Five metaverse cryptos that are making news

Highlights

• The global crypto market is currently around US$2.58 trillion.
  
  
• The crypto metaverse is the combination of the virtual and real-world where virtual currency can be exchanged for real exchange value. 
  
  
• The total market cap of metaverse coins is currently US$26 billion.

The global crypto market is currently worth US$2.58 trillion, according to coinmaketcap.com. Crypto prices have been declining after witnessing record highs in the previous week. The market saw high traction after Facebook changed its name to Meta Platforms Inc last month.

So, what is a crypto metaverse? And which are the top metaverse cryptos currently?

What Is a Crypto Metaverse?

The crypto metaverse is simply the incorporation of cryptocurrency and blockchain technology in the immersive virtual world. The crypto metaverse is the combination of the virtual and real-world where the virtual currency can be exchanged for real exchange value. In short, the crypto metaverse is decentralized, governed by users, and the assets have real-world economic value.

Five metaverse cryptos that are making news

The metaverse-like world is akin to videogames in which players can take the form of avatars. Crypto metaverse offers a rich experience to users with the combination of blockchain technology, VR, and cryptos assets.

We already see a glimpse of what a metaverse looks like in the form of blockchain games, where kids earn real money by playing the game, and NFTs are sold by real auction houses.

As of Friday evening, the total market cap of metaverse coins was US$26 billion, with a 24-hour trading volume of US$13 billion, according to crypto.com.

Here we explore the top five metaverse coins that have the highest market capitalization.

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Axie Infinity (AXS) 

Axie was trading at US$128.68 on Friday evening, with a trading volume of US$607.5 million. 

AXS was up 2.05% but fell 12.84% in the last 24 hours, from its 7-day all-time high of US$147.63. Its market cap is US$7.84 billion, and the circulating supply is 60.9 million.

Axie has a maximum supply of 270 million coins. 

Axie Infinity is a trading and battling game owned and operated by players, which can collect, breed, battle, and trade in token-based Axie creatures. AXS or Axie Infinity Shards is the governance token in the Axie ecosystem. The players can earn the governance tokens by playing the game and get rewards by staking their tokens or participating in governance votes.  

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Decentraland (MANA) 

MANA was priced at US$3.95 on Friday evening, and its 24-hour trading volume was US$6.38 billion. In the last 24 hours, MANA rose 10.09%; however, it fell 7.86% from its 7-day all-time high of US$4.29. Its market cap is US$7.19 billion, and the circulating supply is 1.82 billion.

MANA is a cryptocurrency - a virtual token used to pay for virtual plots and other items. Decentraland provides virtual land parcels and goods and services.

The VR platform uses the Ethereum blockchain and offers users the opportunity to create and monetize contents and applications.

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Source – pixabay

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The Sandbox (SAND)  

SAND was trading at US$4.18 on Friday evening, with a 24-hour trading volume of US$4.4 billion. SAND was down 0.22% in the last 24 hours. It fell 10.53% from its 7-day all-time high of US$4.68. With a market cap of US$3.73 billion, its circulating supply is 892 million SANDs, and the maximum supply is around 3 billion SANDs. 

Sandbox is gaining popularity among users as it claims to be a virtual world for building, owning, and monetizing the gaming experience with the utility token SAND.

It uses the Ethereum blockchain. The players here can create the NFTs and upload them on the marketplace platform, as well as create the game experiences with the Sandbox Game Maker. 

Sandbox has secured several partnerships with players like Crypto Kitties, and Shaun the Sheep recently to build fun projects.

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Enjin Coin (ENJ) 

The Enjin Coin traded at US$3.53, up 16.04%, on Friday evening, with a 24-hour trading volume of US$1.36 billion. ENG was up 17.65% but declined 2.33% from the 7-day all-time high of US$3.63 in the last 24 hours. It increased 37.78% from a 7-day low of US$2.58. Its market cap is US$2.96 billion, and its circulating supply is 835 million coins. Its maximum supply is 1 billion.

Enjin is a smart contract platform, and ENG is its cryptocurrency. The platform offers opportunities for game developers, communities, and content creators to get crypto-backed value from creating tools for managing virtual goods. The ENG powers its Enjin Platform.

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Source – pixabay

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Wemix (WEMIX) 

WEMIX’s trading price was US$17.53 on Friday evening, with a 24-hour trading volume of US$237 million.  WEMIX rose 8.76% in the last 24 hours but fell 6.91% from its 7-day all-time high of US$18.84. Its market cap is US$2.16 billion. Its current circulating supply is 123 million and the max supply is 1.015 billion.

Wemix is a blockchain-based Global Gaming platform. It offers users a marketplace for digital assets and wallets. It aims to give more experiential value to users besides providing a wallet and a marketplace. 

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It has been in existence for the last 20 years. It currently has around 600 million users. Wemix’s hit games include ChuanQi (Legend of Mir). The platform offers easy entry. Users simply need to sign-up with Google and verify the email.

They can start playing the games without any other requirements like wallet creation, account activation, etc. that holds back people with no crypto-handling experience.               

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Bottomline                 

Although the crypto metaverse is in the nascent stage of development, it holds great potential both for social networking and financial gains. Besides, a single crypto metaverse might be designed in the future in which all crypto metaverses could interact and interoperate with one another, providing a captivating experience for users while transforming the metaverse world.