The Connection Between the Metaverse and Cryptocurrencies!

Metaverse and Cryptocurrencies

Metaverse is the next big narrative in the field of technological innovations and not just the blockchain industry. A lot of companies and business conglomerates are venturing into it, including Meta (Facebook), Google, Microsoft, etc. And as a result, you also must have come across metaverse coin news in the past year. 

The world as we know it is going to be highly digitized, and it will prove to be a revolution. But if you have ever wondered what exactly the connection is between the metaverse and cryptocurrencies. Then we have you covered as we bring you why metaverse crypto news is not to be ignored and which tokens can be the best investments in the metaverse. 

How Does the Union between the Metaverse and Cryptocurrencies Work?

It works on the principle of the users being able to monetize almost every aspect of it. If it’s a game in the metaverse, then the users can monetize their avatars, equipment, in-game items, etc. This monetization is done through the use of cryptocurrency tokens or NFTs

You can either buy these metaverse tokens through cryptocurrency exchanges or earn them in the virtual world itself. Buying is the easiest option, and once done, you can transfer them to your own wallet and connect to the metaverse to take full advantage of the union between the metaverse and cryptocurrencies

The 5 Most Famous Cryptocurrencies in the Metaverse

As mentioned above, cryptocurrencies can be used to monetize and trade items in the virtual world. Hence, the transactions happening across the metaverse are similar to the ones we do in the physical world with fiat currencies. The only difference is that cryptocurrencies bought using fiat money are a mode of payment. 

Although the metaverse has only been in existence for a little more than a year, it has already spawned a large number of cryptocurrencies. Given below is the list of the top 5 metaverse cryptocurrency tokens that have huge growth potential as well. 

1. SAND

It is the native governance token of The Sandbox play-to-earn game. SAND is an ERC-20 token, and the holders can also earn rewards for holding the token while also gaining voting rights in the Sandbox Decentralized Autonomous Organization (DAO). 

SAND can also be used to purchase digital real estate in the game and also engage with other elements such as NFTs, earning privileges, etc. The total supply of the tokens is 3 billion, while the circulating supply is only around 1.58 billion. The token reached an all-time high of $8.40 in 2021. 

2. MANA

It is the official currency of Decentraland, which is a virtual reality world built on the Ethereum blockchain. Hence, MANA is an ERC-20 token. Once you convert it into wrapped MANA (wMANA) and lock them with the Decentraland DAO, it confers you with voting rights. 

MANA can be used to make in-game purchases and to buy LAND, i.e., virtual land in Decentraland represented by LAND NFTs. The total supply of MANA is 2.19 billion, while the circulating supply is 1.82 billion. It reached an all-time high of $5.85 in 2021.

3. ATLAS

It is the native cryptocurrency of an online multiplayer strategy-based game set in space called Start Atlas. The game and its token, ATLAS, are built on the Solana network and are supported by various developers in the Solana network. 

ATLAS can be used to purchase in-game assets, NFTs, equipment, etc. The total supply of ATLAS tokens is 36 billion, whereas the circulating supply is 10.67 billion. The price of the ATLAS tokens reached an all-time high of $0.2675 in 2021 and has fallen significantly since then. 

4. AXS

It is the native cryptocurrency of one of the most popular NFT-based play-to-earn games, i.e., Axie Infinity. The game is inspired by games like Pokemon, and the players can collect, raise, breed, battle and trade their token-based creatures called Axies. 

Axie Infinity and AXS tokens will migrate on the Ethereum sidechain, Ronin, designed specifically for the game. AXS can be used to make in-game purchases and earn rewards. The total supply of the token is 270 million, with a circulating supply of 114.8 million. AXS price hit an all-time high of $164.90 in 2021. 

5. TLM

It is the native governance token of the NFT-based, play-to-earn game Alien Worlds. The players can earn Trilium (TLM) by competing in the game or buying it from the exchanges. The players advance to the next stage by staking TLM tokens, and it also gives them voting rights in the DAO. 

Alien Worlds and its token TLM exist on three different blockchains, i.e., Binance Smart Chain (BSC), Ethereum and WAX. The total supply of TLM is 5.88 billion, with a circulating supply of 3.36 billion. The price of TLM tokens reached an all-time high of $7.16 in 2021. 

Metaverse and Cryptocurrencies via NFT

In the metaverse, NFTs are also as integral as cryptocurrencies. NFT stands for Non-Fungible Tokens that are unique and exist on the blockchain. They provide ownership to the real-world or virtual-world asset that is attached to the NFT. 

The NFTs can be traded in the virtual marketplaces built inside the metaverses by using cryptocurrencies. Since each NFT is unique, they have different values and thus can’t be exchanged for one another. NFTs, cryptocurrencies and metaverse are intertwined in a very intricate manner. 

Conclusion

The metaverse will be powered by some of the best technologies in existence right now, including blockchain, cryptocurrencies, virtual and augmented reality, the Internet of things, etc. Cryptocurrencies and NFTs are the way that users can benefit from, and as a result, they will form an integral part of investment strategies. 

As someone that is interested and deeply invested in the cryptocurrency market, you should be taking advantage of being early in a very futuristic and publicly beneficial technology. 

Metaverse and Cryptocurrencies article and permission to publish here provided by Dianel SEO. Originally written for Supply Chain Game Changer and published on February 1, 2023.