Hearing the word ‘Meta’ incites us to think of something bigger, like seeing the world outside a box, or like a transformation of an industry, technology, or any other field. It can be MetaThinking, Metaphysics, or the latest concept we are all hearing as Metaverse. But, what is the Metaverse?
It refers to the current concept of a virtual world, which allows people to gather, socialize, play, buy land, shop, and work. Basically, to put it in a simple word, people have a virtual life besides the real one they are currently living, and can do all the activities they usually do in their real life.
Metaverse is emerging at a fast pace, where a high number of people are engaging in it each day more and more. Metaverse coins becoming very popular recently and have raised a lot of interest from investors. When talking about metaverse coins, the 5 most popular are Axie Infinity, Decentraland, Sandbox, Enjin Coin, and Render Token. We will go for a deep analysis of each of these metaverse coins.
1. AxIe Infinity (AXS)
There is a correlation between gaming and cryptocurrency talking about AXIE Infinity. Its goal is to make blockchain technology fun through gaming to the people who are excited to be part of this community. The core idea is to play and earn crypto on the Ethereum network.
The question is how does this play-and-earn function?
There are several ways users can earn the AXS token and also other in-game tokens like Smooth Love Potion (SLP). In order to earn these kinds of tokens, players breed, raise, and battle Axie tokens in this Pokemon world, while investors who do not want to participate in playing the game, can buy these tokens on decentralized exchanges.
Axie in fact are non-fungible tokens (NFTs) that can be bought and sold. To be able to join the game, you need to buy three Axie.
By market capitalization, Axie is one of the top crypto games, and one crucial thing if you want to buy this coin is to understand crypto gaming.
2. Decentraland (MANA)
Decentraland is a 3D virtual world to visit where you don’t need anything else except an internet browser. What’s more, you do not need to own any cryptocurrency to get into Decentraland. This virtual world includes land, spaces, artwork, bars, casinos, and also events like parties, exhibitions, poker games, etc. Players in this game can own and develop parcels of land, which the payment can be made through MANA tokens. MANA is the native ERC-20 token of Decentraland. Users of Decentraland utilize it to buy digital land plots and pay for goods and services from other users. Decentraland provides users with a gamified experience that is distinctive, rare, and free of centralized authority limits. Users are in charge of generating their own experiences, and they profit from the added value. Smart contracts are managed by a decentralized autonomous organization that allows users to vote on improvements to ensure decentralization. Within the metaverse, users genuinely own their collectibles.
3. Sandbox (SAND)
Another virtual world gaining lots of attention is called Sandbox, very similar to Decentraland. In Sandbox, players can buy land, where they can create and share their experiences. Contrary to Decentraland, here the focus is more on creating NFTs, where users can build their own games and NFTs. These games can be played or traded. To provide decentralized storage, creations are first uploaded to an IPFS network and then registered onto the blockchain to verify ownership. Once this is done, creations become assets that can be sold by posting a first sale offer on the marketplace for potential investors to purchase. To establish a circular economy amongst all types of users who will interact with the platform, such as gamers, artists, curators, and landowners, the Sandbox employs a variety of token types.
4. Enjin Coin (ENJ)
The above-mentioned cryptocurrencies all involve NFTs. Non-fungible tokens in these virtual worlds allow the players to own the assets they buy or win in a game, and then they can sell or trade them in real life. A platform that helps people to create and manage their NFTs is called Enjin. It works with a variety of gaming platforms and lets users use the same item in numerous games or sell it on the market. Before NFTs, if you bought a sword for a specific game and you quit playing, the sword was lost. You now have ownership of the item, regardless of what occurs in the game. Enjin facilitates the process. Enjin’s devotion to sustainability is another intriguing feature. It has already ratified the Crypto Climate Accord and intends to launch carbon-neutral NFTs by 2030.
5. Render Token (RNDR)
An important role that takes part in the metaverse is also the creation of 3D reality visuals that are presented in the virtual world games mentioned above. This is where Render comes into play. Its decentralized system renders digital material using otherwise unused computer processing resources. What does this mean?
It means fewer costs for digital creators on expensive computing equipment and a benefit for earning rewards for the network participants.
In a nutshell, It’s scalable, environmentally sustainable, and allows anybody to make 3D content for a low price.
We may conclude that gaming is a viable blockchain industry, especially because users can own NFTs as in-game assets. Previously, if a player purchased something in a game, it belonged to them solely in the game. The allure of NFTs is that they can be owned and traded in the real world as well.
- Metaverse is considered to be the new chapter of the internet.
- The most popular metaverse tokens are Axie Infinity, Decentraland, Sandbox, Enjin Coin, and Render Token.
- By market capitalization, Axie is one of the top crypto gamings.
- Decentraland is one of the virtual worlds, where users acquire plots of land which they may then navigate, develop on, and monetize.
- Sandbox is similar to Decentraland, but its focus is on NFT creation.
- Enjin is a platform that allows people to create and manage their NFTs.
- Render Token plays a role in the creation of 3D reality visuals which are presented in virtual world games.