The Best Metaverse Coins and Metaverse Tokens
Metaverse is a concept that has its origins even before the birth of blockchain technology. The idea of metaverse refers to virtual worlds where users can interact with each other and connect more extensively to online applications. Metaverse coins and metaverse tokens are coins and tokens used in metaverse projects.
Understanding the Metaverse Concept
Considered an alternative to the real world, the metaverse has been on the agenda of the technology world, especially after the Facebook company changed its name to Meta at the end of 2021 and increased its investments in the metaverse.
Metaverse can be defined simply as virtual worlds. But these virtual worlds allow people to interact with each other and with various services online. In this respect, the metaverse can be thought of as a virtual alternative to the real world. With the development of Metaverse projects, Metaverse coins, and Metaverse tokens have also begun to form.
The metaverse concept was first used by author Neal Stephenson in his 1992 novel Snow Crash. Subsequently, books and movies such as Ready Player One and The Matrix brought the metaverse concept into the mainstream.
Multiplayer online role-playing games (MMORPGs) such as Ultima Online, Knight Online, and World of Warcraft are examples of the first metaverse. These games have created virtual worlds where users can interact with each other. Developments in virtual reality, augmented reality, and blockchain technologies over time have placed the concept of the metaverse at the center of predictions about the future.
The metaverse was not such a promising concept until the advent of blockchain technology. Because platforms and games that can be called metaverse did not really give ownership to their users. For example, no player actually owned an item in an online game or the character itself. Blockchain, and then NFT technology, made ownership possible. On metaverse platforms such as Decentraland (MANA) and The Sandbox (SAND), known today as metaverse coins, users can actually own a virtual land or item. In other words, even if the relevant platform disappears, the items they have do not disappear.
Blockchain and Metaverse
Blockchain technology emerged with the Bitcoin (BTC) whitepaper in 2008. Bitcoin was followed by many other blockchains with different functions, especially Ethereum (ETH).
While the blockchain world made decentralization possible in financial transactions, with the advent of NFTs, i.e., immutable tokens, real assets could be assigned virtual ownership. For example, it is theoretically possible to virtualize a title deed by turning it into an NFT. This made it easy to create a decentralized finance (Defi) economy.
It is this decentralization and ownership functions of blockchain technology that have led to the belief that the concept of metaverse will play a serious role in the future of the world. Blockchain technology has created a metaverse economy. In this way, many brands, including big brands such as H&M, opened virtual stores on metaverse platforms.
What are Metaverse tokens?
Blockchain-based metaverse platforms launch various cryptocurrencies to support their established virtual universes. These cryptocurrencies issued by metaverse platforms are referred to as metaverse coins or metaverse tokens.
Metaverse tokens can be used for trading on the respective platform, especially NFTs that give ownership of items to users. Also, some metaverse coins function as governance tokens. Prominent metaverse tokens include Decentraland (MANA), The Sandbox (SAND), Axie Infinity (AXS), Enjin Coin (ENJ), and Chromia (CHR).
Decentraland (MANA) is a metaverse game developed by Argentine entrepreneurs Ari Meilich and Esteban Ordano. On Decentraland, which consists of a universe of 90,601 plots, players can acquire virtual lands in NFT format. They can create content and applications on the lands they have acquired. Players can also experience other people's lands.
All trades in the Decentraland game are made with Mana, the ERC-20-based metaverse token.
The Sandbox (SAND)
Created by the Pixowl company, The Sandbox (SAND) is a metaverse game similar to Decentraland. In The Sandbox world, players can create their own universe by taking a piece of land as NFT and using various resources on it. All trades in The Sandbox game, which is on the Metaverse Coin and Metaverse Token list, are made with the SAND token, an ERC-20 token.
Axie Infinity (AXS)
One of the most popular and old metaverse games, Axie Infinity (AXS), is an NFT-based play-to-win game. Axie Infinity game, which is on the list of Metaverse coins, was inspired by cult games such as Pokémon and Tamagotchi and was released by the Sky Mavis company in 2018. In Axie Infinity, players try to collect and develop creatures in the NFT format called Axie. They can then earn tokens by engaging their Axie in various battles.
Axie Infinity has two tokens. One is the Smooth Love Potion (SLP), an in-game metaverse token, and the other is the AXS token used in governance. AXS token is among the most valuable metaverse tokens.
Enjin Coin (ENJ)
Enjin, on the list of metaverse coins and metaverse tokens, is a platform that allows game developers to create and manage virtual goods on the Ethereum (ETH) blockchain. Enjin Coin (ENJ) is the Enjin project's ERC-20 base but also supports ERC-721 and ERC-1155 smart contracts.
ENJ coin can be considered a common currency for games and applications using the Enjin platform. Among these games is Azure Heroes, powered by Microsoft. In addition, Enjin has developed an application called EnjinCraft for the world's best-selling game Minecraft.
Building metaverse applications require high scalability as it will have many participants. Chromium, which is on the metaverse coin and metaverse token list, is a blockchain platform that aims to solve the scalability problem for decentralized applications and thus develop metaverse applications.
The CHR token, released in 2019, is the native cryptocurrency of the Chromia platform. The CHR token is used to pay transaction fees on the network.