List of 6 Metaverse Tokens to Look For in 2024
After Facebook changed its name to Meta, the concept of Metaverse boomed.
Virtual world AKA Meteverce is an artificial world combination of virtual, augmented, and extended reality.
VR headset is the gateway to the Metaverse where you wear the VR and jump into the 3D world where you can do almost all the activities like in the real world.
Giant companies like Facebook and Microsoft stepped into the concept. And companies like Nike files virtual trademarks for Meteverce.
In the Metaverse, cryptos play a crucial role because you cannot use the physical currency to conduct any transaction in a fully digitalized Metaverse.
By considering this opportunity, many crypto projects came up with their own tokens for Metaverse, and crypto price tracker websites like Coinmarketcap created a dedicated section for Metaverse tokens to show the price.
Here is the list of some of those tokens.
1. Decentraland (MANA).
Currently, at the time of writing this post, MANA is in the top spot in the Metaverse category.
Decentraland is the virtual reality platform powered by the Ethereum blockchain where you can play games, and own plots of land that later navigate, build upon, and monetize.
Decentaland uses two tokens. One is the ERC-20 MANA, and another is ERC-721 AKA Non-Fungible-Token LAND. MANA plays an important role in the platform, it is used to pay for a range of avatars, wearables, names, and more on the Decentraland marketplace, and it must be burned to acquire LAND.
One LAND is represented as individual parcels in the Decentralized game world, which is divided into 90,601 individual parcels. Each LAND is exactly 16m x 16m (256 square meters) and can be found at a particular coordinate in the Metaverse.
As a LAND holder, you’re free to develop your plot into whatever you choose; much of the Metaverse is broadly divided into several districts, each of which has a different size and theme. These districts were generated through individual crowdsales for MANA tokens, and parcels of LAND in these districts cannot be traded.
For governing the entire Metaverse Decentraland uses a Decentralized Autonomous Organization (DAO) structure where MANA toker holders are in control of how the Decentraland world behaves by proposing and voting on policy updates, the specifics of upcoming LAND auctions and the types of content that are allowed with the Metaverse.
2. Enjin Coin (ENJ).
Enjin Coin is the product of Enjin, which provides an ecosystem of interconnected, blockchain based gaming products.
In layman’s terms, the Enjin ecosystem enables game developers and businesses of all sizes to use tokenized digital assets as part of their acquisition, retention, engagement, and monetization strategies. The Enjin ecosystem is fueled by the Ethereum token Enjin Coin (ENJ), a cryptocurrency used to back the value of blockchain assets.
Enjin Coin uses a series of smart contracts to which game developers send ENJ to mint (process of creating new crypto coins using a proof-of-stake (PoS) consensus algorithm) new, unique fungible or nonfungible ERC-1155 tokens. As more custom tokens are minted, more ENJ is removed from the ecosystem, thus making it scarcer. These tokens can be traded on the Enjin Marketplace.
3. The Sandbox (SAND).
Sandbox is just like a Decentraland where you can create, build, buy and sell digital assets in the form of games.
Sandbox uses its own native token SAND built on Ethereum to fuel the platform and focuses on facilitating a creative “play-to-earn” model, which allows users to be both creators and gamers simultaneously.
Even Sandbox allows importing of LAND NFT to create their land on the Metaverse.
Recently Sandbox hosted the Alpha event on the Metaverse, where players had the opportunity to be the first to experience gameplay, social hubs and play-to-earn in The Sandbox’s metaverse.
Sandbox combines the powers of decentralized autonomous organizations (DAO) and NFTs to create a decentralized platform for a thriving gaming community.
4. Axie Infinity (AXS).
Axie Infinity is a blockchain based battling and trading game.
In Axie Infinity, you collect and battle by breeding and raising unique digital creatures known as Axies in the game. Interestingly, you can also compete with other Axies, and these Axies are NFTs. So you can sell them in the marketplace.
To govern this whole game world. The Axie Infinity ecosystem has its token known as Axie Infinity Shards (AXS). These tokens give power to the user to participate in key governance votes and also give holders the power to say how funds in the Axie Community Treasury are spent.
AXS became one of the top cryptocurrencies with the highest performance in 2021. The impressive gains of more than 24,000%. This unprecedented success of Axie Infinity has also spurred many new games along similar lines.
5. Radio Caca (RACA).
Radio Caca (RACA) is a metaverse token for USM (The United States of Mars), a 3D planet where the main stage of the Metaverse is set.
In USM, you can own land, build buildings such as stores and art galleries, and create and play games.
Not only USM, RACA is also the exclusive manager of Maye Musk Mystery Box (MPB) NFT and the native token for the blockchain P2E game Metamon.
This whole RACA infrastructure is built on the USM chain, which is built on Ethereum, but their long term goal is to launch a public blockchain called USM Public Chain. The chain will be interoperable with other public chains such as Ethereum and Polkadot.
RACA is just a year old project. Its price surged when Metaverse hype was at its peak.
Besides the hype, RACA is partnered with other projects to build a metaverse.
6. Bloktopia (BLOK).
Bloktopia is a metaverse backed and built on the Polygon.
Like other metaverse projects, Bloktopia also offers buying real estate, playing games, renting, advertising by leveraging a high-end real-time 3D creation engine for creating exceptional visual effects by using VR.
Bloktopia has a native token BLOCK, which is a utility token used to buy, sell, and lease all the real estate within the metaverse.
Real estate properties you purchased on the metaverse are represented as REBLOK and the revenue from the property is represented as ADBLOK.
Furthermore, there will be the option to purchase real estate represented by an NFT, which also can later be leased to advertising parties or used to host your own events.
Bloktopia works on a Governance model. REBLOK NFT holders also form part of that Governance council. Each NFT will vote via a DAO. Proposals will be made to the DAO, where NFT holders will vote with the majority vote winning.
Conclusion.
These are the metaverse tokens you should keep an eye on in 2023.
But before investing any of the above tokens, you should keep in mind that the concept of metaverse is the new no one knows what is the future for this technology. So do your own research before making any investment move.
Now tell me, which token you’re interested in, is it MANA? Or SAND or any other..?