After the news about the rebranding of Facebook, the price of some altcoins began to grow actively. The development of the metaverse affects the crypto world. At the moment, we can observe a significant increase in coins associated with the metaverse.
Metaverse projects are becoming more and more popular. Decentralized gaming holds excellent promise. The number of players on these platforms exceeds hundreds of millions.
At the moment, most of the potential of the metaverse has not been revealed. It is only discussed in theory, but the gaming communities are working hard to bring ideas to life using the Internet.
What is the Metaverse
The metaverse can be described as a constantly acting virtual space where people can interact with each other and with digital objects through their avatars and virtual reality technologies. According to some experts, the metaverse may eventually become the successor to the current Internet, or at least its radical development.
Meta and other companies using this concept are looking to turn the metaverse into the backbone of work, play, study, and shopping activities.
The metaverse is a new augmented reality in which we can virtually collect and explore spaces inaccessible to us in the real world. While the metaverse is mainly focused on gaming platforms today, there are other variations of it, including:
- Internet shops.
- Working space.
- Social networks.
- Investment instruments.
- Festivals and events.
Note that science fiction writer Neil Stevenson used the term metaverse in his novel Snow Catastrophe back in 1992 to describe the virtual world in which the protagonist finds himself. Subsequent literature indicates that the metaverse has three main aspects:
- presence through virtual reality;
- compatibility, the ability to use the same avatar in several situations;
- standardization, availability of most commercial services.
The metaverse can be seen as the next generation of the Internet. The metaverse is an immersive adventure, not a mere information highway. It will be possible to access the metaverse through VR.
It’s worth betting on companies that develop the technology needed to create the metaverse, such as Matterport Inc (NASDAQ: MTTR). The 3D models offered by the organization could become very popular if the concept of the metaverse takes hold.
Chipmaker NVIDIA (NASDAQ: NVDA) may also be at the forefront of companies that will benefit from the metaverse development. Its goods are essential for the functioning of the computer systems on which the metaverse will be based.
The online gaming platform Roblox Corp (NYSE: RBLX) is closest to today’s social metaverse. The service allows users to play games created by other users and create their own. The platform has 43.2 million active users, its digital currency, and a wide range of unique virtual experiences. Third-party developers are constantly creating new games and content to integrate into an existing game that serves as the foundation for the growing metaverse.
Cryptocurrency or metaverse token is understood as a digital asset that works on the blockchain and benefits project participants. As a rule, such a cryptocurrency is launched on one of the blockchains with the support of smart contracts and a high transaction speed. So each action within the platform is a transaction carried out using the participant’s cryptocurrency wallet.
The main options for using cryptocurrency in projects with metauniverses:
- Purchasing the first character, pet, territory depends on the specific project. It is required to start the game.
- Rewards for in-game actions – battles, character development, participation in competitions.
- Decentralized Governance – Vote on innovation for the metaverse.
Finally, such cryptocurrencies usually gain popularity outside of their native project. In a free market, assets perform very well, provided that their metaverse is also actively developing because then tokens become more valuable and in demand. In addition, there are additional tokens that do not belong to any particular metaverse but help the industry’s overall development.
Best Cryptocurrencies to Invest in the Metaverse
Several cryptocurrencies are particularly suited to exploit the potential metaverse boom in the future. Consider several top metaverse projects 2022.
The Sandbox (SAND)
The Sandbox is a virtual world where you can buy and sell land and other assets using coins from SAND’s metaverse. You can create and transform whatever you want, monetizing the entire process with SAND cryptocurrency.
SoftBank supports the Sandbox, one of today’s most influential technology and investment companies. You can buy, sell and invest in staking and virtual parcels. The Sandbox is a play-to-earn metaverse that lets users decide how to use it. You can create your own game, play other games, own virtual land, and collect, create or manage the property.
The Sandbox metauniverse is powered by the Ethereum blockchain, which provides a high degree of security and protection. However, it also means that there will be hefty gas charges from time to time. Still, it is worth noting the advantages of this platform. For example, in the metaverse editor, you can create unique animations and models thanks to powerful tools for making the world.
Decentraland is a VR platform that allows you to buy, sell and manage your virtual property called LAND. You can create and develop your world in any convenient way and explore this version of the metaverse using your phone, computer, or VR helmet.
To get started, you need the MANA token. MANA is a native project token that provides access to interactive applications, pays for goods and services, or invests in real estate.
MANA has established itself well in the metaverse, making it attractive even for newbies. The metaverse associated with Decentraland also provides users with incredible interactive experiences.
Decentraland is multiplying. A team of developers is actively working on the project, providing many different tools and capabilities. MANA also surged more than 400% to a record high of $ 4.16 after Facebook announced its name change to Meta. It has sparked renewed interest in virtual reality tokens.
However, it has several disadvantages. MANA operates on the Ethereum blockchain, characterized by a high level of security and often inflated gas charges. Also, the site can be somewhat limited, as users rarely encounter each other under normal conditions.
Star Atlas (ATLAS)
Star Atlas allows you to travel far beyond the earth. There are no boundaries here. Explore the whole universe and its possibilities. You can take your spaceship and dive deep into a unique metaverse, join a faction, or create your own and create your world.
ATLAS is the metaverse token that powers this unique world. It runs on the Solana metaverse blockchain. With ATLAS, you can open up exciting new perspectives and opportunities. The Solana metaverse blockchain is fast, secure, and reliable but more scalable and less expensive than the Ethereum blockchain.
You can use ATLAS Coins to buy any digital assets. You can also use ATLAS to purchase POLIS, the in-game currency required to control certain aspects of the game.