The metaverse is a virtual world where we can exist as digital entities. With the rate of technological advancement we are currently experiencing, the metaverse will become the future of interpersonal interactions and business transactions across a variety of industries. Consequently, businesses have already begun investing in it even though it is still in the early stages of development.
The newest trend is metaverse coins. These cryptocurrencies represent the most recent untapped opportunity and have the power to alter how brands interact and engage with consumers. For instance, Meta, formerly Facebook, is placing its bet on the metaverse. According to reports, the company invested $10 billion in its "future of technology" metaverse project in 2021. Blockchain technology and cryptocurrencies will be essential to that journey.
There are many different metaverse coins available. But despite how intriguing the new idea is, not all of the available metaverse coins are worthwhile investing in. According to market capitalization, we've listed the top 10 metaverse coins in this article that can increase your chances of success.
What Are Metaverse Coins?
Before we dive into the top metaverse coins out there, let’s talk about what metaverse coins really are.
In simple terms, metaverse coins are the medium of exchange in the metaverse. Coin owners can use their coins to purchase anything in the 3D world, including real estate and clothing for avatars. They can also produce and market products, services, and goods within the platform. Other tokens are accessible on cryptocurrency exchanges like Binance, while some are only usable within their respective metaverses.
Metaverse tokens are more than just a form of in-game money because they have value both inside and outside the metaverse. One example is that the currency can stand for special things like community membership. As a result, you can use these coins to participate in multiplayer games and access VIP features.
You can also exchange metaverse coins for real money, just like other digital assets. And you can use them to confirm the ownership of digital assets like works of art or collectibles.
There are three different kinds of metaverse coins available.
Play-to-earn (P2E) games: Players participate in games and earn rewards with monetary value. They are the most prevalent and well-liked metaverse cryptocurrencies and are widely offered on exchange platforms.
3D virtual metaverses: These P2E games provide a virtual universe experience in contrast to the simpler P2E games. These virtual realities, which are much rarer and more complex than other metaverse currencies, are worth billions of dollars. These can also act as P2E game platforms.
Metaverse platforms: The blockchains that form the basis of 3D metaverses are among them.
Metaverse coins require careful examination before you invest, just like any other investment. The asset's market capitalisation is one factor that investors take into account.
Why Is Market Capitalization So Crucial?
Market capitalization, also referred to as market cap, is the total dollar value of a company's outstanding shares of stock in traditional investing. It is the total dollar value of all mined coins in the case of cryptocurrency. To calculate the market capitalization, multiply the total number of coins mined by the current price of a single coin.
Market cap is important because it measures a cryptocurrency's value, provides a more detailed overview of a cryptocurrency, and compares its value to other cryptos. Finally, these can help stakeholders make better investment decisions. This also enables them to forecast a cryptocurrency's potential growth and volatility compared to others.
The larger the market capitalization, the more stable the investment. Coins with smaller denominations, on the other hand, are more volatile. Nonetheless, it is critical to understand that cryptocurrencies are generally volatile and fluctuate dramatically.
With that out of the way, let's look at the ten best-performing metaverse coins on the market.
APE is built on the Ethereum blockchain. As a governance and utility token, it allows holders to participate in the governance of the Ape ecosystem and gain access to games and other products and services that are only available to ApeCoin holders.
ApeCoin is the native token for Otherside, a metaverse game from Yuga Labs, the creators of the wildly popular non-fungible tokens Bored Ape Yacht Club. According to Fortune, Yuga Labs recently raised approximately $320 million in a virtual land sale that allowed APE token holders to purchase parcels in Otherside.
ApeCoin was launched on March 17, with approximately 30% of the maximum supply of 1 billion coins expected to be in circulation at the time. Despite being a brand-new token with significant challenges, ApeCoin has a market cap of $1.57 billion, making it the largest metaverse coin. At the time of writing, ApeCoin’s price stands at $5.37 with a market cap of $1,647,635,261.
Decentraland has been extremely popular and is likely the most well-known of all metaverse coins. This was partly due to the NFT craze, which resulted in significant gains for MANA, the platform's native token.
Many NFT owners began to use the platform to display their NFTs. However, NFTs aren't the only thing available on this metaverse platform. Its main feature is the ability to purchase virtual land and create virtual games and other digital assets, hence the name.
Sotheby's, a luxury goods and art broker, purchased a plot of land in Decentraland and used it to build a replica of its London offices. This demonstrates that even large corporations are interested in metaverse projects.
Decentraland, founded in 2017, is one of the older projects that has taken time to gain traction. Although MANA's performance hasn't been stellar, with a current price of $0.6985, its market cap remains impressive at $1.29 billion as of Oct. 1, making it the second-largest metaverse token by market cap.
MANA has dropped significantly since the beginning of the year, but it appears to have levelled off in recent months.
The Sandbox (SAND)
The Sandbox, a crypto metaverse project, has performed admirably. SAND, the platform's native token, was consistently on the rise throughout 2021, finally crossing the $1 mark in the fourth quarter of 2021 and continuing its upward trajectory to $8.40 last November.
This project is realizing the metaverse vision through virtual reality. The Sandbox is essentially a game, and it has the support of gaming companies such as Atari, which may help it navigate the current bear market. Furthermore, according to Deadline, Lionsgate recently partnered with The Sandbox to create a "Hellboy"-themed metaverse destination, and Tony Hawk has announced that he will build a skateboard park there.
The Sandbox relies heavily on the creation and trading of NFTs. NFTs can be created by players using SAND metaverse tokens.
This cryptocurrency project, like many others, is built on Ethereum. According to Fortune, it recently launched Alpha Season 3, expected to attract half a million users.
Another encouraging aspect is that it has a limited coin supply of 3 billion tokens, 1.5 billion of which are in use. Its market cap stands at $1.26 billion with a unit price of $0.8403 as of Oct. 1.
Theta Network (THETA)
Theta is the world's first decentralized video streaming application (dApp). It aims to address the poor quality and inefficiency of the traditional video streaming industry by combining cryptocurrency with a video delivery ecosystem. THETA coins power the network. Coin holders can secure the blockchain network, validate transactions, and vote to modify the network.
Following its partnership with Google, Theta Network's active user base has expanded. THETA is one of the top ten coins according to the crypto social intelligence platform LunarCrush. Additionally, the platform collaborates with organizations like NASA, Katy Perry, and ONE Championship, among others. Furthermore, corporate behemoths like Samsung NEXT and Sonny Innovation Fund have supported the Theta ecosystem.
THETA trades at $1.07 with a market capitalization of $1.1 billion.
Axie Infinity (AXS)
Axie Infinity is an in-browser game with characters called Axies that was a forerunner in the metaverse of crypto gaming. Players can buy, breed, and trade NFTs, these Pokemon-like creatures. A virtual real estate component of the game attracts non-players to the platform. Players can stake their coins, make in-game purchases, and participate in community governance using the AXS currency.
of the busiest marketplaces in the sector is the Axie Marketplace. In the game, a single transaction typically costs $420. Axie had approximately 1.5 million active players by September 2021, and its revenue had reached a peak of $2.05 billion. Then, just before the year ended, a single virtual piece of land on the platform sold for $2.5 million. The current price of AXS is $12.62, with a market cap of $1 billion.
Enjin Coin (ENJ)
Metaverse coins are common in games, and Enjin is no exception. It's a metaverse-style gaming environment where you can "mine" the local token, ENJ, which you can then use to purchase assets to help you progress in the game.
Everything in the game, from medicine to character enhancement, can be purchased with ENJ. As a result, it functions similarly to a marketplace.
Enjin is a cryptocurrency that runs on the Ethereum blockchain and has a market capitalization of $499.4 million. Enjin recently launched the first NFT parachain on Polkadot, making over 100 games and apps available.
Enjin is currently beta testing its Enjin Wallet 2.0 after reaching 500,000 wallets — each wallet representing a user — in May. It currently trades at $0.4538 and has a market cap of $454 million as of October 1.
Stacks (STX), launched in November 2019, is a leading Metaverse crypto aiming to unlock Bitcoin's (BTC) full potential by allowing NFTs, DeFi, and smart contracts on the Bitcoin network.
Stacks has a distinct vision of connecting to crypto's most valuable and battle-tested network and leveraging its security to build a Metaverse and DeFi ecosystem.
Stacks is a layer-1 blockchain that aims to add smart contracts and a marketplace for decentralized applications (dApps) to the Bitcoin network.
The Stacks blockchain employs the first consensus process that uses multiple blockchains, including an expanding ecosystem of staking pools, NFT markets, DeFi platforms, tokens, etc.
Stacks (STX) uses a Proof of Transfer (PoT) consensus technique to connect the Stacks blockchain to the Bitcoin blockchain, delivering the best of both worlds.
Proof of Transfer eliminates the need to integrate Stacks (STX) to modify the Bitcoin blockchain. The name comes from the fact that it "stacks" on top of the current BTC blockchain. Polygon (MATIC) is to Ethereum what Stacks (STX) is to Bitcoin (BTC) (ETH). There are some differences, but the concepts are the same.
STX is the Stacks blockchain's native utility token, which feeds smart contracts and runs dApps on the Stacks network. As of Oct. 1, the price and market capitalization of STX stand at $0.3242 and $432 million, respectively.
PlayDapp is a platform for blockchain gaming. Players in the game collect and raise heroes with various characteristics. Good game performance results in rewards such as tokens, digital assets, and runes. The PLA token is used in the PlayDapp ecosystem to purchase and trade NFTs. In addition, every in-game purchase can also earn game developers PLAY tokens.
PlayDapp has already partnered with well-known companies such as Samsung and LINE. The metaverse platform has also announced a project to bring PlayDapp benefits to a P2E game service. In addition, the metaverse recently signed a partnership agreement with another Korean company, IT Solutions for Business. Their common goal is to break into the North American market.
With a price of $0.3132 and a market cap of $152 million, PLA still has much potential to grow.
SushiSwap is the "home of decentralized finance" (DeFi). The automated market maker creates a digital assets market by utilizing smart contracts (self-actualizing contracts on a blockchain), allowing anyone to swap cryptocurrencies simply. In addition, the SUSHI token enables users to vote on community operations and receive a portion of the exchange swap fee.
SushiSwap's total locked value increased 990% a year after its launch. SushiSwap reached an all-time high price of more than $23 in the first quarter of 2021, and sales of its digital collectibles increased to $2.5 billion. In addition, SushiSwap has launched a $4 million incentive campaign for borrowers and lenders in collaboration with dApp-focused blockchain Harmony.
SUSHI is trading at $1.11 at the time of writing, with a market cap of $140 million.
Virtua is a project that began in 2017 before NFTs were even invented. However, it is now a virtual environment centered on NFTs. Using the native token TVK, you can create, sell, and buy NFTs from other members.
Because this project is based on NFTs, it has enormous potential, given the recent surge in NFT investment. According to CoinMarketCap, the platform is compatible with web, PC, and augmented reality/VR environments.
To help make its marketplace more sustainable, Virtua recently integrated the Cardano blockchain. According to NFT Evening, it previously integrated Polygon, the first carbon-positive blockchain.
The TVK market cap is currently over $30 million as of October 1, 2022, with a YTD performance of $0.0388. New partnerships, such as one recently formed with the NFT game Kawaii Islands, may increase its user base sufficiently to make it viable in the long run.
What are metaverse crypto coins?
The technology behind a virtual universe where people can shop, game, buy and trade currencies and objects, and more is known as Metaverse. Consider it a hybrid of augmented reality, virtual reality, social media, gaming, and cryptocurrency.
Cryptocurrencies will be used as money in the metaverse. The blockchain concept is at the heart of this. This is where the terms "metaverse coins," "metaverse tokens," and "metaverse crypto" come into play. Every metaverse project has its own set of tokens used for transactions within that environment.
Where to buy metaverse crypto coins
Those looking for where to buy metaverse coins should look for an online broker or exchange that supports a diverse range of projects at reasonable fees.
This allows the investor to build a diverse portfolio of metaverse coins without going broke. Margrex provides one of the best platforms for easily purchasing all of the top Metaverse coins.
What are the best metaverse crypto coins?
The number of metaverse projects is growing rapidly, but some stand out from the crowd and have real potential. Investing in some of these projects can be a good idea because the metaverse concept is firmly rooted in blockchain and cryptocurrencies. In addition, the buzz surrounding NFT seems to be growing.
Don't put all of your eggs in one metaverse coin basket, and don't put money at risk that you can't afford to lose. Instead, it is best to diversify your holdings and, more importantly, purchase coins that you believe have potential.