Metaverse: Which are the top 5 coins making waves?

Highlights 

• As the virtual world featuring avatars and numerous digital objects are hogging the limelight, people are getting allured by Metaverse cryptos.
• MANA, the Metaverse token of Decentraland, is hugely popular for owning and managing parcels of land in the digital space.
• ENJ can be utilised for purchasing numerous digital items across multiple games.

Ever since Facebook has rebranded itself as Meta, the term Metaverse has gained a huge fan following. Though for a common man, it might just be referred to as a virtual world, it does not limit itself here. Instead, it covers different aspects of online gaming, virtual reality, augmented reality, social media, etc.

Related Read: Facebook is banking heavily on metaverse; what are others up to?

Here in the Metaverse, one can easily shop or invest in the online digital space, for instance, real estate, etc., but has one ever thought of the mode of payment? As of now, virtual goods on the Metaverse can be bought and sold using numerous in-house cryptocurrencies of the Metaverse universe.

Do Read: Decoding metaverse: What is it and why is there so much hype about it?

Here, in this article, let us go through the most popular five Metaverse tokens worth considering.

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Decentraland (MANA)

Decentraland is a virtual world on the Ethereum blockchain, where players can own and develop blocks of land and operate them like real estate and interested investors can acquire these at a price.

A Quick Read: Meet Decentraland: A metaverse that predates Facebook’s meta makeover

Its in-house coin, MANA, helps in purchasing land, scenes, outfits, etc. On 3 December, at the time of writing, it was priced at US$4.34 and has a market cap of about US$9.54 billion.

Sandbox (SAND)

Very similar to Decentraland, Sandbox is another virtual world where players can buy land and create their own gaming experiences. It lays emphasis on customisation and NFT creation.

Interesting Read: Why has The Sandbox’s gaming platform been incorporated into social metaverse?

One can earn SAND, its native token, by completing various missions in this virtual world. On 3 December, at the time of writing, SAND was valued at US$6.45, with a gain of 1.82% in the last 24 hours. It has a market cap of US$5.85 billion.

Enjin Coin (ENJ)

Built on the Ethereum network, Enjin is one of the largest online gaming community platforms, integrating many Metaverse projects and boasts over 18 million registered users.

This platform allows its players to use their virtual items across multiple games. Its token ENJ, also having smart contract capabilities, at the time of writing on 3 December, had a value of US$3.32 and a market cap of US$2.78 billion.

Render Token (RNDR)

Another popular Metaverse cryptocoin is RNDR, which is an in-house token of the Render Network, focusing on animation, motion graphics, and VFX.

Moreover, this network is environmentally friendly, scalable and helps its users in developing cost-effective 3D content.

Currently, the coin can be traded in crypto exchanges like Binance, Bybit, Huobi Global, etc.

At the time of writing, on 3 December, RNDR was valued at US$6.47 and had a market cap of about US$1.11 billion.

Axie Infinity (AXS)

Partially owned and operated by its players, this blockchain platform facilitates trading and battling games. Quite similar to Pokemon, here, players can create, raise and compete with Axies and can earn crypto rewards, which can also be used outside the game.

AXS tokens have a market cap of US$8.24 billion and on 3 December, at the time of writing, was priced at US$135.28.

Must Read: Can the metaverse market become US$1 trillion economy?

Bottom Line

As more and more people are getting glued to the virtual world and online gaming platforms, Metaverse cryptos are sure to gain more prominence in the digital space.