The Popularity of Metaverse Crypto Continues to Grow
Since Mark Zuckerberg moved to rebrand Facebook, and everything under his company’s control, into a new entity called “Meta,” much of the mainstream public was introduced to the term metaverse. But what is the metaverse?
Quite simply, a metaverse is a virtual world. It’s an online environment where people adopt the form of avatars to play games, build things, or just socialise. The important takeaway is there is not just one metaverse like there is one Internet. Facebook is only one of many companies planning to offer users the ultimate “virtual world” in hopes of enticing them to bring their digital avatars and come live in their world.
While the mainstream public decides whether the metaverse is something they need to take seriously, a large segment of the cryptocurrency investment community already has.
The real value of blockchain technology is becoming more evident as cryptocurrencies play an increasingly more prominent role in the metaverse, serving as the medium used for the transactions that occur in these virtual worlds. Metaverses that use cryptocurrencies such as Decentraland and The Sandbox have gone gangbusters lately in terms of popularity.
Virtual Real Estate
There is even an emerging virtual real estate market, and people are beginning to snatch up virtual plots of digital land in these electronic environments for substantial amounts of money. One plot of land sold for a jaw-dropping $2.4 million on Decentraland’s platform. Every kind of social activity from virtual performances to browsing shopping malls will have a presence in the metaverse. As more and more people begin “living” in these virtual worlds it is anticipated that digital property owners may even begin to work with recognisable brands that want to build up a presence in the metaverse.
While traditionalists and curmudgeons still think investing in the metaverse is janky at best, the health-care industry is already adopting the same technologies, like virtual reality and artificial intelligence, to power their medical devices. In other words, this technology is proving to be applicable to more than just gaming.
In the last analysis, there are some very influential people who are driving the adoption of the metaverse by suggesting they truly will change the world in much the same way the internet did when it began in 1995. If they prove to be right, the following three cryptocurrencies stand to gain significantly in the months to come:
Decentraland: MANA, the cryptocurrency of Decentraland’s platform, reached an insane market cap of over $10 billion in November but has cooled a bit in the last few days, along with the rest of the market, settling at a market cap of just over $6 billion. MANA is considered the digital coin to watch as the metaverse wars heat up.
The Sandbox: In this writer’s opinion, the cryptocurrency SAND is in the strongest position to benefit from mainstream adoption of the metaverse. It is the cryptocurrency of the “The Sandbox,” a hugely popular platform gaining more users by the day. Though falling more than 25% in the last seven days, SAND skyrocketed more than 300% in the month of November alone.
Axie Infinity (AXS)
Axie Infinity: The blockchain name of the very popular online crypto game that lets users play to collect in-game (AXS) currencies. The AXS market cap is currently just over $6 billion but reached a high of nearly $10 billion last month. Pundits suggest that AXS could double in the near term if mainstream adoption of the metaverse continues.
Bitcoin is still the largest cryptocurrency by market value, though its dominance has steadily declined as other cryptocurrencies draw the attention of investment communities. Bitcoin now accounts for around 40% of total market value, down from 70% in January 2021.
Author: Greyson Kelly
Greyson Kelly is a business writer living in Milwaukee, Wisconsin. He writes extensively on technological trends, cryptocurrency, and ‘cutting edge’ industry topics. He has an MBA in Business and has over a decade of experience in communications and public relations.