The metaverse is the latest buzzword and has ranked second in Oxford’s Word of the Year list. The sudden spike in its popularity is attributed to the renaming of the world’s largest social network, Facebook, to Meta.
Metaverse is a space that blends the physical and digital world, evolving into a reality with endless possibilities. It empowers a world where people can interact virtually, exchange digital assets for real-world value, own digital land, and much more. Several tech giants recognize the viability and potential of the metaverse as they plan to leap into virtual reality. Even though the term is garnering all the media hype, an average user isn’t aware of what a metaverse is, what metaverse tokens are, and the opportunities it can offer them.
What is Metaverse?
Metaverse is a mixture of two words: Meta + Universe. Meta is a Greek word that means “beyond” and conveys transcending reality, whereas the term Universe refers to the entire world. Metaverse is a virtual space or digital world based on blockchain technology. It allows users to play and work in a virtual reflection of real-life and fantasy scenarios. Metaverse combines augmented reality (AR), virtual reality (VR), and video to allow users to live in a digital universe.
Users can immerse in the metaverse via computer or handheld devices. They can experience living in a digital realm, where they can work, shop, play, or socialize. Metaverse empowers users to create their own avatars, set up their businesses, buy real estate, and create in-world content—all in one virtual environment.
A metaverse is a digital reality powered by decentralized finance, where users exchange value and products via digital assets. It allows users to buy products or services using cryptocurrency. Users can also use Metaverse Tokens: What, Why and How To Buy Them, or native cryptocurrencies, to buy in-game assets. However, it is essential to note that metaverse does not accept all cryptocurrencies; instead, it only takes certain crypto coins known as Metaverse tokens.
What are Metaverse Tokens?
Metaverse tokens are digital assets used to make digital transactions within the metaverse. Since metaverses are built on the blockchain, they harness all its characteristics, such as security, trustlessness, and faster speeds. Users holding the metaverse tokens can access multiple services inside the virtual space. While some tokens grant in-game abilities, others represent unique items for virtual avatars. The best part about the metaverse tokens is the associated value inside and outside virtual worlds. However, the same is not valid with traditional virtual world games.
Some examples of metaverse tokens are Decentraland (MANA), The Sandbox (SAND), Solana (SOL), Fantom (FTM), Render Token (RNDR), Harmony (ONE), and Axie Infinity (AXS). The Enjin Metaverse has ENJ token as the native token of the ecosystem with the world’s largest game NFT networks.
Top 5 Metaverse Tokens in 2022
Metaverse tokens are receiving quite the attention in recent months, and it doesn’t look like they will slow down. Some of the most popular metaverse tokens are:
- ApeCoin (APE), at a price of $4.0 and a $1.4 billion market cap.
- Axie Infinity (AXS), at a price of $9.3 and a $930 million market cap.
- The Sandbox (SAND), at a price of $0.6 and a $926 million market cap.
- Decentraland (MANA), at a price of $0.4 and a $778 million market cap.
- Enjin Coin (ENJ), at a price of $0.3 and a $316 million market cap.
* The price of metaverse tokens is dated 6 December 2022.
All these cryptocurrencies have a solid foundation with a promising future. But it is essential to do your own research (DYOR) and take professional advice before investing in metaverse tokens.
How to buy Metaverse Tokens?
Users can choose any of the three options to participate in the metaverse. They can directly buy/purchase metaverse tokens, in-game NFTs, or virtual lands in the metaverse. Several cryptocurrency exchanges allow you to buy Metaverse tokens with your credit/debit card.
If you wish to buy the tokens from the cryptocurrency exchanges, follow the steps given below:
- Create an account on an any Crypto exchange.
- Deposit Bitcoins or Ether to that account, which you’ll use to trade for Metaverse tokens. Alternatively, you can make a fiat deposit in your native currency via bank transfer if available in your country.
- Purchase your preferred metaverse token via user wallet or with a credit/debit card.
- Once the transaction is completed, you can trade your tokens with other cryptocurrencies on the platform.
However, transferring your metaverse tokens to your MetaMask wallet is essential if you plan to use them in your game. MetaMask is a widely accepted crypto wallet integrated with most metaverses.
Future of Metaverse Tokens
Although the metaverse is in its infancy stage, it possesses the immense potential to blur the lines between digital and reality by providing a virtual environment.
Users can exchange metaverse tokens in the form of cryptocurrency for fiat currencies. Or in-game assets can also represent an NFT to authenticate ownership to tethered real-world assets. While metaverse tokens are gaining traction among netizens, users should always do their own research before making a purchase or an investment.
Unravel What is Comearth?
COMEARTH is a new-generation ecosystem to empower users with DIY Launch tools and comprehensive features to harness the extraordinary power of the metaverse. It aims to create custom experiences for its citizens to design the best experience for its visitors. The platform will enable brands to deliver the promise of the metaverse with the limitless potential to attract customers willing to explore the future ways of E-Commerce 3.0.
Frequently Asked Questions
Q1. What are metaverse tokens?
Answer: Metaverse tokens are digital assets used to make digital transactions within the metaverse. Since metaverses are built on the blockchain, they harness all its characteristics, such as security, trustlessness, and faster speeds.
Q2. Which Metaverse token is the best?
Answer: Here are the list of best Metaverse Token:
- ApeCoin (APE)
- Axie Infinity (AXS)
- The Sandbox (SAND)
- Decentraland (MANA)
- Enjin Coin (ENJ),
Q3. What are the upcoming Metaverse tokens?
Answer: One of the most sought after Metaverse token is the $ECOM token. This token is the native token of the COMEARTH Metaverse ecosystem.
Q4. What kind of token is $ECOM?
Ans: $ECOM is an ERC-20 token deployed on Ethereum and Polygon ERC20 Network.
Q5. What is the future of $ECOM Token in the Metaverse space?
Answer: $ECOM Token will provide users with diverse opportunities to monetize the ownership of COMEARTH real estate. It will promote referrals as users can bring a new stakeholder and receive 5% of the value of the cost of land purchased by the referred user.