The term “metaverse” seems to be everywhere — in the news, on social media and even at the dinner table. Although the technology is far from mainstream, it’s quickly garnering the attention of tech and crypto investors. As a result, metaverse coins present an untapped opportunity for 2022.
It also helps that one of the biggest tech companies globally, Meta, is betting on the metaverse, even going so far as to change its name from Facebook. The company reportedly spent $10 billion on its metaverse project last year, calling it the future of technology. Cryptocurrencies and blockchain will play a vital role in that journey.
So, how is metaverse linked with cryptocurrencies? What is metaverse exactly? Plus, what metaverse tokens should you be buying? Here’s a look at everything you need to know about the metaverse and the best coins to invest in.
Best Metaverse Coins To Buy Right Now
The good news is that because metaverse projects are fairly new, coin prices are quite low — well under $1 in many cases, and less than 1 cent in some. This opens the investment opportunity for nearly anyone. At the same time, it doesn’t mean all projects are worth your money.
It’s ideal to buy those metaverse coins that have shown potential through performance, utility, powerful financial backing or all three.
Here are some promising metaverse cryptocurrency coins for 2022.
1. ApeCoin (APE)
APE is what’s known as an ERC-20 token, which means it exists on the Ethereum blockchain. As a governance and utility token, it allows holders to participate in governing the Ape ecosystem and gives them access to games and other products and service available only to apecoin holders.
In the not-too-distant future, apecoin holders will be able to use their coins in Otherside, an upcoming metaverse game from Yuga Labs, which created the wildly popular Bored Apes Yacht Club non-fungible tokens. Yuba Labs recently raised about $320 million in a virtual land sale that allowed APE token holders to purchase parcels in Otherside, Fortune reported. Holders purchased 55,000 lots, or “Otherdeeds,” and 45,000 went to other individuals, such as Yuba Labs NFT owners and project developers. The sale created so much traffic on the Ethereum network that it drove up “gas fees” — the fee each user pays to conduct a transaction over Ethereum.
Apecoin was launched on March 17, at which time about 30% of the maximum supply of 1 billion coins was expected to be in circulation. Despite its position as a brand-new token, it already has a market cap of $2.435 billion, making it the largest metaverse coin by that measure.
2. Sandbox (SAND)
The crypto metaverse project The Sandbox has shown impressive performance. The native token of the platform, SAND, was consistently on the rise during 2021 and finally crossed the $1 mark in the last quarter, continuing its upward trajectory. As of May 15, SAND is selling for $1.37.
With a VR aspect, this project is realizing the vision of metaverse. The Sandbox is essentially a game, and it has the backing of gaming brands like Atari. HSBC recently purchased virtual real estate in its metaverse. But it’s heavily based on the creation and trade of NFTs. Players can create NFTs using the SAND metaverse tokens.
Like countless other cryptocurrency projects, this one is based on Ethereum.
Another promising factor is that it has a limited coin supply of 3 billion tokens, of which 1.23 billion are in use. Its market cap stands at $4.1 billion as of May 15.
3. Decentraland (MANA)
In terms of popularity, Decentraland is one crypto metaverse project that has frequently been in the news. This was partly because of the NFT craze, which also led to significant gains for the platform’s native tokens, MANA.
Many NFT owners started using the platform to show off their NFTs. But NFTs aren’t the only thing on this metaverse platform. As its main feature, you can also buy virtual land and create virtual games and other digital assets –– hence the name.
Sotheby’s, the broker of luxury goods and art, bought a plot of land in Decentraland and used it to create a replica of its London offices. This goes to show that even big companies are eyeing metaverse projects.
Created in 2017, Decentraland is one of the older projects that has taken time to get recognition. Although MANA’s performance hasn’t been something to write home about, its market cap impressively stands at $2.28 billion as of May, making it the second-largest metaverse token by market cap. Like many, if not most, cryptocurrencies, MANA is down significantly since the beginning of the year, but it’s up over 8% compared to a year ago.
4. Highstreet (HIGH)
Highstreet is an interesting metaverse project with virtual reality support that has potential, at least in terms of metaverse applications. For one, you can shop for things inside this virtual universe using the currency HIGH. Some Shopify stores are already integrated into the platform. It also features gaming and has NFTs on its radar as well, so it seems to be up to date with tech and crypto trends. What’s more, HIGH is now available on Coinbase.
From a real-world — or in this case, meta world — point of view, this project already accomplishes what the metaverse technology promises. If you’re an investor who sees practicality as a measure, this might be a good option.
The project is backed by the tech company HTC and, in August 2021, raised $5 million. Its market cap as of May 2022 is over $24.68 million.
5. Floki Inu (FLOKI)
Yes, Floki Inu is yet another dog-meme-based cryptocurrency, but it’s in the running for viable metaverse crypto — especially for those looking for any undervalued cryptocurrencies. The currency is named after Elon Musk’s dog, which is a Shiba Inu — also the name of another crypto project.
The project’s website says that it aims to combine memes with real-world use cases. It also says that it will launch a game and an NFT marketplace as well as a content and education platform. This is a project that is still in the making, but that hasn’t stopped people from buying the FLOKI tokens. Floki Inu has a market cap of $74.14 million and is selling for $0.0000008165 as of May 15.
6. Metahero (HERO)
Metahero is a new metaverse project that revolves around creating HD avatars of real-world objects and people using 3D scanning. The company has even installed a scanning chamber in Doha that scans objects and creates their digital, 3D form for the Metahero universe.
Metahero has partnered with Wolf Studio for this purpose. The cryptocurrency HERO, its native token, has a market cap of $84.8 million as of May 2022. Although that’s comparatively smaller than other tokens on this list, that’s because the project is very new.
Metahero’s YTD performance is at -87%, which is not out of line compared to other alt-cryptocurrencies. Its new listing on the Bybit exchange could give it a boost.
7. Terra Virtua Kolect (TVK)
Terra Virtua Kolect is a project that goes back to 2017, when NFTs weren’t even in existence. However, now it’s a virtual environment that’s all about NFTs. You can create, sell and buy NFTs from other members using the native token TVK.
Since this project is banking on NFTs, it has massive potential given the surge in NFT investment. The platform is compatible with web, PC and augmented reality/VR environments, according to CoinMarketCap.
The TVK market cap as of now stands at over $28.87 million, while the YTD performance is -80%. However, new partnerships, such as a recent one with NFT game Kawaii Islands, could increase its user base enough to make it viable in the long term.
8. Star Atlas (ATLAS)
Star Atlas is a metaverse project based on a game offering stunning graphics. The game shows the future — the year 2620 to be exact — where players can conquer land and collect resources in a highly futuristic setting.
The game, which is still in development, also involves a metaverse token, ATLAS, which will be earned by playing the game. Think of it as an average reward-based game where you earn coins as you play and accomplish things. But in this case, the rewards have the potential to make gains.
The game is based on Solana, which gives it the advantage of low transaction fees as compared with Ethereum-based projects. Its market cap is over $20 million, and the coin trades for $0.009347.
9. Enjin (ENJ)
You’ll see a lot of metaverse coins in games, and Enjin is no exception. It’s a metaverse-style gaming environment where you can “mint” the local token, ENJ, which you can then use to buy assets that will help you progress in the game.
Everything in the game, from medicine to feature enhancement of your character, can be paid for with ENJ. So it’s also like a marketplace.
Enjin is also based on the Ethereum blockchain and has over $648 million worth of market cap. Despite the volatility of the last several months, ENJ is up about 4077% since it was introduced in 2017. And it appears to be poised for growth. Enjin recently launched the first-ever NFT parachain on Polkadot, making available over 100 games and apps.
10. Epik Prime (EPIK)
Epik Prime is a metaverse project that has become all about NFTs. The cryptocurrency EPIK is available on PancakeSwap, Hotcoin Global, KuCoin and Huobi Global. Epik licenses NFT collectibles and experiences to companies like Warner Music and Universal, according to CoinMarketCap, suggesting it’s likely to bounce back after the slump of the last few months.
EPIK was released just a year ago and has a market cap of $7.23 million. That’s the smallest by far of the coins on this list, but use cases from major companies make it worth considering. Of the maximum supply of 2 billion coins, over 349 million, or 17%, are in circulation.
Source : Nasdaq