enjin Coin)
Enjin is an online platform that lets people manage and create their NFTs. It is integrated with many metaverse projects mentioned above. It allows players in metaverse games to use their items across multiple games. When an NFT is minted on the Enjin network, a given amount of ENJ tokens are created, assigning a value to the newly created NFT. ENJ is currently priced at $3.5, after gaining 15 percent in the last week. It has a market cap of roughly $3 billion.
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