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 becoming 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, Facebook, is betting on the metaverse. The company has already spent $10 billion on the project, which it calls 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. 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, powerful financial backing or both.
Here are the top metaverse crypto coins for 2022.
1. Axie Infinity (AXS)
Axie Infinity is a metaverse project that’s closer to the definition of the metaverse, but it’s essentially a game. The local currency is the AXS token in this metaverse game, which has fared relatively well in the last year.
Axie has one of the largest market caps of all metaverse cryptos, coming in at over $5 billion. However, the YTD performance is -20.91%. That may not seem promising for many investors — but the coin has started to rise again in value.
Even though it’s based on the idea of the metaverse, there’s no inclusion of VR so far. But it is based on the ideals of blockchain and crypto, which is giving control to the public.
The Axie Infinity game features characters or Axies, and those Axies are NFTs, which gamers can buy and trade. For instance, they can breed new Axies by combining two Axies. There’s also virtual real estate in the Axie Infinity metaverse, which could bring on more investors who aren’t just gamers. For example, a plot recently sold for $2.3 million.
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 upwards trajectory.
With a VR aspect, this project is realizing the vision of metaverse. It’s essentially a game but is heavily based on the creation and trade of NFTs. Players can create NFTs using the SAND metaverse tokens.
Like countless other crypto projects, this one is based on Ethereum.
Another promising factor is that it has a limited coin supply of three billion tokens, of which over 680 million are in use. Its market cap stands at $3.690 billion as of Jan. 19, 2022. This token has had a YTD performance of 462.52%, which shows how well it’s doing.
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 — 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 their London offices. This goes to show that even big companies are eyeing metaverse projects.
Created in 2017, it’s 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 $6 billion as of early 2022. The YTD performance has been 247.45%.
4. Highstreet (HIGH)
Highstreet is an interesting metaverse project 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 gaming platform.
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 that sees practicality as a measure, this is a good option.
The project is backed by the tech company HTC and, in August 2021, raised $5 million. Its market cap as of January 2022 is over $85 million. Since its opening in October 2021, the coin’s value has increased by at least 90%.
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.
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. This is a project that is still in the making, but that hasn’t stopped people from buying the FLOKI tokens.
There is no market cap on Floki Inu. Since its launch in July 2021, the coin has seen a staggering 1331.53% increase.
Metahero is a new metaverse project that revolves around creating HD avatars of real-world objects and persons 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.
They have partnered with Wolf Studio for this purpose. The crypto HERO, its native currency, has a market cap of over $494 million as of the beginning of 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 -37.34%, which is not impressive but not alarming either.
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 all about NFTs. You can create, sell and buy NFTs from other members using the native tokens TVK.
The Terra Forma tools on the platform are for making NFTs. Since this project is banking on NFTs, it has massive potential given the surge in NFT investment.
The TVK market cap as of now stands at over $111 million, while the YTD performance is -16.41%.
8. Star Atlas (ATLAS)
Star Atlas is a metaverse project based on a game. The game shows the future — the year 2620 to be exact — where players can conquer land and collect resources in a highly futuristic setting.
However, it also involves a metaverse token, ATLAS, which can 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 the low transaction fees as compared with Ethereum-based projects. Its market cap is over $134 million, and the YTD performance is -31.3%.
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 tokens ENJ, which you can then use to turn into 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 like an NFT. So it’s also like a marketplace.
This one is also based on the Ethereum blockchain and has nearly $2 billion worth of market cap. The YTD change for this coin is 524.04%, showing no signs of slowing down soon.
10. Epik Prime (EPIK)
Epik Prime is a metaverse crypto project that has become all about NFTs. The crypto EPIK is available on PancakeSwap, Uniswap and Huobi Global. The project has partnered with AAA Games as well, which resulted in a spike in its value.
It’s a project working with other brands to create an NFT marketplace. Even though the applications of the native token have yet to be seen, it has already reached a market cap of $62 million and a YTD performance of 129.13% [ 49].
What Are Metaverse Coins?
Metaverse is the technology behind a virtual universe where people can shop, game, buy and trade currencies and objects and more. Think of it as a combination of augmented reality, virtual reality, social media, gaming and cryptocurrencies.
In the metaverse, cryptocurrencies will serve as money. This is based on the blockchain concept. This naturally is where the terms “metaverse coins,” “metaverse tokens” and “metaverse crypto” arise from. Every metaverse project has tokens that are used for transactions within that particular environment.
Current Metaverse Projects
Numerous metaverse projects are already in motion, and their tokens are available for purchase, with some even listed on certain coin exchanges. Both crypto investors and enthusiasts are eyeing these projects as they show potential.
According to Macro, a research firm based in the U.K., metaverse coins gains topped those of Bitcoin — with a whopping 37,000% increase. Meanwhile, Bitcoin, the biggest cryptocurrency by market value, made gains by 100%.
Metaverse projects range from virtual games to non-fungible token marketplaces, each proposing a unique concept and even some real-world applications.
Metaverse projects are appearing right and left, but some show real potential and stand above the crowd. The metaverse concept is deeply rooted in blockchain and crypto, which is why it can be a good idea to invest in some of these projects. Plus, the NFT buzz only seems to be increasing.
However, as with any other investment, don’t bet all your money on just one kind of metaverse coin. It’s best to diversify, and more importantly, buy coins you think have potential.