What is metaverse? Five crypto tokens you must know about

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What is metaverse? Five crypto tokens you must know about

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 What is metaverse? Five crypto tokens you must know about
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Highlights:

  • Decentraland (MANA) has two tokens within its ecosystem.
  • ApeCoin's (APE) max supply is one billion.
  • Ceek VR (CEEK) hit its all-time high on November 29, 2021.

The increasing interests of several investors and the growing number of crypto enthusiasts around the globe have been witnessed in recent times. In addition to that, it has also emerged a flurry of new trends, that includes Web 3.0, metaverse, etc., that have attracted crypto market enthusiasts. However, the crypto market has declined rapidly this year and is going through tough times.

Now some might be thinking that "What is metaverse?". The metaverse can be regarded as a 3D immersive virtual world, which became popular due to its unique and fun operating features.

One of the most popular trends in recent days is the metaverse, evidenced by the push of several major companies into the sector. Meta Platforms, Inc. (NASDAQ: FB), formerly named Facebook.com, Inc., is among the first major companies to explore opportunities in the metaverse industry.

Some of the metaverse cryptos are ApeCoin (APE), Decentraland (MANA), The Sandbox (SAND), Ceek VR (CEEK), and Axie Infinity (AXS). Along with the metaverse, several other trends also came into existence, including play-to-earn (P2E), move-to-earn, etc. Let's discuss the details of these cryptos:

ApeCoin (APE)

ApeCoin is a crypto that users use within the APE ecosystem. It is an ERC-20 governance and utility token of the ecosystem that empowers and incentivizes the users.

The APE token holders could have governance through ApeCoin DAO. In addition, the token also enables them to vote on several decisions, like how the ApeCoin DAO Ecosystem should be utilized, etc.

The total and maximum supply of APE crypto is one billion, and its circulating supply was about 306.87 million. It saw its all-time high of US$ 39.40 on March 17, 2022.

Decentraland (MANA)

Decentraland is a virtual reality (VR) platform backed up by the Ethereum blockchain. It primarily focuses on allowing users to build and experience, apart from monetizing their content and apps.

Within the virtual world of Decentraland, the users could buy plots of land which they can navigate, build, or monetize. Meanwhile, there are two operating tokens, MANA and LAND, within the project's ecosystem. The MANA token should be burned to get non-fungible ERC-721 LAND tokens.

In addition, the MANA tokens could be utilized as a payment token for different services, including avatars, names, and other related features in the Decentraland marketplace.

The MANA crypto's total supply is 2.19 billion, while its max supply is unknown, and its circulating supply was about 1.86 billion. The MANA crypto's all-time high of US$ 5.90 was noted on November 25 last year.

The Sandbox (SAND)

Sandbox can be described as a blockchain-based virtual world that allows users to build, purchase, or sell various digital assets as a game. By utilizing the features of DAO and NFTs together, the project builds and provides its decentralized platform to the growing gaming community.

Sandbox claims that its main goal is to bring blockchain technology into the mainstream gaming industry. It aims to facilitate a creative P2E mode, which would allow the users to act as creators as well as players at the same time.

The project utilizes the features of blockchain technology by introducing its utility token, SAND, which enables the users to facilitate transactions within the ecosystem.

The SAND token's total and max supply stood at three billion, while its circulating supply was about half of its max supply. Talking about its price performance, the token reached its all-time high of US$ 8.44 on November 25 last year.

Five metaverse cryptos to watch in October
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Ceek VR (CEEK)

Ceek VR is another metaverse project that seems to be gaining traction in recent days. The project mainly focuses on connecting the creators with their followers or fans while enabling the artists to gain exposure to global audiences and monetizing their work.

Ceek VR, through its platform, claims to bring the fans and creators to one place while offering a unique experience to both groups.

It claims to provide new sources of income to the artists or creators through its platform while providing opportunities to the advertisers to identify user traffic and establish financial transparency.

The CEEK token's max and total supply are one billion, while its circulating supply was around 805.71 million. The token's all-time high of US$ 1.20 was noted on November 29 last year.

Axie Infinity (AXS)

Axie Infinity is a blockchain-based game partly owned and operated by users. The trading and battling game allows the players to receive, breed, and battle, while trading token-based creatures called Axies.

Each Axie is an NFT with unique attributes and power. The governance token of the project is AXS or Axie Infinity Shards, through which the token holders could take part in key governance votes of the Axie Infinity community.

Having a total and max supply of 270 million, AXS crypto's circulating supply was about 83.05 million. It hit its all-time high of US$ 165.37 on November 6 last year.

Bottom line

The overall crypto sector was also no exception amid the slump in the global financial markets. Like the stock and other markets, the cryptos also came under severe pressure this year due to the growing tensions over inflation, interest rate hikes, and tightened regulatory policies over digital currencies.

In addition, the volatility in the crypto market is also higher than in other traditional markets, so investors should move cautiously while putting their bets into the sector.

Risk Disclosure: Trading in cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory, or political events. The laws that apply to crypto products (and how a particular crypto product is regulated) may change. Before deciding to trade in financial instruments or cryptocurrencies you should be fully informed of the risks and costs associated with trading in the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed. Kalkine Media cannot and does not represent or guarantee that any of the information/data available here is accurate, reliable, current, complete, or appropriate for your needs. Kalkine Media will not accept liability for any loss or damage as a result of your trading or your reliance on the information shared on this website.

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