The metaverse, a living, breathing space that combines physical and digital elements, is rapidly moving from a science fiction fantasy to a reality with limitless potential. People can connect digitally, develop and exchange digital assets for real-world value, own digital land, use digitised real-world products and services, and much more in this universe.
Following Facebook's landmark Meta branding announcement, major internet firms are beginning to grasp the validity and promise of metaverses. In addition to tech corporations, entertainment giants such as Disney have announced plans to enter the virtual reality market.
While the media hoopla is deafening, the ordinary internet user has little understanding of what a metaverse is, how it works, and—most importantly—what benefits and opportunities it may provide them as a user.
This year, many multimillion-dollar real-estate transactions have put the term "metaverse" on our lips. The metaverse is a virtual world in which users can explore with their own avatars. It goes beyond games to allow visitors to interact online and participate in real-time events. The metaverse, according to experts, now represents a one-of-a-kind $1 trillion revenue prospect.
What Are Metaverse Tokens and How Do They Work?
Metaverse tokens are a type of virtual currency used in the metaverse to conduct digital transactions. Transactions on the underlying networks are near-instantaneous because metaverses are based on the blockchain. The metaverse is the ideal environment for an economy free of corruption and financial fraud since blockchains are built to ensure trust and security.
Metaverse token holders have access to a variety of services and applications within the virtual realm. Some tokens grant specific skills in the game. Other tokens symbolise one-of-a-kind products, such as virtual avatar clothes or community membership. The concept of in-game stuff and currency is quite recognisable if you've played MMO games like World of Warcraft. Metaverse tokens, on the other hand, have value both inside and outside of virtual worlds, unlike regular virtual world games. Metaverse tokens can be traded for fiat currencies in the form of cryptocurrency. They can also be used to authenticate ownership of tethered real-world assets such as valuables, pieces of art, or even cups of coffee if they're an NFT.
SAND from the hugely popular Sandbox metaverse is an example of a metaverse token. Users can design a virtual world using NFTs in The Sandbox. Another currency is MANA, which is used in the Decentraland initiative to acquire "LAND" parcels of digital real estate. It's also feasible to make money off of the LAND you've bought by renting it out to other people for a set rate. The Enjin metaverse's ENJ token is the original asset of an ecosystem that includes one of the world's largest game/app NFT networks.
Which Metaverse Tokens Are the Most Popular?
Metaverse tokens have been gaining traction in recent months, and it doesn't appear that this trend will slow down anytime soon.
The following are some of the most popular metaverse coins available on Binance:
Decentraland (MANA) is a cryptocurrency with a market capitalization of $4,013.91 million and a price of $2.21.
Axie Infinity (AXS) has a market worth of $3,160.49 million and a price of $51.87.
The Sandbox (SAND) has a market cap of $2,932.42 million and a price of $3.17.
Illuvium (ILV) has a market worth of $372.74 million and a price of $579.8.
Vulcan Forged PYR (PYR) is trading at $9.90 with a market size of $236.58 million.
My Neighbor Alice (ALICE) is a stock with a market valuation of $209.30 million and a price of $6.84.
Aavegotchi (GHST) has a market worth of $125.52 million and a price of $2.03.
Mines of Darlania (DAR) has a market worth of $87.78 million and a price of $0.71.
Terra Virtua (TVK) has a market cap of $76.76 million and a price of $0.11.
High Street (HIGH) has a market cap of $62.49 million and a price of $5.08.
* These prices represent the pricing on January 26, 2022.
* This ranking is based on market capitalization and does not imply that Binance recommends or endorses the purchase or sale of any currency.
How to Make Money in the Metaverse
You can invest directly in the metaverse in one of three ways:
Tokens for the metaverse can be purchased.
Purchase non-fungible tokens in-game (NFTs)
In the metaverse, you can buy virtual land (also sold as NFTs)
Let's have a look at how to invest in the metaverse in two simple steps:
Step 1: Make a cryptocurrency wallet (common for all)
Every purchase, like tangible goods, necessitates a wallet full of cash. To invest in the metaverse, you must first build a crypto wallet and load it with currency.
WazirX, CoinDCX, and CoinSwitch Kuber are the most popular options in India for purchasing metaverse tokens.
MetaMask is the most popular crypto wallet in the world for NFT purchases. Binance and Coinbase are other viable possibilities. Because most NFTs are based on Ethereum, it's best to buy the ether (ETH) cryptocurrency with your local currency.
Complete know your customer (KYC) steps to verify your identity and validate your wallet.
Step 2: Create an account on your preferred platform.
To buy metaverse tokens, go to:
The simplest approach to get these tokens is to go to crypto exchanges like WazirX or CoinDCX and buy them straight with your currency-loaded wallet. MANA, the Decentraland metaverse's native money; SAND, the Sandbox metaverse's currency; and AXS, the Axie Infinity metaverse's native currency, are among the most sought-after metaverse tokens.
Purchase in-game NFTs/virtual land: To make purchases in a game, you must first register an account with the game and link your crypto wallet to it. Log in to Decentraland to purchase and sell virtual real estate, Axie Infinity to buy and sell characters and land plots, and Sandbox to buy and sell artistic masterpieces, for example.
If you want to access all of the NFTs in one place for convenience, you can register an account with OpenSea.
Step 3: Choose the NFT you'd want to buy and pay for it.
If you look at any of the platforms listed above, you'll find that NFTs don't have a set selling price. To obtain control of the NFT, one must place an offer and outbid all other bidders. The payment for the NFT is then completed promptly through the wallet you generated in Step 1 and filled with cryptocurrency.
You should keep in mind that there are benefits and drawbacks to purchasing from a primary marketplace (Decentraland, Axie Infinity, Sandbox, etc.) as well as a secondary marketplace (OpenSea, etc.). On the secondary market, an NFT will invariably have a greater resale value. In the primary market, however, determining its genuine value is more difficult. It's because you can compare the price of one NFT to the price of others on a secondary marketplace that aggregates all NFTs into one spot.
Investing in the metaverse indirectly
You can also invest in the metaverse indirectly in the following ways:
Buy metaverse-associated stocks:
Metaverse-associated stocks are stocks that are actively involved in the creation of the metaverse. The companies could be involved in the creation of virtual reality (VR) goggles, networking technology, 3D rendering apps, and so on. Apple, Facebook, NVIDIA, Roblox, and Unity are among the most popular stock options. These stocks can be purchased through brokerages or through ETFs that track the metaverse (Exchange Traded Funds).
Invest in the Metaverse Index (MVI):
Similar to stock market indices that track the top-performing corporations in the country, the metaverse index tracks the entertainment, business, and gaming trends that are shifting to the virtual world. At the time of writing, it is trading at $225.86. Because the MVI minimises the volatility of metaverse tokens, it lowers the risk of purchasing them. The MVI takes into account the patterns of all of the best-performing metaverse tokens.
The metaverse is always changing, and there are many new advancements on the way. We are in the midst of a major shift from the physical to the virtual world. While the potential is enormous, it is prudent to conduct extensive study before to making any big investments.
Three of the most popular Metaverse cryptocurrencies are:
It's a strong possibility.
Cryptocurrencies and the metaverse have been two of the hottest topics in the last year. In the hopes of generating a lot of money, investors have rushed to both.
These two categories, however, are not mutually exclusive. With the aptly titled metaverse cryptocurrencies, you may invest in both cryptocurrencies and the metaverse at the same time.
However, not every digital token having a metaverse connection is worthy of consideration. Here are the top three metaverse cryptocurrencies by market cap, as well as whether they're good buys right now.
1. Decentralization
With a market cap of $5.6 billion, Decentraland (MANA -2.25 percent) is now the largest metaverse coin. Despite a steep drop since December, the MANA digital currency has more than doubled in value in the last year.
Decentraland is the first fully decentralised virtual world, as well as the largest metaverse cryptocurrency. Its Decentralized Autonomous Organization (DAO) owns the Decentraland metaverse's major smart contracts, including the LAND contract, which allows users to buy and sell virtual land.
Users can make money off their LAND by creating interactive games, enabling advertisements, and more. The MANA token, which is unique to Decentraland, is the metaverse's money. MANA can be used to acquire LAND, as well as avatars, names, wearables, and other products on the Decentraland marketplace.
2. The Sandbox
Decentraland isn't too far behind The Sandbox (SAND -3.67 percent). The market value of the second most valuable metaverse coin is now $4.5 billion. The Sandbox, on the other hand, has outperformed Decentraland in the last year, with its native SAND token rising about 1,670 percent.
The Sandbox, like Decentraland, is a virtual environment based on the DAO paradigm. It's constructed on the Ethereum blockchain, just like Decentraland. Smart contracts for the purchase of virtual land and other assets are supported by this blockchain.
There are, however, some distinctions between these two metaverses. The most noticeable is that The Sandbox's native currency is the SAND digital coin. The Sandbox is also transitioning to Polygon's layer-2 solution, which will reduce transaction fees and speed up processing.
3. Axie Infinity
With a market worth of $3.7 billion, Axie Infinity (AXS -0.57%) ranks third among metaverse cryptocurrencies. With a gain of more than 2,840 percent over the last 12 months, its AXS token has been the greatest performer of the top three.
Axie Infinity and the two largest crypto metaverses have significant commonalities. The Ethereum blockchain serves as the foundation for Axie Infinity. Axie Infinity, like Decentraland and The Sandbox, has its own native coin (AXS) that is utilised as a money in its virtual environment.
Axie Infinity, on the other hand, is more gaming-oriented than its two main competitors. Players purchase "Axies," which they can use to fight in battle, breed, and sell. For their Axies, they can even establish kingdoms.
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