In recent years, as the metaverse has evolved from a tool for social contact to one that can be used for employment or other types of entertainment, there has been a revived interest in this sector.
As a result, metaverse cryptocurrencies continue to gain traction in the digital money market, and investors are particularly interested in metaverse cryptos, which are digital currencies coupled to decentralized blockchain virtual realities where people have the last say in how things are done.
Since internet behemoths like Meta Platforms Inc (formerly Facebook) aim to dominate the market, these metaverse cryptos are considered a method to undermine their ambitions while still pushing the industry into new frontiers.
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Anyone and everything can exist and do whatever they choose inside Virtual Reality (VR). Meta understands this, positioning itself as the dominant force in the rapidly emerging new frontier of digital communication. The company’s rebranding to Meta is accompanied by a sneak preview of the firm’s upcoming metaverse.
Meanwhile, economist, investment strategist, and former hedge fund manager Raoul Pal stated:
“Make no mistake – Meta/Facebook with Diem and the metaverse experience is a way to onboard billions of people into this world of distributed ledger technology.”
He added:
“This is what adoption looks like – it may be not what you want, but it is what it is. Again, we have the choice to participate or not. This is very different from the physical world. Your opinion of Meta is just a matter of where you hang out.”
Decentralized metaverse
Nevertheless, there are plenty who do not want this contentious firm involved in something consumers appreciate for its liberties. Meta’s rules and algorithms still apply inside their metaverse, and many prefer their own regulations and freedoms of speech.
Decentralized metaverses on the blockchain allow users to do precisely that. Users may self-govern and use a decentralized digital idea to finance their own digital economy, frequently translating to real-world advantages. Listed below are three of the most popular metaverse cryptos currently available.
#1 Decentraland (MANA)
Decentraland is a popular virtual environment for individuals who seek to mix blockchain with digital sociability. A virtual economy powered by the MANA token generates real-world passive income for its users.
Users create an avatar and can do almost whatever they desire. One may communicate, play games, or travel to a virtual casino. Recently, the network started holding massive virtual music events, starting with Metaverse Festival.
Users may earn and spend money on Decentraland. Like real estate, the network trades in land parcels; users may claim particular plots of mapped land in the metaverse and develop them in their chosen manner. These plots may be sold if desired. Aside from land arbitrage, developers may gain by selling non-fungible cosmetic products on the Decentraland marketplace for MANA.
Due to its existing virtual community, Decentraland has an advantage over other digital companies aiming to profit on the metaverse. It began in 2015, became 3D in 2017, and has been expanding ever since. Growing on structure and funding from early investors has helped it obtain important cosigns.
Currently, MANA is trading at $2.78, down 5.45% in the last 24 hours and down 13.05% over the last seven days with a market cap of just over $5 billion. Notably, Decentralands price has spiked in the last month, going from $0.80 to at one point reaching a high of MANA rose to an all-time high of $4.69 before cooling off.
#2 Enjin Coin (ENJ)
Enjin has ambitious aspirations to assist initiatives in its ecosystem geared toward creating a decentralized metaverse, according to its recent post.
As a result, on November 4th, the blockchain-powered gaming platform announced the formation of a $100 million fund. The ‘Efinity Metaverse Fund,’ as it is officially known, was established with the primary goal of assisting its partners in the ecosystem and promoting the creation of a decentralized metaverse.
In order to aid and encourage development on metaverse projects on Efinity, the Efinity Metaverse Fund was established. In conjunction with Polkadot, Enjin created a blockchain network for non-fungible tokens (NFTs).
In particular, the fund will assist companies in developing collaborative NFT projects on Efinity and Polkadot that will include assets that can be used across several protocols and chains.
As part of its funding strategy, Enjin intends to invest in gaming projects across all platforms, as well as protocols in adjacent areas such as Mixed Reality (MR), which is an experience that combines elements of both Augmented Reality (AR) and Virtual Reality, esports and immersive entertainment, as well as virtual events, among other things.
Currently, ENJ is changing hands at $3.35, up 2.34%, and up 25.38% over the previous seven days, with a total market cap of $2.8 billion.
#3 The Sandbox (SAND)
Currently ranked third highest among the metaverse tokens is The Sandbox (SAND). Virtual worlds may be created in Sandbox much as in Decentraland, where developers can create games and sell products, as well as utilize the platform to make connections and have fun with others.
Sandbox users may get the most out of their experience by purchasing and developing land, just like they do with Decentraland. This property may be used for any purpose one desires, and both individuals and businesses hold plots. It is possible to generate actual revenue using SAND in the same way that Decentraland is possible because of a marketplace.
An impressive roster of sponsors from many fields of pop culture contribute to the platform’s growth by encouraging followers to engage with it. The Walking Dead and The Smurfs are among the television and film properties that have partnered with Sandbox to advertise the game, including singers Snoop Dogg and Deadmau5.
One of the most compelling arguments for SAND bulls is not just the front-facing sponsorship agreements that the team has signed but also a significant recent investment in the network, boosting confidence. Investing $93 million in the network is Japanese holding company SoftBank.
This influx of funding has a good chance of accelerating expansion to the point where it overtakes Decentraland as the biggest metaverse network. Currently, Decentraland’s MANA has a market value of $5 billion, while SAND has a market capitalization of $2.3 billion.
At the time of publication, SAND is trading at $2.64, up 0.84% in the last 24 hours and 42.59% in the last week alone.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
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