If you’ve been paying attention to the news, social media, or even casual dinner conversations, you’ve probably heard the buzz around the term “metaverse.” While the technology is still on the fringe, it’s quickly gaining the attention of tech and crypto investors alike, presenting a promising opportunity for 2023. One major player betting big on the metaverse is Meta (formerly known as Facebook), which reportedly spent a whopping $10 billion on its metaverse project in 2021. In this blog post, we’ll explore everything you need to know, including the best coins to invest in. Just remember, investing in cryptocurrency is a volatile market, so always proceed with caution and never invest more than you can afford to lose.
1. ApeCoin (APE)
Apecoin (APE) is an ERC-20 token operating on the Ethereum blockchain, serving as a governance and utility token for the Ape ecosystem. Holders of APE can participate in governing the ecosystem and access games and other products and services exclusive to APE holders. Apecoin is the native token for Otherside, an upcoming metaverse game developed by Yuga Labs, the creators of the Bored Ape Yacht Club NFTs, which raised $320 million in a virtual land sale allowing APE token holders to purchase parcels in Otherside. However, issues with the minting process associated with the Otherdeeds caused a significant price drop for APE, falling from $26 to $3.49 in June. The second demo for Otherside is scheduled for March 25, with the game potentially launching soon after. Efforts to remove APE tokens from the circulating supply are being made to boost the price, but the success of the project is uncertain. Despite major challenges, Apecoin currently holds a market cap of $1.45 billion as of May 1, making it the largest metaverse coin.
2. The Sandbox (SAND)
The Sandbox (SAND) is a crypto metaverse project that has demonstrated remarkable performance. SAND, the native token of the platform, steadily increased throughout 2021, reaching $8.40 in November. However, like most cryptocurrencies, it suffered a price decline and currently stands at $0.53 as of May 1, representing a 39% increase from its one-year low. The project, which features a virtual reality, aims to create a metaverse through its game, with the support of gaming brands like Atari and Lionsgate. The Sandbox allows users to create and trade NFTs using SAND metaverse tokens, and it recently launched Alpha Season 3, projected to attract 500,000 users. The project is based on Ethereum and has a limited coin supply of 3 billion tokens, with a market cap of $795.29 million as of May 1.
3. Decentraland (MANA)
Decentraland is a crypto metaverse project that has gained significant popularity, partly due to the NFT craze that resulted in gains for its native token, MANA. NFT owners often showcase their digital assets on the platform, which also allows users to buy virtual land and create digital assets and games. Sotheby’s, a luxury goods and art broker, purchased land on the platform and replicated its London offices, indicating a growing interest in metaverse projects by major corporations. Although created in 2017, Decentraland took time to gain recognition. While MANA’s performance has been lackluster, its market cap impressively stands at $952.32 million as of May 1, making it the third-largest metaverse token by market cap. Though MANA’s value has declined since the beginning of the year, patient investors with a high risk tolerance may eventually see a return on their investment.
4. Highstreet (HIGH)
Highstreet is a metaverse project that supports virtual reality and has the potential for various metaverse applications. It offers the ability to shop for goods within the virtual universe using the HIGH currency, with some Shopify stores already integrated into the platform. It also features gaming and has NFTs on its roadmap, indicating that it is keeping up with technological and crypto trends. In addition, HIGH is now available on Coinbase, PancakeSwap, and Uniswap (V2).
From a practical standpoint, Highstreet has already achieved what metaverse technology promises to deliver in the real world. As an investor, this could be a good option for those who value practicality. Backed by tech company HTC, Highstreet raised $5 million in August 2021, and its market cap as of May 1 is $57.07 million.
5. Floki Inu (FLOKI)
Floki Inu, yet another dog-meme-inspired cryptocurrency, could be a promising metaverse crypto for those seeking undervalued cryptocurrencies. It takes its name from Elon Musk’s shiba inu, which also inspired another crypto project.
According to the project’s website, it aims to merge memes with real-world applications by launching a game, an NFT marketplace, and an education and content platform. Although the project is still under development, it hasn’t deterred over 400,000 people from purchasing FLOKI tokens.
As of May 1, Floki Inu has a market cap of $300.39 million, and its tokens are being sold for $0.00003369.
6. Metahero (HERO)
Metahero is a nascent metaverse venture centered around generating high-quality avatars of real-world objects and individuals using 3D scanning technology. The team has established a scanning booth in Doha to scan objects and generate their digital 3D replicas for the Metahero universe, and it has joined forces with Wolf Studio for this purpose. Metahero’s native token, HERO, has a market capitalization of $21.95 million as of May 1, which is relatively minor in comparison to other tokens on this list, as the initiative is very recent. Over the past year, Metahero’s performance has been abysmal, with the coin losing nearly all of its value. Nonetheless, HERO is not out for the count yet, and its value appears to have stabilized, thanks in part to the recent collaborations that founder Rob Gryn has undertaken with his other metaverse project, Everdome. However, at present, it is perhaps one of the most speculative metaverse cryptocurrencies.
7. Virtua (TVK)
The Virtua project dates back to 2017, before the advent of NFTs, but now it’s a metaverse platform entirely devoted to them. Using its native token TVK, members can create, trade, and buy NFTs in a virtual environment accessible via the web, PC, and augmented reality/VR. As NFT investments continue to rise, Virtua’s emphasis on NFTs gives it substantial potential.
To make its marketplace more sustainable, Virtua recently integrated the Cardano blockchain, following its earlier integration with the first carbon-positive blockchain, Polygon, as reported by NFT Evening. As of May 1, TVK’s market cap is over $37.1 million, with a YTD performance of +25%. With new partnerships like the recent one with the NFT game Kawaii Islands, Virtua’s user base could expand enough to sustain it in the long run.
8. Star Atlas (ATLAS)
Star Atlas is a metaverse project that offers a visually impressive game set in the year 2620. Players can explore, claim territory, and gather resources in a futuristic world. Recently, the project partnered with iBuyPower, a PC manufacturer that will provide hardware to expand the game’s membership.
The game features a metaverse token, ATLAS, which players earn as they progress through the game. These tokens have the potential to increase in value, providing a financial incentive to play. Star Atlas is based on the Solana blockchain, which offers low transaction fees compared to other blockchain-based projects, such as those built on Ethereum. As of May 1, the project has a market cap of $42.27 million, and the ATLAS token trades at $0.2769.
9. Enjin Coin (ENJ)
Enjin is a gaming platform that operates in a metaverse-style environment where users can “mint” ENJ, the platform’s native token. Players can then use this token to purchase in-game assets that help them progress, effectively creating a marketplace. ENJ is built on the Ethereum blockchain and has a market cap of $357.58 million as of May 1. Enjin recently launched the first NFT para chain on Polkadot, providing access to over 100 games and apps. After hitting 500,000 wallets in May 2022, Enjin began working on Enjin Wallet 2.0, which was released in January.
10. Epik Prime (EPIK)
Epik Prime is a metaverse project that is heavily focused on NFTs. The native cryptocurrency EPIK can be found on various platforms like PancakeSwap, Hotcoin Global, KuCoin, and Huobi Global. Epik has licensed NFT collectibles and experiences to major companies like Warner Music and Universal and has over 300 gaming clients. Even though its performance has been struggling in recent months, its partnerships suggest that it could make a comeback.
EPIK was launched in 2021 and currently has a market cap of $6.49 million as of May 1, which is considerably lower than other coins on this list. However, the involvement of major companies in its use cases makes it worth considering.
Conclusion
In conclusion, the metaverse industry is rapidly growing and presents many investment opportunities, especially with the increasing interest in NFTs. It is important to remember that investing in any cryptocurrency carries risks, and it is always advisable to diversify your portfolio and invest only what you can afford to lose. Therefore, before investing in a metaverse project, it’s essential to do your research and evaluate its potential thoroughly. By carefully assessing and investing in metaverse projects that align with your investment strategy, you can potentially reap significant rewards in the future.
FAQs
What is the oldest known cryptocurrency?
Bitcoin is widely considered to be the first cryptocurrency ever created, launched in January 2009 by an individual or group of individuals operating under the pseudonym Satoshi Nakamoto.
What is the cryptocurrency used by Facebook’s metaverse?
Facebook Metaverse uses FACEMETA as its currency, which can be purchased using another currency listed alongside it under “Pairs”. To acquire FACEMETA with U.S. Dollars, one can search for FACEMETA/USD.
Does Gala operate as a metaverse cryptocurrency?
Yes, Gala is a highly successful metaverse platform that functions as a marketplace for music, games, NFTs, and other items.
