Since the 20th century, virtual reality worlds have been the focus of science fiction plots and the dreams of game developers. Metaverse early adopters include gamers, social media, and decentralized finance users. Some metaverse projects have been discussed since 2003, when the first virtual reality was implemented in Philip Rosedale’s “Second Life”. However, the concept gained massive attention when Facebook rebranded as Meta and launched its own virtual world at the end of 2021.
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So what is the metaverse all about? Simply put, it’s the potential future of the Internet in which users can immerse themselves into apps and websites instead of interacting through text on a screen. Using AR (augmented reality) and VR (virtual reality) technologies, these worlds will strive to resemble real life and maybe even replace some real-life activities. Regular users have already experienced virtual reality through products like Oculus VR headsets. Users from all over the world gather in these spaces and interact using virtual avatars while playing games, socializing, watching content, and even attending concerts, shows, and conferences.
What Is the Metaverse Crypto Token?
Blockchain technology is the last piece of the puzzle that can complete the functionality of metaverse. Virtual reality ecosystems need to develop their own economies in order to be more like the real world. Cryptocurrency can be used to facilitate funds transfers and purchases of virtual goods. Major metaverse projects have their own dedicated tokens that can be used to buy avatars, skins, land, etc.
In addition to crypto, the metaverse is a relatively new concept that has the potential to be a promising venture for early investors. Some experts do believe that metaverse tokens may be the future of crypto as they have inherent purchasing power in the related metaverse. John Dough, an analyst for Currency.com, shared: “Such games can attract masses of players to specific crypto. I think that’s going to be the next chapter in crypto. It’s going to be super popular coming up here within this next year.”
However, it’s important to remember that any financial investment can be risky. It is crucial to understand how tokens and metaverse spaces work together. Here are some of the most popular metaverse projects and their crypto tokens.
Decentraland is one of the most popular blockchain-based metaverse projects, with about 300,000 monthly users. Released back in 2016, this project is one of the first metaverses that became widely discussed among crypto investors.
Its native token MANA can be used to purchase virtual land and real estate. Currently, the token is worth almost $2.50, and the cheapest plot of land costs around 3,000 MANA. The most expensive plots have been sold for millions of dollars.
Besides purchasing in-metaverse real estate, users can also purchase clothes and features for their avatars as well as create spaces on their land such as art galleries, concert halls, and gaming hubs.
Another leading metaverse project that utilizes crypto and NFT technologies is The Sandbox. The main focus of The Sandbox is allowing users to create their own content, monetize it, and engage with their audience and other content creators.
Similar to MANA, Ethereum-based SAND tokens can be used to purchase land plots and avatar customizations inside of The Sandbox. Prominent public figures like Snoop Dogg, Deadmau5, and The Walking Dead show already have a property in this metaverse.
Currently, SAND’s market cap is over $4.5 billion with 1 SAND equivalent to $2.92. The tokens are used to purchase NFTs that allow metaverse participants to build, own, and earn money off of their virtual gaming experience.
Axie Infinity is another popular metaverse designed for virtual gaming. With similar gameplay to Pokemon games, players can customize and buy fantastical creatures and compare their strengths in battle with other players. Creatures are collectible NFTs and their ownership rights are recorded on the Ethereum and Ronin blockchains.
While investment is required to start playing, the play-to-earn structures actually allow many players to earn and withdraw real money. Axie Infinity Shard (AXS) is the platform control token that is utilized for governance, staking, and in-game purchases. Currently, 1 AXS is equal to $49.89.
Having looked at the most popular metaverse projects, let’s see how users may begin investing in the virtual world by buying metaverse tokens.
The most convenient way is to make use of a reputable cryptocurrency exchange service like ChangeNOW. The platform supports MANA, SAND, AXS, and other metaverse tokens, a total of 380 digital assets. In order to make a swap, users do not need to register or provide any personal information because this is a non-custodial service. We will use MANA as an example since the steps to purchase these tokens are the same.
Pick an exchange pair from the list and fill in the details. If you own other cryptocurrencies or tokens, you will most likely be able to exchange them as there are over 70,000 trading pairs.
Alternatively, tokens can be purchased with fiat using Visa or MasterСard cards through Simplex and Guardarian integration.
Provide payment details and the receiving wallet address. If you are paying with crypto, you will need to send the deposit to confirm the transaction.
Tokens like MANA can be stored in the in-metaverse wallet or in another wallet that supports the token type. Make sure that the chosen token type is supported by the wallet and that the wallet address is correct, otherwise, the funds will be lost.
Wait for the transaction to be confirmed and receive your tokens. That’s it! You are now a holder of metaverse tokens!
When you receive your metaverse tokens, you’ll be able to use them to purchase virtual goods like land, clothes, avatar features, etc. ChangeNOW is the easiest way to get in quickly and without additional hassle, whether you want to use metaverse tokens to purchase things in a virtual world or to hold them in hopes that the price will rise.
Any financial investment can be risky, but the projects we discussed have earned the respect and support of the crypto and gaming communities. Metaverses are constantly evolving as they gain popularity, and many new features and attributes will be added. It is a rare opportunity right now to participate in the massive shift from the physical world to the virtual one.