Metaverse Coins: Currency of the Future
Where do you find Metaverse coins? In the Metaverse, of course. But what's that? The Metaverse forms a bridge between the real and virtual worlds and is expected to grow rapidly in the coming years.
Some industry experts expect it to be valued between $800 billion to $1 Trillion within the next couple of years. Here are a few of the most valued ‘metaverse coins’ by market capitalisation.
AXS is the first ‘metaverse coin’ discussed. It stands for Axie Infinity Shard. Inspired by Pokemon, it was created for use on Axie Infinity’s platform. It is a game where users breed and train Axies to fight each other. Users can also exchange their islands or any items on the game.
The game has two modes. They are Adventure Mode, where users fight and complete each level, and Arena Mode, where at least two Axies battle off. The rise in popularity within crypto gaming tokens is partly because many investors are interested in NFT, allowing them to understand this type of crypto better. AXS token holders can also vote, stake, and pay for any products.
MANA is used to buy and sell items on the Metaverse platform, Decentraland. MANA’s value fluctuates based on the current state of the cryptocurrency market. It becomes more expensive following an important event on Decentraland, such as the purchase of a high-value plot of land - just like a company’s share prices increase after positive news.
SAND is the original cryptocurrency of The Sandbox, where users can search for and purchase land and create structures to sell. All items acquired are 100% owned by the player creating further revenue opportunities for gamers. This utility token is also used to play games, purchase equipment, and build/customise avatars. Furthermore, you can also earn tokens when playing. People who have the token can also vote on decisions that may affect the game's future development.
Theta is software that seeks to encourage a global network of computers to form through incentives. It is a decentralised video streaming platform. As there are restrictions based on location, some areas can not keep up with increasingly high-quality streams. Theta, a “metaverse coin", changes this perspective by letting a global pool of users relay videos by offering their spare bandwidth and computing resources. The more users join the Theta network, the more bandwidth is available, which improves the streaming quality of the videos on the network.
ApeCoin DAO allows all APE token holders to be involved in governance decisions, such as how to allocate the Ecosystem Fund, governance rules, selection of projects and partnerships, and so on. After voting on the proposals, the APE Foundation carries out the decisions. Yuga Labs, which created the Bored Ape Yacht Club NFT collections, also use APE as the primary token for all their products and services.
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Author: Emmanuel Baiden
7 years experience within the financial services sector most notably in Sales, Trading, research and writing articles within the crypto space. I have a bachelor's degree in International Business and a Master's in Investment and Risk Finance . I am also an associate member of the Chartered Institute for Securities and Investment.