This year, cryptocurrencies and NFTs created ripples across industries. More recently, metaverse became the favourite buzzword among investors, brands, and celebrities alike. With the rise in decentralized finance (DeFi) and the metaverse, a slew of metaverse coins and tokens too have come under the limelight, making significant year-to-date gains. With 2022 just days away, the year ahead is brimming with possibilities for metaverse coins.
What is metaverse coins and tokens?
First things first, what exactly is the metaverse? It is a virtual world that uses technologies like virtual reality (VR), augmented reality (AR), and mixed reality (MR), to blur the line between the physical and digital worlds. In the metaverse, you can roam around as avatars to attend meetings, go to concerts and events, meet and chat with friends, play games, shop, and so much more!
Now, metaverse tokens and coins are the virtual currency people use in the metaverse. Imagine going to a shopping complex in the real world. You’ll have to pay fiat currency to buy clothes, to watch a movie, or to play games. In the same way, you need metaverse tokens for any kind of transaction within the virtual world. As metaverses are based on blockchains, the transactions are secure and happen almost instantaneously.
Most virtual worlds have their own native tokens, either in the form of cryptocurrencies or NFTs. Some of these come with added utilities like governance rights. Alternatively, you can exchange these for fiat currencies. While some metaverse coins are available only on their corresponding virtual world, you can buy some from popular exchanges as well.
Why the sudden hype in metaverse tokens and coins?
While metaverses and their various tokens and coins are not new, it was Facebook’s rebranding to Meta and the subsequent move into the metaverse this year that put it under the spotlight. The announcement shot up the value of metaverse coins overnight. Since then, various metaverse items like virtual real estate have been selling like hotcakes. Recently, the Metaflower Super Mega Yacht NFT was even sold for about $650,000! The metaverse fever is far from over and it’s only going to get bigger and better in 2022.
10 Metaverse coins and tokens to watch in 2022
When it comes to metaverse tokens, the sky is the limit! With so many options to choose from, it can be daunting to pick the best ones. That’s why we have curated a list of the top metaverse coins for you (in no particular order)!
1. Decentraland (MANA): The top metaverse token
Market Cap: $7.15 billion
YTD Performance: 4872.8%
Decentraland has established itself as one of the most popular metaverses currently available. It is a completely decentralized 3D virtual world where people buy parcels of LAND to set up galleries, games, casinos, and more. The metaverse is based on the Ethereum blockchain and is a favourite among many. It thus comes as no surprise that Decentraland’s native token, MANA, currently has the highest market capitalization of $7.15 billion, according to CoinMarketCap. There is a total of 2.2 billion MANA in supply, with 1.8 billion in circulation. At the time of writing, it was trading at $3.93.
MANA is available for purchase on crypto exchanges like Binance and Huobi Global. Alternately, it can be stacked on decentralised exchanges (DEX) such as Uniswap or Sushiswap. Within Decentraland, you can use MANA to purchase LAND (NFT), accessories, collectibles, and various other assets.
Additionally, you can lock your MANA in a WMANA contract to create a ‘wrapped MANA’, or WMANA, which cannot be traded. Each unit of WMANA gives you one voting power in the Decentraland DAO.
2. Axie Infinity (AXS)
Market Cap: $6.77 billion
YTD Performance: 19051.5%
Axie Infinity Shards or AXS is the native governance token of Axie Infinity, the biggest play-to-earn game. In the game, which is quite similar to Pokémon, players can buy, sell, trade, and breed digital monsters called Axies. Each Axie is a unique NFT that players can use to battle others and earn AXS as rewards. They can also trade Axies and other in-game items on marketplaces. Axie Infinity became so popular that it was the most traded NFT collection in Q3 2021, amassing $2.08 billion in that period alone.
The game’s growing popularity also led to AXS taking the crown as one of the largest gaming cryptocurrencies. As per CoinMarketCap, AXS is trading at a whopping $111.21, with a market cap of $6.77 billion (at the time of writing). Being a governance token, AXS holders get to vote on various decisions in the game’s ecosystem. You can buy the token from a number of exchanges including Binance, Upbit, and FTX.
3. The Sandbox (SAND)
Market Cap: $6.18 billion
YTD Performance: 17581.3%
The Sandbox is another highly valued metaverse on the Ethereum blockchain. As with MANA, The Sandbox’s ERC-20 token, SAND, is used for all transactions within the virtual world. It also has two other tokens: LAND, which is virtual real estate, and ASSETS, which are tokens developed by the players. Currently, the SAND token is priced at $6.71, with a 24-hour trading volume of $1.22 billion.
In this 3D metaverse, you can trade LAND, enjoy gamified experiences such as games and challenges, and earn rewards. Moreover, you can use its tools like VoxEdit and Game Maker to create ASSETS and 3D games. The Sandbox boasts of hosting famous companies like PwC Hong Kong, Adidas, and celebrities like Deadmau5 and Snoop Dogg. Someone even paid over $450,000 to be Snoop Dogg’s neighbour in the metaverse! After a successful Alpha season one, the virtual world is all set for its second Alpha season.
4. My Neighbor Alice (ALICE)
Market Cap: $473.17 million
Currently trading at $15.61, ALICE, the native cryptocurrency of blockchain game, My Neighbor Alice, is another hot metaverse coin to watch in the market. According to CoinGecko, the token grew 30.4% in the last seven days, with a 24-hour trading volume of $156.7 million. While it has a total supply of 100 million, the circulating supply is 30.6 million.
My Neighbor Alice is a Chromia blockchain-based multiplayer farm and builder game set to release in Spring 2022. It allows players to buy virtual islands, collect and build various items, and meet friends. They can use the ALICE token to purchase game items, earn staking rewards, and participate in the governance process to decide on the use of revenue and game development. Besides, players can earn the token by participating in different in-game events. If all goes well with the game, the ALICE token could be one of the top tokens next year!
5. Theta Network (THETA)
Market Cap: 5.71 billion
YTD Performance: 243.1%
Theta Network is a decentralized video streaming network based on the native Theta protocol. It allows users to watch videos and earn rewards, in the form of Theta Fuel (TFUEL) tokens, for sharing the videos with others. An open-source platform, it also targets developers wanting to launch DApps. That’s not all! Video platforms too can use Theta to lower their video delivery cost and increase viewer engagement as well as advertising and subscription revenues. Furthermore, Theta Network boasts of a stellar lineup of partners including Google, Binance, Blockchain ventures, Gumi, Sony Europe, and Samsung.
The platform’s governance token, Theta Token (THETA), allows holders to take part in various governance tasks in the network. Holders can stake the token to earn TFUEL, which can be used for on-chain operations. At the time of writing, THETA was trading at $5.70.
6. Enjin Coin (ENJ)
Market Cap: 2.73 billion
YTD Performance: 2159.4%
Enjin Coin (ENJ) is a token from Enjin, an ecosystem of blockchain-based gaming products founded in 2009. Its main product is the Enjin network, which allows users to create and manage their own NFTs. According to its website, ENJ is an “Ethereum-based cryptocurrency used to back the value of next-gen fungibles and NFTs.” It was first announced in 2017 and launched on Ethereum in June 2018.
Essentially, ENJ is used to back the value of blockchain-based digital assets. Every asset minted on the Enjin platform has ENJ locked inside NFTs and removed from circulation. This comes with a slew of benefits including instant liquidity, scarcity, utility, and more. Besides, users can “melt” (or destroy) their assets any time to get back ENJ. For these reasons and more, ENJ is an important metaverse coin to consider investing in in 2022. Currently, a single ENJ costs $3.22.
You can buy ENJ from Crypto.com, Binance, Blockchain.com, Voyager, Kriptomat, Swissborg, Bithumb, and Gemini.
7. Efinity Token (EFI)
Market Cap: $209.06 million
Enjin has also developed Efinity, a cross-chain blockchain built on Polkadot for NFTs. The blockchain aims to solve problems with existing blockchains like high gas fees and low scalability. Efinity is environment-friendly, offers low transaction fees, fast transactions, and is cross-chain compatible. A major highlight of the blockchain is that it rewards network users with the Efinity Token (EFI). In the company’s own words, EFI is “designed to fuel a decentralized Metaverse.”
EFI has a total supply of 2 billion and a circulating supply of 169 million. At the time of writing, it cost $1.22 per token, with a 24-hour trading volume of $11.7 million. While EFI is currently a small player compared to other tokens, its valuation is likely to soar next year.
8. Verasity (VRA)
Market Cap: $199.4 million
Founded in 2018, Verasity is a protocol and product layer platform for Esports and video entertainment. It offers a range of products for multiple industries, including the VRA rewards system incorporated into SDKs for major video platforms like YouTube and Vimeo. All its products are built on its unique patented Proof of View system, which uses blockchain-powered AI to detect online ad fraud.
Additionally, it offers VeraWallet, a blockchain wallet for VRA tokens. VRA is the main currency to take part in Verasity’s online gaming and video economy. Users can stake the tokens to earn 25.55% VRA rewards per year. Users can also earn VRA by participating in various activities in the VRA network, including watching rewarded content. At the time of writing, VRA was trading at $0.045, up over 15.76% in the last 24 hours. With esports and the video entertainment industry booming, VRA is likely to cross $1 in the near future, according to CoinMarketCap.
9. Alien Worlds (TLM)
Market Cap: $238 million
No metaverse coin list is complete without mentioning Trilium (TLM), the in-game currency of Alien Worlds. A DeFi metaverse on the Ethereum, WAX, and Binance Smart Chain blockchains, Alien Worlds is based on exploration and mining. The gameplay is pretty simple—players are ‘explorers’ that visit different planets to mine TLM using their tools. Players can then use the coin to buy NFTs, exchange it for fiat, or stake it for voting power.
The game offers various NFTs such as land, tools, minions, weapons, and avatars. If you own land, you can earn a rental commission when someone mines on your property. Alternately, you can participate in battles to win TLM. Currently, the TLM token costs $0.23, with a 24-hour trading volume of $112 million. You can purchase the coin on Binance, PancakeSwap, and FTX, among others.
10. EPIK Prime (EPIK)
Market Cap: $75.3 million
EPIK Prime is an NFT platform that works with AAA gaming companies, entertainment IP giants, and brands to create digital assets and marketplaces. The company helps bring brands into video games by developing unique in-game items. Anyone can become an EPIK Prime member to get access to superior quality in-game items and NFTs. For this, you have to buy EPIK tokens. By staking the token, you can also upgrade your membership and enjoy several benefits.
You can purchase EPIK tokens from PancakeSwap, Uniswap and Huobi. At the present rates, each token will cost you $0.32.
Before investing in metaverse coins
Metaverse is the future—even big businesses agree. When it comes to investing in metaverse tokens and coins, it goes without saying that early movers are likely to reap maximum benefits. Take MANA for example. From $0.007 about four years ago, the token’s price has jumped 46045.35%. That’s a 14002.76% ROI for those who invested at the time!
Nonetheless, this is an extremely volatile market where prices can drastically fluctuate and come with risks of huge losses. Thus, if you are planning to invest, do your due diligence and make sure you understand the market extremely well.