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Move aside crypto, there are some new players in town, and they’re from the metaverse.
While we once read about how cryptocurrencies have consistently broken new ground, metaverse tokens are now the next big thing. With valuations exceeding those of their mainstream cousins like Bitcoin and Ethereum, it’s easy to see why these tokens are on the tip of everyone’s tongue.
So, with so many coins to choose from, things can get more than a little confusing. You can find a full list of the top 10 best Metaverse coins in this article from Tezro.
Still, to make your life a bit easier, we’ve put together a selection of the most valuable metaverse coins on the market and sorted them by market capitalization.
So please sit back, relax, and take a look at what we have for you.
1. MANA – Decentraland
Market capitalization: $5,025,201,106
MANA is the in-game currency of the metaverse game; Decentraland. Decentraland is a business and real estate simulator that challenges players to build their enterprises and purchase and invest inland.
What makes Decentraland unique is that it uses NFTs to facilitate the ownership of in-game digital assets. In Decentraland, virtual real estate is represented by NFTs known as LAND (funny, we know) and collectibles, i.e., clothing and accessories for your in-game avatar.
Decentraland has a flourishing in-world economy, and all transactions are powered by the game’s currency known as MANA. MANA is used to purchase LAND and other in-game collectibles.
And thanks to Decentraland’s popularity, it’s even possible to buy MANA on crypto exchanges. With a market capitalization of more than 5,000,000 USD, MANA takes the top spot as the metaverse coin with the highest market cap.
Market capitalization: $5,022,815,995
Coming in second place is the AXS token with a market capitalization of 5,022,815,995 USD.
This token is used in the game Axie Infinity and acts as the primary medium of exchange, and it is also used for:
- Payment: used to purchase items on the in-game marketplace
- Staking: similar to crypto staking, players tie up their tokens to earn passive income
- Governance: used for the upkeep of the game’s in-game economy
Axie Infinity uses two types of cryptocurrencies – AXS (Axie Infinity Shards) and SLP (Smooth Love Potions).
Where AXS is the in-game currency, SLPs are primarily used for breeding Axies – magical creatures represented by NFTs.
Fun fact: rare Axies have been known to fetch six-figure valuations.
3. SAND – The Sandbox
Market capitalization: $4,337,414,188
The Sandbox is an open-world game that gives players the freedom to monetize their gaming experience by crafting unique digital assets (NFTs). These NFTs can range from user-created games, real estate, character models, and numerous accessories.
The game is powered by the Ethereum blockchain and uses SAND tokens as the primary medium of exchange. Currently, SAND tokens have a market cap of 4,337,414,188 USD. Besides purchasing items in-game, players can also stake SAND tokens to generate passive income.
From here, these tokens can be sold on various crypto exchanges – most notably Crypto.com.
4. ENJ – Enjin.io
Market capitalization: $1,770,466,051
Enjin coin or ENJ tokens are the cryptocurrencies used in all NFT-powered games released by Enjin, a tech company that produces software solutions powered by the Ethereum blockchain. This approach allows Enjin to link all of their gaming ecosystems by using a single cryptocurrency, namely ENJ.
With its market cap of nearly 2 billion USD and a huge gaming community, there’s plenty of room for ENJ tokens to further appreciate in the days to come.
Closing Thoughts
With all the possibilities offered by the metaverse, metaverse coins represent an exciting alternative to cryptocurrencies.
However, just like their crypto cousins, metaverse tokens are 100% unregulated and decentralized, which is why they should be treated with some degree of caution.
You may also like: 5 Proven Ways to Analyze the Potential of the Next Profitable Cryptocurrency
